Snippings

xxx

U.S. lender exposure to synthetic identities is nearly $3 billion; Auto loans reach $1.8 billion representing more than 60% of total exposure to synthetic identities

From TransUnion Analysis Finds Synthetic Identity Fraud Growing.

xxx

xxx

The London Stock Exchange Group has drawn up plans for a new digital markets business, saying this will make it the first major exchange to offer extensive trading of traditional financial assets on the blockchain technology best known for powering cryptocurrency.

Murray Roos, head of capital markets at the LSE Group, told the Financial Times that the company had been examining the potential for a blockchain-powered trading venue for about a year, and had reached an “inflection point” where it had decided to take the plans forward. It has asked Julia Hoggett, head of the London Stock Exchange, one unit in the broader group, to spearhead the project.

Roos stressed that his exchange was “definitely not building anything around cryptoassets” but was looking to use the technology that underpins popular tokens such as bitcoin to improve the efficiency of buying, selling and holding traditional assets.

“The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent . . . and to have it regulated,” Roos said.

From LSE Group draws up plans for blockchain-based digital assets business | Financial Times.

xxx

xxx

Signal: India’s Paytm launches a $12 hybrid PoS and soundbox
Paytm, India’s largest digital payments company, announced yesterday (4 August) that it is launching a new point-of-sale (PoS) device, combining contactless and card payments with a soundbox.

Soundboxes, simply, are devices that make a sound when a transaction has been completed and are increasingly common in markets and other loud areas to help reassure both parties that payment is received.

TechCrunch reports that only 4 million shops across South Asia currently support card transactions compared to 8.5 million that have soundboxes, so the value of a reasonably priced device that integrates popular functionality is clear.

From Signal: India’s Paytm launches a $12 hybrid PoS and soundbox – GlobalData.

xxx

xxx

With regulatory scrutiny increasing, more European fintechs are opting for a perpetual KYC approach instead of practicing periodic KYC. Perpetual KYC involves automating recurring KYC and KYB checks based on specific triggers, instead of at periodic intervals. Triggers might include an update to a customer’s personally identifiable information or a risky transaction. The potential benefits of implementing a perpetual KYC process include reduced operational costs, better fraud prevention and an improved customer experience.

From: Managing Identity Risk Is Critical To European Fintech’s Future.

xxx

xxx

Federal prosecutors want Wells Fargo’s former retail banking head to spend time behind bars. Carrie Tolstedt agreed earlier this year to plead guilty to obstructing an investigation into her bank’s practice of opening accounts for millions of customers without their consent. In 2020, Wells Fargo paid the government $3 billion in penalties for opening checking and credit accounts without customers’ authorization to meet aggressive sales goals. The bank later said it found its workers may have set up 3.5 million fake accounts.

From DOJ Seeks Jail Time for Ex-Wells Fargo Exec Over Fake Accounts.

xxx

xxx

A new study finds that the total value of digital wallets transactions will rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77%.

From Digital wallets transaction value to surpass $16 trillion globally.

xxx

xxx

A new study finds that the total value of digital wallets transactions will rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77%.
This trend is driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (Buy Now, Pay Later) and microloans drives end-user engagement.
The study found that in a highly congested wallets landscape, diversifying their appeal to users is vital.

From Digital wallets transaction value to surpass $16 trillion globally.

xxx

xxx

Despite the best efforts from parking app companies, motorists are still reporting that they cannot pay for a ticket because of a lack of signal, with dears they could still be fined.

From Parking companies forcing drivers to ditch cash to pay with apps.

xxx

xxx

A few weeks ago, in an art gallery in London, I saw a Durer print that wasn’t a Durer print – it was a copy, made in around 1506 by Raimondi, a student of Raphael. Vasari tells us that Durer was furious and went to court in Venice. I treasure the idea of Venetian magistrates trying to work out how to think about this: their verdict was that Raimondi could carry on making the copies, but could no longer include Durer’s logo. That was a case about intellectual property, but the verdict is also a neat split between two ideas of authenticity. Do we care who made it, and why, or do we just want the picture? That’s why some people are horrified by music generators or Midjourney, (or, 150 years ago, were horrified by cameras), and others aren’t worried at all.

From: Generative AI and intellectual property — Benedict Evans.

xxx

xxx

The organisation responsible for Japan’s national defences against cyber attacks has itself been infiltrated by hackers, who may have gained access to sensitive data for as much as nine months.

From: Japan’s cyber security agency suffers months-long breach | Financial Times.

xxx