A library of snippets
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With the launch of iOS 17 this fall, Apple says users will be able to set up recurring payments with Apple Cash — handy for regular expenses, like rent, or for parents paying kids’ allowances, for example. In addition, Apple is announcing a new system that will allow businesses to accept IDs stored in Apple Wallet.
From Businesses will be able to accept IDs in Apple Wallet with iOS 17, among other changes | TechCrunch.
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In Europe where PSD2 SCA applies to a transaction, a merchant/TR can only submit a transaction (domestic/intra-regional) under the DAF if:
SCA has been completed either:
1. Under the VDAP program
2. Under an SCA bilateral outsourcing agreement
or:
1. The transaction is eligible for an Acquirer SCA exemption
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Israel-based Vestto, which uses artificial intelligence technology to connect the insurance industry and capital markets, is laying off 75% of its staff amid a growing scandal over the alleged use of a fraudulent letter of credit in a multi-billion dollar insurance transaction.
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That one company could become the global infrastructure for the digital identity for everyone on the planet, or for many billions of them at least, is a cause for concern amongst many.
From Worldcoin Wants To Be The World’s Digital Identity System.
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Following the footsteps of WormGPT, threat actors are advertising yet another cybercrime generative artificial intelligence (AI) tool dubbed FraudGPT on various dark web marketplaces and Telegram channels.
“This is an AI bot, exclusively targeted for offensive purposes, such as crafting spear phishing emails, creating cracking tools, carding, etc.,” Netenrich security researcher Rakesh Krishnan said in a report published Tuesday.
The cybersecurity firm said the offering has been circulating since at least July 22, 2023, for a subscription cost of $200 a month (or $1,000 for six months and $1,700 for a year).
From New AI Tool ‘FraudGPT’ Emerges, Tailored for Sophisticated Attacks.
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And a final side point: aside from Vitalik’s nonsense around ‘Soul-Based Tokens’, he’s getting dangerously close to actually understanding how digital ID could work using a digital wallet and ‘zero knowledge proofs’.
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Well, I disagree slightly. Soul-bound tokens aren’t nonsense, they are a very specific solution to a very specific problem, which is not the problem that most of us a trying to solve in the round.
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But there’s a new one worth watching. Headphones that can measure biometric signals and brainwaves.
While Elon Musk is busy embedding wet chips into your brain, Tim Cook is going ‘over the top’, adding sensors (and of course AI) into the devices we already wear. First watches, now smart in-ear headphones.
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If nothing else, these responses make clear that cash is much more than a payments technology. It is one of the purest and oldest forms of public good, a symbol of identity and sovereignty. Choices about this public good are, ultimately and rightly, ones for citizens rather than central bankers or cryptographers. They are social, not technological, choices — and sometimes emotional ones.
From: The real scandal of central bank digital currency | Financial Times.
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Now Plaid, which has around 1,000 employees, is leaning more heavily on selling identity verification tools and services related to loan applications and payments, competing with firms such as Socure, Stripe and Finicity.
Some of Plaid’s diversification has come by way of its acquisition of identity verification startup Cognito for a reported $250 million in 2022. Plaid has been able to cross-sell that service, which allows businesses to screen new users for fraud risk, to nearly half of its new customers, Eric Sager, Plaid’s chief operating officer, told The Information.
From Plaid’s Leadership Evolves to Prove It’s Not a One-Hit Wonder — The Information:
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AI is being considered for fraud protection efforts in different ways by these organizations. Schmiedl said JPMorgan Chase has evolved from algorithms to machine learning and neural nets to look at fraudulent card activity, examining unstructured data, and entity extraction. “There’s an inherent signal in every email,” he said. “Actors that are trying to create fraudulent emails tend to basically use different patterns and you can learn those patterns through AI/ML.”
JPMorgan Chase is assessing the use of large language models, Schmiedl said, for fraud, risk, and other possible areas. Such efforts have focused on in-house data and resources, he said, focusing on the firm’s own ecosystem rather than looking externally. “If you start using these models and outside data, you start to see things that are presented like facts that aren’t facts,” Schmiedl said.
From Confronting Financial Fraud in Payments with the Help of AI:
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