A library of snippets
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the Digital Product Passport (DPP).
The DPP is a tool to create transparency and unlock circularity proposed by the European Commission (EC) that will share product information across the entire value chain, including data on raw material extraction, production, recycling, etc.
From: The EU Digital Product Passport – World Business Council for Sustainable Development (WBCSD).
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Privacy-enhancing computation and advanced technologies such as homomorphic encryption are becoming much faster and more scalable but still lack any sort of widespread adoption.
From: How AI Is Increasing Fraud Risks Across The Fintech Industry.
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Another potential area of concern is the use of AI to automate the entire process of synthetic identity creation and fraud, from generating fake data to executing fraudulent transactions. This could make identity fraud more scalable and challenging to detect, as fraudsters could quickly create and use hundreds or even thousands of deep-fake personas simultaneously.
From: The Rise of the Digital Catfish: How ChatGPT and Deep-Fake Personas are Changing Financial Fraud.
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By harnessing AI technologies and collaborating with industry partners, organizations can effectively combat synthetic fraud and protect themselves from professional fraudsters.
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New York City is banning TikTok from city-owned devices and requiring agencies to remove the app within the next 30 days.
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Singapore police have seized about S$1bn ($735m; £578m) – including luxury homes, cars and watches – in one of its biggest anti-money laundering probes.
From: Cash, cars and homes seized in $735m Singapore anti-money laundering raids – BBC News.
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Gold bars, designer handbags, wine and S$23m in cash were among the items seized in the raids.
From: Cash, cars and homes seized in $735m Singapore anti-money laundering raids – BBC News.
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The Tax Office has admitted paying out more than $1.6 billion in fake GST claims as part of a $4.6 billion fraud based on a simple scheme promoted on social media platform TikTok – a total that is twice previous reports and the biggest tax fraud in Australian history.
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Right now, fraudsters are increasingly using tools such as ChatGPT and Generative AI to create deep-fake personas, which they use to deceive financial institutions into granting loans, opening accounts, and making transactions.
From: The Rise of the Digital Catfish: How ChatGPT and Deep-Fake Personas are Changing Financial Fraud.
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Data exchange is desirable because among other things to do with productivity and efficiency, in the finance sector it is vital as (as McKinsey note) “a critical enabler of financial inclusion”. Open financial data can create economic value by benefiting financial institutions, individuals and businesses in many ways. For example, open data sharing can enable customers (or, more likely, customers’ agents’) to buy and use financial services they might not be able to otherwise access.
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Prime Trust
September 7 2022:
“Prime Trust is trailblazing the future of finance with the vision to build a bridge between traditional and decentralized finance,’‘ said Lizzie Bildner, CMO, Prime Trust.
August 14, 2023:
Prime Trust, LLC and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
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The police searched the criminal’s family home after receiving an intelligence tip-off. They found a black book with twelve “recovery seeds” inside.
From: UK Prosecutors Use Recovery Order to Obtain £750k in Crypto.
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Snippings