A library of snippets
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DeVille goes on to advocate for an alternative method of age verification, which would require users to identify themselves through their devices.
PornHub will not be accessible to Utah residents until a “real solution is offered,” she adds, urging people to contact their state representatives to demand “device-based verification solutions.”
From Pornhub Blocks Access in Utah in Response to Age Verification Law:
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The Online Pornography Viewing Age Requirements law mandates commercial entities that distribute adult content to verify their users’ ages by having them upload personal information from state-issued IDs. The law also allows parents of minors who come across pornography or other materials deemed harmful to sue companies that do not comply with the new law.
From Pornhub Blocks Access in Utah in Response to Age Verification Law:
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Making a nickel costs more than double what it’s worth. As of last year, every nickel cost 10.4 cents to make, up 40.2% from 7.4 cents in 2020, according to a biennial mint report published last week.
Dimes and quarters are worth more than they cost, but the margins for both have shrunk significantly over the past two years. The cost to make a dime increased from 3.7 cents in 2020 to 5 cents in 2022 — a 34.9% increase. Meanwhile, the cost to make a quarter went from 8.6 cents to 11.1 cents — a 28.7% increase.
From The U.S. Mint Says Coins Are Getting Too Expensive to Make | Money:
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During 2022, more than $7 billion in remittances were sent to the Central American country; however, only $126 million were sent using cryptocurrencies, according to Prensa Latina.
From Crypto Remittances to El Salvador Down 18% in Early 2023:
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That means that Bitcoin is less than 1.5% of remittance volumes, and it is actually falling, not rising. Cryptocurrency remittances are down around a fifth year-on-year.
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Xuzhou, the starting point of many Europe-bound freight trains from China, has published a plan that promotes the Chinese digital currency, including its usage in cross-border trade
The e-CNY will be used to pay for services and storage charges for goods carried by the cross-border trains with a plan to extend its usage to paying for taxes and utility services in the city
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It’s not just engagement rings. Diamonds grown in a lab accounted for 13.6% of the $88.6 billion in diamond jewelry sold globally in 2022, up from less than 1% in 2015 where they had hovered since the early 2000s
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The retail price of a one-carat man-made diamond has been dropping; it declined by about 74% since 2015 when man-made and mined diamonds cost roughly the same
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SOFT POS USER BASE TO GROW 475% GLOBALLY BY 2027, AS APPLE’S ENTRY CATALYSES THE MARKET
Hampshire, UK – 9th August 2022: A new study from Juniper Research has found the total number of merchants deploying soft POS solutions will surpass 34.5 million globally by 2027; rising from 6 million in 2022. This growth will be driven by Apple’s entrance into the soft POS space; enabling iOS users to access an affordable mobile POS solution.Soft POS enables NFC‑enabled smartphones or tablets to accept contactless payments, without additional hardware.
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Increasingly, the best place to create a false identity and use it to identify, target and groom potential victims is on social media, via Facebook, Twitter and Instagram. In the US, the Federal Trade Commission says 27 per cent of all reported fraud is initiated this way, declaring social media to be “a gold mine for scammers”.
From The UK’s weak digital bill will fail to deliver knockout blow to online fraudsters:
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In England and Wales, fraud comprises 41 per cent of all crime against individuals, up from 30 per cent five years ago. It costs the national economy an estimated £190 billion annually. The bulk of that figure is derived from fraud online — 80 per cent of £190 billion is £152 billion.
From The UK’s weak digital bill will fail to deliver knockout blow to online fraudsters:
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In the fintech world we spend a lot of time thinking about Know-Your-Customer (KYC) and anti-money laundering (AML) regulations because of the collosal expense of implementing them and the massive penalties for getting them wrong. It has been clear for years that the system is broken in many ways, but it is not only broken when it comes to dealing with customers, it is broken when it comes to dealing with employees.
If you are involved in moving money in any way at all, you will be aware of the Financial Crimes Enforcement Network (FINCEN). It is a bureau of the U.S. Treasury that was created in 1990 to combat money laundering, terrorist financing and other financial crimes through the collection, analysis and dissemination of financial intelligence. It works to achieve this mission by administering and enforcing the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws and regulations. When it comes to moving money, frankly, the cost of shifting the electrons around is nothing compared to the cost of compliance and many new businesses have set sail only to founder on the reef of due diligence.
In many ways, compliance is a moat that protects incumbents from competitors. As any fintech entrepreneur knows, it is a headache to deal with compliance and the costs continue to escalate. Digital identity must be one of the keys to getting these costs under control and indeed earlier this year FinCEN’s acting Deputy Director Jimmy Kirby spoke about the need for digital identity, stating that FinCEN is “pragmatically focused” on protecting the U.S. financial system from illicit finance threats. According to Kirby, financial institutions must establish with confidence who their customers are on the front end and throughout the customer relationship (my emphasis). It’s not good enough to do the Know Your Customer (KYC) check and then forgot about it, which is why the costs of compliance are high and digital solution are desperately needed.
(This is why what Laura Spiekerman from Alloy calls the “perpetual KYC approach” is so important. Automated recurring checks based on specific triggers that might include an update to a customer’s personal data or a transaction that sets off a risk alert).
Cryptocurrency players are subject to the same concerns as mainstream financial institutions and I don’t doubt they take the rules just as seriously. Coinbase, for example, say that during onboarding individuals and entities must provide identifying information, including their name and country of residence, which is then checked against lists of sanctioned individuals or entities. They also use “geofencing controls” to prevent access to Coinbase from places including Crimea, North Korea, Syria and Iran and say that they routinely subject their sanctions compliance program to internal testing and independent audits by third-parties.
That’s for onboarding customers, of course. But it appears that some companies do not apply the same rigour when it comes to figuring out who employees are or onboarding new business partners. The key point is that digital identity isn’t only needed to support due diligence around customers: Know Your Employee (KYE) is just as important an opportunity as KYC, Know Your Customer’s Customers (KYCC) and Know Your Business (KYB) and so on. All of these need to be established with continuing confidence and all of them are currently a mishmash of scans of utility bills, pictures of driving licences and pointless box ticking.
When it comes to employees, for example, some of those new hires might not only be exaggerating on their resumes, they might be acting on behalf of foreign powers: The Feds have charged a North Korean Foreign Trade Bank (“FTB”) representative for money laundering conspiracies designed to generate revenue for the Democratic People’s Republic of Korea through the use of cryptocurrency. According to court documents, North Koreans applied for jobs in remote IT development work and pass employment checks by using fake, or fraudulently obtained, identity documents. These workers then request payment in cryptocurrency and whisk their earnings back to the motherland.
KYE would clearly benefit from digital infrastructure. The last time I was asked for documents for an employment check — to tick a box confirming that I had the right to work in the U.K. despite having been born in the U.K., having more than one paid employment in the U.K. and paying tax in thre U.K. (don’t ask) — about a month ago, I was required to send a picture of my passport by e-mail to an HR department. Now, while HR departments are famed for their strong cybersecurity practices, I was a little concerned about my personally identifiable information (PII) being exposed, especially when digital alternatives have been demonstrated!
(This is not an idle concern, as the fallout from the Optus data breach in Australia has clearly demonstrated. People can get up to no end of mischief with a copy of your passport and your personal details.)
It is interesting to see how KYE is moving forward though. I recently took part in a digital identity design sprint day hosted by National Australia Bank in Melbourne and it seemed me that the most attractive of the use cases explored (in the context of commercial opportunities that might arise from using bank-issued digital identities) was indeed KYE. There were some startups there aleady delivering services in this space and looking to improve their offerings by integrating digital credentials of some kind and we know that the approach works. Meeco, for example, worked with a digital identity exchange, state government and an engineering and technical services company, in a pilot to demonstrate the commercial benefits of digital identity and verifiable credentials in workplace onboarding. Instead of presenting originals of physical documents, or digitsed copies of physical documents,the employees digitally asserted their identity and provided a digital driver licence, in the form of a verifiable credential, all from a wallet application on their phone.
Given the scale of the KYE problem it is a clear that a shift to verifiable credentials for employee onboarding is a win-win and it makes sense to provide candidates and employers with the necessary infrastructure to provide specific characteristics (eg, this person has a valid welding certificate) without giving away personally-identifiable information. The European Union right now has four large scale EU Digital Identity Wallet pilot projects runing and intends to launch such a wallet to 450m European citizens next year. This will give those citizens to store digital identity credentials including their national ID, driving licence, qualifications and bank details and there is no reason why Australians (and for that matter Americans) should not have a similar infrastructure in the same timescale. Hopefully, with new energy going into digital identity wallets, verifiable credentials and (custodial) self-sovereign identity this specific problem of KYE can be tackled quickly, efficiently and to the mutual benefit of all stakeholders and serve as a vanguard for mass market digital identity solutions.
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