Snippings

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Wwwblockchain.com isn’t a typo. Nor is hlockchain.com or blpckchain.com.
Those sites are set up to dupe Internet users trying to reach Blockchain.com, a website that lets users buy and sell cryptocurrency.
And there’s big money in little typos. A man in Brazil paid more than $200,000 worth of bitcoin between last November and February for those and other typo Web addresses, according to sales records leaked after a hack of Epik, an Internet services company favored by the far-right. He also purchased conibase.com for more than $16,000, meant to mimic Coinbase, another cryptocurrency exchange.

From Epik hack reveals the price scammers will pay for fake cryptocurrency websites – The Washington Post.

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A hacker has breached the Argentinian government’s IT network and stolen ID card details for the country’s entire population, data that is now being sold in private circles.

From Hacker steals government ID database for Argentina’s entire population – The Record by Recorded Future:

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Yesterday it was announced that Korea’s BankID, a decentralized identity (DID) solution called MyInfo, went live on August 27 with seven banks. The solution was a joint development between the Korea Financial Telecommunications and Clearings Institute (KFTC) and Raon White Hat, a subsidiary of Raon Secure, the developer of the OmniOne blockchain.

Users create a digital identity with any of the banks by providing the usual sort of documents. The details of the digital identity that’s created are securely stored on the user’s smartphone. The customer can use the DID for bank logins and if the person wants to make an application at a different bank, they can share selected details from MyInfo with the other bank.

From 7 Korean banks go live with blockchain decentralized identity service – Ledger Insights – enterprise blockchain:

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Banks face the ever-present decision of whether to build, partner, or acquire these capabilities. Recent years have seen a material increase in the partnership model, for white labeling of third-party technology as well as banks acting as a channel or seller for such services.

From How transaction banks are reinventing treasury services | McKinsey:

Digital account opening is rated by by banks as by far their most area important of fintech partnership 

Jesper Berg is director-general of the Danish Financial Supervisory Authority. He joined the DFSA in October 2015, and was a member of the European Banking Authority’s Board of Supervisors during the Breach of Union Law case. However, he was not at the DFSA at the time that was the focus in the EBA’s investigation.

Better use of technology and closer public-private co-operation can make processes more efficient and leave more time for pursuing high-risk cases. It all begins with knowing the customer. Today, this is often a manual process involving copies of passports and form-filling that annoys the customer, who cannot understand that their bank for the last many years claims not to know them. Imagine if the bank could verify the identity of customers electronically through the use of national electronic IDs, registers of beneficial owners and using the public sector’s knowledge of close relationships to politically exposed persons!

From Technology is the best bet in fighting money laundering – Central Banking:

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It is by now widely accepted that these weaknesses emanate from: 1) variations in AML/CFT implementation and enforcement, which remains the responsibility of member states; and 2) inadequate co-ordination between AML/CFT bodies across member states. As money laundering typically involves multiple jurisdictions and a complex process of placement, layering and integration, the EU’s defences against money laundering are as strong as the weakest AML/CFT link in this chain.

From Three ways to bolster flawed AML/CFT in the EU – Central Banking:

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Low-key KYC: When you sign up for a new Fintech App after providing some basic personal information and account information, it has become common in the US to “connect your account with Plaid” during the enrollment process. You see this in everything from Robinhood’s onboarding to the earliest stage Fintech apps. Consumers benefit from a much faster enrollment process, and the Fintech company can validate that “you are who you say you are” in the same way as if you used your bank statement as proof of address and identity.

From Fintech 🧠 Food – 17th Oct 2021 – Moonpay raises $400m, Bolt $389m and why open banking is bigger in the US than Europe – by Simon Taylor – Fintech Brain Food 🧠:

So why not do this with adult sites? Well, the difference is of course that when you sign up for a new brokerage account, you want them to know who you are. But when you sign up for a new webcam account, you absolutely don’t want them to know who you are.

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Who should police the internet? For some time now the question has tied companies, regulators and campaigners in knots. Social networks spend billions moderating content posted on their platforms, but are still criticised either for not removing enough toxic material or for stifling free speech. They are not the only ones to grapple with the problem. Banks and credit-card companies too are finding themselves playing a bigger role in what is said and done in the public square—to their, and their customers’, discomfort.

The boundary of censorship is now being extended further, into the pornography business. From October 15th adult websites worldwide will have to verify the age and identity of anyone featured in a picture or video, as well as the id of the person uploading it.

From Credit-card firms are becoming reluctant regulators of the web | The Economist:

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Sir Jon Cunliffe, Bank of England Deputy Governor for Financial Stability a member of the Financial Policy and Monetary Policy Committees

Unbacked cryptoassets make up nearly 95% of the $2.3 trillion. They are essentially non-replicable strings of computer code that can be owned and transferred without intermediaries. Bitcoin, of course, is the most prominent example, but there are now nearly eight thousand unbacked cryptoassets in existence. These have no intrinsic value – that is to say there are no assets or commodities behind them: the value of the cryptoasset is determined solely by the price a buyer is prepared to pay at any given moment.

From Is ‘crypto’ a financial stability risk? – speech by Jon Cunliffe | Bank of England:

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A further important element of the CPMI-IOSCO guidance covers governance and makes clear that a stablecoin arrangement needs to be governed by one or more discrete legal entities with accountability for the operation of the arrangement and for the management of risk.

From Is ‘crypto’ a financial stability risk? – speech by Jon Cunliffe | Bank of England:

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