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Clearview has collected billions of photos from across websites that include Facebook, Instagram, and Twitter and uses AI to identify a particular person in images.

From Clearview AI Has New Tools to Identify You in Photos | WIRED:

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Hackers stole cryptocurrencies from at least 6,000 customers of the Nasdaq-listed digital asset exchange Coinbase by exploiting a flaw in its two-factor authentication system.

From Hackers stole cryptocurrencies from at least 6,000 Coinbase customers | Financial Times:

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Bank of America’s online-banking platform went down for several hours Friday, leaving thousands of customers locked out of their accounts before service was restored.

From BofA outage shuts out thousands online, service now restored | American Banker:

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60% of people closed their accounts. But the ones that remained were 20x more valuable.

From Holvi plans credit card launch, fundraise and IPO after split with BBVA | Sifted.

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Holvi lost 60% of its customers and 50% of its staff after buying itself out from BBVA. But the SME banking startup is making more money.

From Holvi plans credit card launch, fundraise and IPO after split with BBVA | Sifted.

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Monzo has withdrawn its application for a US banking licence after it was told by regulators it was unlikely to be approved, in a blow to the British fintech company’s international expansion plans.

The move highlights the caution among US regulators about allowing lossmaking start-ups to become banks, in contrast to countries such as the UK that have handed out dozens of licences in recent years in order to promote competition.

Many of its largest US peers including Chime — which was recently valued at $25bn — have grown without going through the expensive and time-consuming process. Higher card interchange fees in the US make it more sustainable for companies to share revenue with fully licensed partner banks, unlike in the UK.

From Monzo withdraws US banking licence application | Financial Times:

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Adrienne LaFrance: The web isn’t just fragile; it’s wholly ephemeral. We get a false sense of permanence from these tech giants with their walled-garden platforms. But the truth is that nothing lasts online, and it’s all decaying all the time.

From Facebook and Instagram Down: Making Sense of the Outage – The Atlantic:

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Twitter reveal that hardly 2.3 percent of all users have opted for one of the two factors of authentication

From Twitter’s attempts to tighten security fall flat as Two Factor Authentication is not being adopted by users / Digital Information World:

And of those that did, three-quarters opted for the not-really-security of SMS.

Will Harborne, chief executive of DeversiFi

I wouldn’t personally recommend to anyone else that they rely on the goodwill of strangers on the internet to return their $24m

From ‘Fat finger’ $24m charge exposes fragility in crypto market | Financial Times:

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Hilary Allen, professor of law at the American University Washington College of Law.

 

“This is why finance is so highly regulated. At a minimum, regulatory structures that require developers to test for bugs in their DeFi applications are needed.”

 

From ‘Fat finger’ $24m charge exposes fragility in crypto market | Financial Times:

 

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Millions of pounds have been stolen from Barclays accounts after the bank fell victim to a series of orchestrated attacks by a fraudster using a Monzo

From Millions stolen from Barclays accounts by Monzo fraudsters:

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Barclays and Starling won’t accept Monzo statements as proof of address. When I queried why, Starling said it was a “business decision” but refused to elaborate.

From Barclays and Starling won’t accept Monzo statements as proof of address. When I queried why, Starling said it was a “business decision” but refused to elaborate. Any ideas why these banks don’t? : monzo:

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A new trial scheme to help customers avoid scams can include only nine banks because of the limits of phone keypads

From Bank fraud? Call 159 for the helpline (unless you’re with HSBC, or Virgin, or Monzo . . .) | Money | The Times:

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