Snippings

xxx

Based on our data, it takes a user on average 32 seconds to complete a CAPTCHA challenge. There are 4.6 billion global Internet users. We assume a typical Internet user sees approximately one CAPTCHA every 10 days.

This very simple back of the envelope math equates to somewhere in the order of 500 human years wasted every single day — just for us to prove our humanity.

From Humanity wastes about 500 years per day on CAPTCHAs. It’s time to end this madness.

Now, of course, this is insane but remember that the work isn’t being wasted. By clicking on fire hydrants you are helping Google software to recognise fire hydrants, so you efforts are not in vain, they are just unpaid.

xxx

Earlier this month, the US Treasury Department’s Office of Foreign Assets Control (OFAC) warned organizations making ransomware payments that they risk violating economic sanctions imposed by the government against cybercriminal groups or state-sponsored hackers. The advisory has the potential to disrupt the ransomware monetization model, but also puts victims, their insurers and incident response providers in a tough situation where this type of attack could cost much more and take much longer to recover from.

From US Treasury Department ban on ransomware payments puts victims in tough position | CSO Online.

xxx

xxx

Earlier this month, the US Treasury Department’s Office of Foreign Assets Control (OFAC) warned organizations making ransomware payments that they risk violating economic sanctions imposed by the government against cybercriminal groups or state-sponsored hackers. The advisory has the potential to disrupt the ransomware monetization model, but also puts victims, their insurers and incident response providers in a tough situation where this type of attack could cost much more and take much longer to recover from.

From US Treasury Department ban on ransomware payments puts victims in tough position | CSO Online.

xxx

xxx

As a result, govcoins could cut the operating expenses of the global financial industry, which amount to over $350 a year for every person on Earth. That could make finance accessible for the 1.7bn people who lack bank accounts.

From The digital currencies that matter | The Economist:

xxx

xxx

One motivation for governments and central banks is a fear of losing control.

From The digital currencies that matter | The Economist:

xxx

xxx

Even the technological case for ecny is far from clear-cut. When companies transfer money in and out of China, they already use currency in a digital format: electronic messages on the swift payments network instruct banks to credit accounts in one country and debit them in another. What slows things down is complying with China’s capital controls and with international regulations such as those aimed at stopping money-laundering.

The ecny will not eliminate such checks, and the Belgium-headquartered swift system, which connects more than 11,000 financial institutions, is likely to remain the most efficient conduit for sharing payment information across borders. “Even in the long term, swift will remain indispensable,” says Liu Dongmin of the Chinese Academy of Social Sciences.

From Will going digital transform the yuan’s status at home and abroad? | The Economist:

xxx

Aussies are increasingly choosing digital wallets as their preferred way to pay compared to tapping a card, according to latest figures from CBA.

Between March 2020 and March 2021 the number of monthly digital wallet transactions – where consumers used a smartphone or smartwatch that include CBA tap-and-pay, Google Pay, Samsung Pay, Apple Pay, Fitbit Pay, and Garmin Pay – increased 90%, with the number of transactions rising from 36 million to 68 million.

As of March 2021, more than 40% of the bank’s combined debit and credit card contactless transaction count was via a digital wallet.

From Digital wallets poised to overtake contactless cards as instore payment of choice in Australia.

xxx

xxx

Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the 14th Payment Forum of Suomen Pankki − Finlands Bank, Helsinki, 19 May 2021

From At the edge of tomorrow: preparing the future of European retail payments.

xxx

 

While the cost for service providers of using TIPS is 0.20 eurocent (€0.002) per instant payment transaction, instant payments are sometimes offered to consumers for €1 per transaction. This must change.

 

We are also preparing for the future through our work on a possible digital euro. A digital euro would provide Europeans cost-free access to a safe form of digital money which respects privacy and has legal tender status, ensuring it can be used everywhere.

xxx

The 6AMLD formally detailed the key money laundering offenses countries should criminalize and widened the scope of what should be considered an offence.  Offences are listed below:
Conversion or transfer – This includes converting or transferring criminal property to conceal or disguise the illicit origin of the property or assisting a person who is involved in activity to evade legal consequences of their actions
Concealment or disguise – This includes concealing or disguising the nature, source, location, disposition, movement or the ownership rights of criminal property
Acquisition, Possession or Use – This includes acquiring, possessing and using criminal property with the knowledge that it is criminally derived property
6AMLD created an additional offense of “aiding and abetting, inciting and attempting” any of the aforementioned offences, specifically targeting professional enablers and gatekeepers,
and introduced the concept of ‘self-laundering,’ which is where a criminal cleans the proceeds generated by his or her criminal activity.

From 6AMLD: Risks and Liabilities | ComplyAdvantage.

xxx

xxx

Medical and personal information about Irish patients stolen by hackers last week is now being shared online, screenshots and files seen by the Financial Times show.

The records offered online by hackers to further their demands for almost $20m in ransom also include internal health service files, such as minutes of meetings, equipment purchase details and correspondence with patients.

From Irish patients’ stolen data appears online | Financial Times:

xxx