Snippings

xxx

Digital currency is a new space race, and America needs to win it.

From Digital Dollars: Space Race Or Cold War?:

xxx

According to the Association for Financial Professionals (AFP) annual survey of US businesses in 2019, almost half (43%) of all businesses said they have suffered financial loss as a result of some type of payments fraud. One particular kind of fraud, “business e-mail compromise” (BEC) is a particular problem. The FBI figures for 2019 show some $26 billion lost to fraudsters over the last three years, making it one of the costliest cyber crimes against business.

You all know how this works – the fraudsters intercept e-mails and change the payment details so that companies send payments to fraudsters instead of to their suppliers and employees correct accounts. Now, on the one hand, you could argue (and I do) that sending financial information of any kind via e-mail is tantamount to negligence since e-mail has no security whatsoever and every attempt to add some (eg, PGP) has gone absolutely nowhere.

xxx

Payroll diversion emerged as a popular form of BEC fraud last year. Scammers target HR and payroll departments by acting as employees who want to update their direct deposit information for the current payment period. The updated information then usually directs the funds to a pre-paid card account.

From FBI: Cybercrime losses tripled over the last 5 years | WeLiveSecurity:

xxx

xxx

$388,700 was lost in a BEC scam by Shark Tank host Barbara Corcoran, recent reports said, making her the second star of the television show to recall their experience with B2B payments fraud. She told reporters that her company received a fraudulent email chain posing as Corcoran’s assistant requesting payment for a real estate renovation to her company’s bookkeeper.

From FBI Details Change Of Business Email Compromise | PYMNTS.com:

xxx

xxx

The Australian Competition and Consumer Commission (ACCC) is today launching the Consumer Data Right Register and Accreditation Application Platform (RAAP) to allow banks and fintech businesses to become accredited data recipients, representing another major step towards the launch of the Government’s Consumer Data Right (CDR) regime.

From ACCC launches Consumer Data Right platform | Treasury Ministers:

xxx

xxx

We, along with the Law Society, the Council for Licensed Conveyancers (CLC) and the Chartered Institute for Legal Executives (CILEx), believe that cryptographic and biometric checking of identity, using microchip-enabled passports or identity cards, might present a new, robust and convenient answer to the need to maintain social distancing while verifying an applicant’s identity.

From Facing up to the digital identity challenge – HM Land Registry:

xxx

Wait, what happened to gov.verify? Why can’t they use the UK government’s digital identity service?

xxx

‘Sign Your Mortgage Deed’ makes use of GOV.UK Verify, enabling identity to be verified and mortgage deeds to be digitally signed.

From Flexible digital services, fit for the future – HM Land Registry:

xxx

At that time, we were told the t

xxx

Conveyancers will still have a role to play in identity verification as they will continue to undertake the identity checks that they currently do as part of their due diligence.

From Using GOV.UK Verify for the first digital mortgage – HM Land Registry:

xxx

xxx

Evidence indicates this to be a more reliable and secure identity check than visual passport or other identity document checks.

From Facing up to the digital identity challenge – HM Land Registry:

xxx

xxx

a basket of digital stable currencies in RMB, Japanese yen, South Korean won and Hong Kong dollar, and try to apply it to cross-border trade payment first in the regulatory sandbox ; establish an electronic wallet reserve custody system to ensure the safety of funds

From Lianwen takes you to understand what Shen Nanpeng’s proposal for “developing a cross-border digital stable currency in Hong Kong” is-Chain News ChainNews:

xxx

xxx

That begs a question that has been seen as controversial — are we entering a post-dollar world? It might seem a straw-man question, given that more than 60 per cent of the world’s currency reserves are in dollars, which are also used for the vast majority of global commerce. The US Federal Reserve’s recent bolstering of dollar markets outside of the US, as a response to the coronavirus crisis, has given a further boost to global dollar dominance.

From We may be heading towards a post-dollar world | Financial Times:

xxx

xxx

China, Russia and other emerging market countries (as well as some rich nations such as Germany) would love to move away from dollar dominance, they have no real alternatives. This desire is especially sharp in a world of increasingly weaponised finance.

From We may be heading towards a post-dollar world | Financial Times:

xxxxxx

China has been a big buyer of gold recently, as a hedge against the value of its dollar holdings. It is also testing its own digital currency regime, the e-RMB, becoming the first sovereign nation to roll out a central bank-backed cryptocurrency. One can imagine that would be easy to deploy throughout the orbit of China’s Belt and Road Initiative, as an attractive alternative for countries and businesses that want to trade with one another without having to use dollars to hedge exchange-rate risk.

From We may be heading towards a post-dollar world | Financial Times:

xxx

xxx

China has been a big buyer of gold recently, as a hedge against the value of its dollar holdings. It is also testing its own digital currency regime, the e-RMB, becoming the first sovereign nation to roll out a central bank-backed cryptocurrency. One can imagine that would be easy to deploy throughout the orbit of China’s Belt and Road Initiative, as an attractive alternative for countries and businesses that want to trade with one another without having to use dollars to hedge exchange-rate risk.

From We may be heading towards a post-dollar world | Financial Times:

xxx

xxx

DEEPFAKES would require anyone creating a piece of synthetic media imitating a person to disclose that the video is altered or generated, using “irremovable digital watermarks, as well as textual descriptions.” Failing to do so will be a crime.

From DEEPFAKES Accountability Act would impose unenforceable rules — but it’s a start | TechCrunch:

xxx