A library of snippets
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When a customer receives a call from Barclays and are concerned about the caller’s identity, they will be offered the chance to receive an alert in their app or online banking confirming the details of the employee who is calling them.
From Barclays reveals call verification system to stop phone scammers | This is Money.
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The FATF’s identification principles, guidance and practices resulted in processes that are largely bureaucratic and do not ensure that identity fraud is effectively prevented. Strict identification requirements on the other hand may impact on financial inclusion, leaving the FATF with little leeway to raise its standards.
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The current AML/CFT model appears almost completely ineffective in disrupting illicit finances and serious crime.
From Uncomfortable truths? ML=BS and AML= BS2 | Journal of Financial Crime | Vol 25, No 2.
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The trainee member of staff with the London Ambulance Service flunked his paramedic exams but carried out “unauthorised” responses to 999 calls for several weeks.
It is understood he was able to pose as a qualified paramedic by infiltrating an internal computer system used by emergency crews while they are on duty.
From ‘Fake’ paramedic treats more than 100 patients in London before being discovered.
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While Zelle is both free to the user and instantaneous, it costs the participating bank between $0.50 to $0.75 per transaction. So as Zelle’s transaction volume increases, so will each bank’s costs.
From Bank Director :: Zelle Costs Bankers Money, Venmo Can Make Bankers Money.
But surely as the volume rises, the per transaction costs (that go to fund the network) will go down.
I’m always in awe of the inventiveness of fraudsters. Consider the recent example of the maps mountebanks who used Google Maps to trick unsuspecting Indian customers into giving up personal information. The Google Maps app lets users edit and update listings, so the fraudsters are changing banks’ phone numbers to their own!
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Universal black box adoption has two appealing features for society. First, it is fair. Instead of drivers being lumped into broad-brush buckets, they can pay a premium that closer reflects the fair price for their unique probability of making a claim. Unlike in markets such as healthcare, the individual probability of driving incidents is less determined by inherent or genetic characteristics. The most common car insurance claims are rear-end collisions, which can often be avoided with more attention paid to speed, spacing and road conditions.
Second, widespread use of black boxes is also likely to lead to higher quality driving and fewer fatalities. The WHO estimates that there are around 1.25 million annual deaths due to road traffic accidents across the globe. How many lives would be saved if drivers knew they could save large amounts of money by paying more attention to their driving habits?
From Car insurance telematics: why the black box should become more transparent | Bank Underground.
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“While we have had RealMe in New Zealand for many years it is time to relook at whether a single centralised ID is the best approach in a world where people want ease of use and mobility at the same time as privacy and security.
From Kiwis starting to embrace digital identity – NZTech | Voxy.co.nz.
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A Japanese company has developed an artificial intelligence-powered automated teller machine to prevent fraudulent money transfers, the first of its kind in the country.
The system, which can recognize the appearance and movement of ATM users through an embedded camera, aims to help prevent crimes in which scammers guide elderly victims over the phone to transfer money by making them believe they will be refunded a higher amount.
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A new study from Juniper Research has found that annual online payment fraud losses from eCommerce, airline ticketing, money transfer and banking services, will reach $48 billion by 2023; up from the $22 billion in losses projected for 2018.
From Losses from Online Payment Fraud to More than Double by 2023.
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