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Where innovation promises to not only enhance efficiency but also resilience and safety in our financial system, all the better. This recognises that we are entering a new era for operational risk – a result of rising geopolitical tension and other sources of potential disruption that include third-party vendors. For these reasons, strengthening resilience in our payment system and our financial market infrastructure is a key area of focus for the RBA in its work with other member agencies on the Council of Financial Regulators.

From: The Future of the Payments System | Speeches | RBA.

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For that, WE BUILD will take stock and leverage on learnings and other outcomes from the first round of Large Scale Pilots for the EU Digital Identity Wallet projects in order to go to near-production and show ways to represent organisations with a wallet by power of attorney, signatory rights and UBO attestations. This will allow businesses to automate and speed up processes and reduce costs, improve security, for instance in the area of ‘Know Your Customer/Business/Supplier/Employee’ (‘KYx’). The private sector consortium partners in We BUILD will for once pilot the EUDI Wallets in several B2B, B2G or B2C interactions and assess the benefits in terms of engagement, trust, efficiencies and viability. WE BUILD is expected to start work in September 2025, running for 24 months.

From: WE BUILD Consortium.

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Between January 2023 and February 2025, the Treasury Committee recorded 158 IT failures at major UK banks.
What’s more, the problem showed no signs of slowing down.
At the beginning of 2025, two high-profile incidents further exposed the weaknesses in the system.
Barclays first suffered a major outage in January that disrupted payments at the tail end of the month, Just one month later, all Lloyds Banking Group apps went dark on payday, preventing its customers from accessing their funds.

From: IT outages: Are UK banks failing to modernise?.

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More UK banks suffered outages on payday in February with Lloyds Bank , TSB Bank , Halifax and Nationwide Building Society suffering. UK high street banks accumulated 803 hours of outages in the past two years and are facing heavy fines.

From: (2) 33 days of outages – TWIF UK & Europe (10/03) | LinkedIn.

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To understand just how poor our infrastructure is, take a look at the story of the unfortunate man of the cloth who had his house stolen by a criminals who made copy of his driving licence, put their own photograph on it and then used it to obtain a bank account and the utility bills that are the crucial lynchpin of Britain’s 21st century know-your-customer pantomime.

The criminal presented the fake driving licence to a lawyer in order to sell the house. The lawyer, or more likely the lawyer’s clerical assistant, then took a photocopy of the licence and stuck in a draw. End of. Lawyer’s clerks are not, by and large, MI5-trained assessors of global identity documents and wouldn’t know a fake New Zealand passport from a hole in the ground. The criminal went on to sell the house through an online property service after impersonating real estate agents by setting up a fake site and references.

It took two years for a  property tribunal to agree that the rightful owner could get the title of his property back and that the current owner o fthe house (who had apparently bought it in good faith) could receive compensation from the Land Registry, although I have to say that as I am not lawyer I don’t understand why it is the Land Registry on the hook rather than the people who accepted the fake ID in the first place. 

Rafe Brena, Ph.D.

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19 min read

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Feb 28, 2025

Mixed reality smart glasses (MRSG) will replace the smartpho

From: This Will Be the Next Big Thing After Smartphones | by Rafe Brena, Ph.D. | Predict | Feb, 2025 | Medium.

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There’s another red line. Many, including Yuval Harari are suggesting, following Dan Dennett’s analogy of money, that no Ai be ever allowed to masquerade. Self-disclosure is mandatory. That is to say all Ai generated product and content must present itself as such. Whatever Ai’s do, however they communicate, it must always be apparent and clear that it is an Ai speaking, an Ai drawing, painting, videoing, writing, composing, singing, playing, chatting, reporting, producing content of any kind. Any pretence or disguise should fall foul of international counterfeiting and forgery laws. A digital watermark as complex and unbeatable as that on banknotes would be required.

From: (4) AI: A Means to an End or a Means to Our End?.

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Meta, as mentioned, does not particularly like the move. Reuters quotes Meta spokesperson Stephanie Otway, who says “parents tell us they want to have the final say over the apps their teens use, and that’s why we support legislation that requires app stores to verify a child’s age and get a parent’s approval before their child downloads an app.”

From: Apple volleys age verification question back to sites and apps | Biometric Update.

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This, my friends, is the birth of A-Commerce.

And look closely, and you’ll notice that digital identity flows through each. So let’s take a look at the Empowerment Tech angle

From: Is LinkedIn a massive digital ID network hiding in plain sight, and The New (Travel) Agents.

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Anyone, anywhere should be able to verify workplace identities

From: Is LinkedIn a massive digital ID network hiding in plain sight, and The New (Travel) Agents.

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