A library of snippets
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“The problem with the internet is that everyone is allowed to hide and no one knows who you are. I think if we can see everybody, if you put your reputation behind everything, and that will fix things like fake news. That will stop you from putting out false information.”
From Revel co-founder’s new startup aims to build a web of authentic identities | TechCrunch
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Both clients and escorts can write and read reviews about their experience.
The app also tracks location and requires credit card details.
“Because we pre-authorise clients’ credit cards, which is basically we guarantee the amount of the booking,” Mr Coppa said.
“And then require as part of the appointment process the escort to sight the clients ID — we don’t keep those details — [which] provides far more security than they would currently have.
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The significant advantages of digitization, with respect to customer experience, revenue, and cost, have become increasingly compelling. The momentum to adopt the new technologies and operating models needed to capture these benefits continues to build. The risk function, which has seen significant growth in costs over the past decade, should be no exception.
[From
Digital risk: Transforming risk management for the 2020s | McKinsey & Company
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But if governments rely too heavily on the market forces associated with reputation, business fraud can become sufficiently common and sufficiently costly to threaten public confidence in capitalist institutions.
[From
Edward Balleisen on the long history of fraud in America
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We’ve also gained some other important insights that will be relevant to the business case for this type of DLT application:
Most cost savings appear unlikely to come in the core system itself, but rather more likely through reducing bank reconciliation efforts. The initial design is quite collateral intensive while the current system is already highly efficient. There’s the potential for more savings if other applications could be built on top of a core cash payment distributed ledger system (eg financial asset clearing and settlement, trade finance). In an actual production system, trade-offs will need to be resolved between how widely data and transactions are verified by members of the system, and how widely information is shared. While DLT may aim to reduce concentration of risk, a substantial amount of centralization would still be required (eg permissioning of nodes and setting of operational standards) if applied to wholesale payments systems.
[From Project Jasper: Lessons From Bank of Canada’s First Blockchain Project]
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A police worker who seduced a detention officer to find the identity of a witness in her boyfriend’s murder trial has been jailed.
Lydia Lauro, 33, got a job at Hammersmith Police Station after her boyfriend was jailed for his part in a shooting.
From Woman jailed over plot to expose key witness in murder trial – BBC News
Broadly speaking, having the police hire someone whose partner has just gone to jail for a gangland murder suggests that screening processes might need to be improved in the future, but that’s not my main point.
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The average customer interacts with his or her bank at least twice a day for payments-related matters, such as buying a financial product, checking on a payment, or paying a bill. These interactions represent more than 80 percent of customer interactions with banks, making payments a superb platform, or beachhead, for cross-selling other financial services.
From The digital battle that banks must win | McKinsey & Company
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The consultancy estimates that the new new breed of payment initiation service providers will erode 33% of online debit card transaction volumes and 10% of online credit card transaction volumes resulting in a total market share of 16% of online retail payment volume by 2020.
From Banks set to lose 43% of retail payments revenue under PSD2
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I am beginning to sound like a broken record (note to younger readers: I mean of the vinyl kind) on this one, I feel moved to point out once again that IS_A_PERSON may turn out to be the most valuable credential in the very near future. If this is true, then Consult Hyperion should seek out a market that needs such a credentials right now and work out a way for our clients to provide services to this market as a scale business, right? My candidate? Internet dating. Why aren’t banks, mobile operators, card schemes etc helping this market?
The online dating industry generates around $2 billion in yearly returns in the United States only, with over 15 percent of US adults reporting utilizing online dating services and/or mobile dating apps.
It’s a mass-market mainstream business that would be even bigger if it wasn’t rife with fraud (and, as you will recall from the Ashley Madison hack, bots). Surely this is the obvious test case for a privacy-enhancing attribute-centric identity infrastructure and a place for trusted institutions (e.g., banks) to implement new technology to help their customers. We already know how to solve the problem (having banks provide pseudonymous credentials) so let’s get on with it and start using digital identity to make a difference to a real-world problem that real people have right now.
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Police say the average dating scam victim is aged 49 and loses £10,000.
From Online dating conmen ‘using love letter templates’ – BBC News
Roughly two-thirds of the victims were woman and (unsurprisingly) roughly two-thirds of the suspects were male.
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Criminals can purchase scam “packs” containing love letter templates, photos, videos and false identities for as little as a few dollars on the dark web, said Prof Alan Woodward, cybersecurity expert at Surrey University.
From Online dating conmen ‘using love letter templates’ – BBC News
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Police say data recorded by a man’s cardiac pacemaker helped lead to his indictment on charges of aggravated arson and insurance fraud in a fire at his Ohio home.
From Police: Ohio man’s cardiac pacemaker data leads to charges
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Cannings Free Range Butchers in Melbourne, decided to go cashless so butchers do not have to handle coins and notes often riddled with pathogens like E. coli, shigella or staphylococcus bacteria.
[From Rise of card-only shops and lower interchange fees drive cashless economy | afr.com]
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