Banking and Finance

Coinbase Users Can Now Purchase Cryptocurrency Instantly

Coinbase Users Can Now Purchase Cryptocurrency Instantly

Virtual currency exchange Coinbase recently announced that its users can now purchase cryptocurrency without waiting time, and fund it using a US bank account. Prior to this, users had to wait 3-5 days for purchases to complete, to the frustration of users due to the volatility of cryptocurrency, especially Bitcoin. Only credit card users were able to buy instantly, but at a 4% fee. Coinbase Head of Product Zach Abrams says that the company’s fraud prevention systems determine which customers get access to this feature. Customers with sufficient balance and a good purchase history will be able to do instant […]

Russia Agrees to Regulation of Crypto-currency

Russia Agrees to Regulation of Crypto-currency

Right after statements from the Russian Central Bank which threatened to ban cryptocurrency in the country, Finance Minister Anton Siluanov now says authorities have agreed to its regulation. Siluanov, who was present last Tuesday in a meeting where Putin highlighted the risks of cryptocurrency, said that the agreement dictates that the state shall regulate the issuing, mining, and turnover of virtual currencies. Alexei Moiseev, Siluanov’s deputy, also added that Moscow would want to collect taxes from cryptocurrency miners. Source: Reuters

Cybercriminal Gang Uses Clever OverDraft Technique to Steal Millions from EU Banks

Cybercriminal Gang Uses Clever OverDraft Technique to Steal Millions from EU Banks

A group of cybercriminals had reportedly been able to steal around $40 million from Eastern European banks by using a sophisticated string of techniques comparable to last year’s SWIFT hacks. A report by Trustwave SpiderLabs includes an in-depth breakdown of the techniques used by hackers, which is believed to be part of an international crime syndicate. The multi-stage attack involves using a “cash mule” who would withdraw massive amounts right once the hacker compromises the bank’s systems and modifies the card’s overdraft limits. The attackers targeted banks with poor security in post-Soviet countries, taking off with around $3 million to […]

Putin, Russian Central Bank Says Cryptocurrency Exchanges Will Be Banned

Putin, Russian Central Bank Says Cryptocurrency Exchanges Will Be Banned

Recent statements from the Russian President and the First Deputy Chairman of the Central Bank of Russia indicate that the country may be shutting down cryptocurrencies for good. Putin said last Tuesday that there is big risk accompanying cryptocurrencies, which can easily be used for illegal activities, which is why Russia will be blocking companies that sell Bitcoin and other similar virtual currencies. Sergei Shvetsov, the Central Bank’s First Deputy Governor also called the currencies “dubious instruments for retail investors” in a recent conference in Moscow. This is a turnaround from Finance Minister Anton Siluanov’s statement last month, wherein he […]

Slovenian Financial Watchdog Warns Against Cryptocurrency

Slovenian Financial Watchdog Warns Against Cryptocurrency

Ljubljana, Slovenia – Slovenia’s Financial Stability Board recently issued a warning last Monday on the risks involved with trading virtual currencies such as Bitcoin. The financial watchdog said that since cryptocurrencies are not regulated nor guaranteed by the central bank, investors have to be aware of the risks and only invest an amount that would not leave them vulnerable. The board, which is connected to the central bank, is composed of representatives from various supervisory authorities. It is tasked with the implementation of the macro prudential policy which maintains the stability of the country’s financial system. Source: US News

Dutch and Polish Banks May be Blocking Fintech Services

Dutch and Polish Banks May be Blocking Fintech Services

Brussels, Belgium – The European Commission is carrying out an investigation on Dutch and Polish banking associations for allegedly blocking access of financial technology services to customer account data. Last Monday, representatives from both associations confirmed that they were targeted by dawn raids by the Commission, who said that it would focus on finding out if banks and similar industry associations had abused their dominance. However, banking bodies from UK, Germany, and France said that they were not raided. Most fintech companies offer cryptocurrency-related services and mobile payment apps and have been snagging market share from traditional financial operators. Most […]

OIG Report Says FDIC Got Hit with More Than 50 Breaches in Two Years

OIG Report Says FDIC Got Hit with More Than 50 Breaches in Two Years

Earlier this week, a report from the Office of the Inspector General revealed that the Federal Deposit Insurance Corp. (FDIC) got hit with around 50 or more security breaches in 2015 and 2016 which may have compromised the sensitive data of thousands of Americans. The report also showed the FDIC’s slow and inadequate response to such incidents. It took the agency around 9 months to alert individuals who have been affected by the breach, and it also failed to complete key breach investigation activities as dictated by the Data Breach Handling Guide. This is the most recent in a string […]

Singapore Banks Complete Testing of Blockchain Tech on KYC Platform

Singapore Banks Complete Testing of Blockchain Tech on KYC Platform

Several Singapore banks recently announced the completion of a test that involves using blockchain technology on a shared ‘Know Your Customer’ (KYC) platform. The KYC process dictate that a customer has to provide the bank a number of personal details in order to register for services such as an account, credit card, or insurance policy. According to the consortium, the existing KYC process is laborious, inefficient, and time consuming both for the bank and the customer since it is paper-based and has to be carried out by each bank. The OCBC Bank, HSBC, and Mitsubishi UFJ Financial Group (MUFG), together […]

Dubai Government First to Launch State Cryptocurrency

Dubai Government First to Launch State Cryptocurrency

Dubai recently announced via its state news agency that it has launched its own cryptocurrency. In partnership with Emcredit, and UK’s Object Tech, the government was able to establish a mode of contactless payment that uses a digital token called emCash. Deputy director general of Dubai Economy Ali Ibrahim says that the cryptocurrency, which will be recognized as legal tender, can be used by UAE citizens to pay a range of products and services including school and utility bills, and money transfers. This adoption of blockchain-driven technology is part of the emirate’s efforts to become the world’s first “blockchain-powered” government […]

Australian Banks Now Better at Information Sharing and Security

Sydney, Australia – In last week’s SINET61 conference, Bank of Queensland’s (BoQ) chief risk officer Peter Deans said that the country’s banking sector is getting better at communicating securely with one another. Deans added that there had been more information sharing and cross-bank communication in the last 12 months, which was instigated in part by the government. He revealed that aside from financial information, concerns on data privacy and cybersecurity are being shared. These are areas where risk appetite is low to none, so introducing risk-based approach in- house and conducting risk assessments can be unsettling for those involved.    […]

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