Wednesday, 12 September 2018

UK Chancellor of the Exchequer in No Discussions with BoE over State-Backed Digital Currency

There seems to be no warming up in the UK about state-backed digital currencies, as indicated by a comment provided by John Glen, Economic Secretary, HM Treasury, on Monday 10th September.

John Glen was responding to a question from Adam Afriyie, of the Conservatives. Mr Afriyie wanted to ask the Chancellor of the Exchequer, whether he has had discussions with the Bank of England on the establishment of a state-backed digital currency.

Link: Finance Feeds

Facial Imaging Software Detects 28 Cases of Welfare Fraud in 2018

Facial imaging software deployed by the Department of Employment Affairs and Social Protection has recorded 28 cases of identity fraud to date in 2018.

According to the department, the cost of operating the facial imaging software system "is self-financing" as the value of fraudulent activity detected since its introduction is more than Euro 4 million.

Link: The Irish Times

Npower Shared Customer Details in Letter

Energy giant Npower is "urgently investigating" how the personal details of some 5,000 customers were shared in a postal mailing.

The letters included people's names, addresses, and payment amounts.

A Npower spokesman said no bank details were released and it had informed the Information Commissioner's Office (ICO) of the data breach.

Link: The BBC

Card Payments Now Account for 75% of UK Retail Sales

For the first time ever, card payments account for more than three quarters of all retail sales, that's according to BRC's annual Payments Survey.

As card payments have become more dominant, retailers have expressed concern at the rising costs of accepting cards, says BRC. The Survey revealed that retailers spent an additional GBP 170 million to process card payments in 2017, reaching almost GBP 1 billion for the year.

The research showed that increasing costs have been driven entirely by card scheme fees, which jumped by 39% in 2017. The scheme fee increases to retailers in 2018 range between 30% and 100% for some transactions.

Link: PCR

U.S. Judge Says Initial Coin Offering Covered by Securities Law

A federal judge has ruled that U.S. securities laws may cover an initial coin offering, handing the government a legal victory in its effort to regulate billions of dollars in cyber currency offerings much like stocks.

Link: Bloomberg

BA Hackers Magecart May Have Conducted Ticketmaster Breach

The hacking group behind the theft of 380,000 customers' details from BA has been linked to a similar heist from Ticketmaster.

Threat researcher Yonathan Klijnsma of cyber security firm RiskIQ has identified the hackers as the Magecart group, which often uses forms in websites to insert code that will steal customers' bank card details.

Link: Sky News

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