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Losing the cybercrime arms race – National Crime Agency
Law enforcement agencies and businesses are losing the cybercrime “arms race” with online criminals, the UK’s National Crime Agency has warned. The technical capabilities of criminal gangs are outpacing the UK’s ability to deal with their threat, the NCA added – according to the BBC. It said there were 2.46 million “cyber incidents” last year, [...]
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EC crack down on virtual currencies and prepaid cards
In an ill advised move, the European Commission is proposing expanding its anti-money-laundering rules to cover virtual currencies and prepaid cards, in a bid to fight terror financing and tax evasion as revealed in the Paris attacks and the Panama Papers disclosures. The proposals from the commission, the EU’s executive arm, also seek to strengthen oversight [...]
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Criminals target youth as identity fraud rises
In an interesting report, Cifas has released new figures showing a 52% rise in young identity fraud victims in the UK. In 2015, just under 24,000 (23,959) people aged 30 and under were victims of identity fraud. This is up from 15,766 in 2014, and is more than double the 11,000 victims in this age [...]
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Russian FI’s form blockchain consortium
Following the news that a group of Chinese FI’s had grouped together to form an blockchain consortium, a group of Russian banks and financial services companies has formed a private-sector consortium focused on blockchain applications. Announced 1st July, the consortium includes payment processing firm QIWI, B&N Bank, Khanty-Mansiysk Otkritie Bank, Tinkoff Bank, MDM Bank, and professional services [...]
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MasterCard faces £19bn UK interchange fees legal battle
UK consumers are preparing a £19 billion ($24.7 billion) class action lawsuit against MasterCard, almost two years after a European Union court ruled the interchange fees the company had charged for cross-border transactions were unfair. Walter Merricks, a lawyer who once led the UK organization that handles consumer disputes with banks, has hired Quinn Emanuel Urquhart & [...]
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