Tag: Financial

(Sep 18, 2019) ZDNet reports the U.S. Commodity Futures Trading Commission has imposed a $1.5 million fine on Phillip Capital for matters related to a data breach. PCI was found to be negligent with its handling of a data breach in February 2018 and failed to issue data breach notifications to customers in a timely manner. The fine consists of a $500,000 penalty and $1 million to compensate affected customers. "While it may not be possible to eliminate all cyber threats, CFTC registrants must have adequate pro... Read More

(Sep 17, 2019) Bloomberg reports Russian hacker Andrei Tyurin will plead guilty for his role in a scheme to hack the financial data of 80 million customers at JPMorgan Chase. Tyurin is alleged to have carried out hacks that helped steal hundreds of millions of dollars from JPMorgan clients. The charges of wire and bank fraud come after Tyurin was extradited from Georgia last year in order to face punishment. (Registration may be required to access this story.)Full Story... Read More

(Sep 16, 2019) French and German governments have announced they will oppose Facebook’s launch of its Libra cryptocurrency, Politico reports. The two countries do not believe the tech company has adequately addressed concerns, including financial security, data protection and financial and monetary sovereignty, that surround the project. “France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed,” the governments said i... Read More

(Sep 12, 2019) The Personal Data Protection Commission in Singapore has announced two fines and a warning have been issued for data protection missteps. The PDPC fined O2 Advertising $10,000 for violating the Personal Data Protection Act by insufficient data protection and improper data retention. Executive Link Services was fined $5,000 for violating PDPA provisions on hiring a data protection officer and written policies and practices related to compliance with the law. Friends Provident International was wa... Read More

(Sep 12, 2019) Third-party payment app Get, formerly Qnect, has possibly been exposed to a data breach affecting more than 50,000 college students at schools around Australia, the Guardian reports. Names, email addresses, birthdates, Facebook IDs and phone numbers were all potentially exposed by the app, which serves 159,000 users and 453 college clubs or societies across four countries. A Reddit user discovered the personal information was accessible through basic application programming interface searches. "... Read More

(Sep 11, 2019) NJ.com reports Equifax has begun asking for more information in order for consumers affected by its 2017 data breach to receive a $125 share of the company's settlement with the U.S. Federal Trade Commission. In emails sent to hundreds of thousands of affected consumers, Equifax is asking claimants for evidence of credit monitoring or protection being in place and proof that it will remain in place six months after a claim is filed. The deadline to file or amend claims is Oct. 15.Full Story... Read More

(Sep 11, 2019) The U.S. Federal Emergency Management Agency has sent letters informing more than 2.5 million disaster victims that the agency overshared personal information, WTXL in Tallahassee, Florida, reports. The Department of Homeland Security Office of the Inspector General revealed in March 2019 that those who took part in FEMA's Transitional Sheltering Assistance program had excessive information shared with TSA's contractor. Of the 2.5 million people affected, 1.8 million potentially had their bankin... Read More

(Sep 9, 2019) Three online lending companies are being investigated by the Philippines National Privacy Commission for alleged personal data misuse, Philstar reports. Privacy Commissioner Raymund Liboro said in a statement his office received 921 combined complaints of privacy breaches against Fast Cash Global Lending, Unipeso Lending Company and Fynamics Lending. "These unethical practices simply have no place in a civilized society and must stop," Liboro said, adding that his office will recommend prosecuti... Read More

(Sep 5, 2019) The Verge reports Google has announced its differential privacy library is now available for public use. Google's open-source tool securely draws insights from datasets that contain the private and sensitive personal information of its users. "This type of analysis can be implemented in a wide variety of ways and for many different purposes," Google Privacy and Data Protection Office Product Manager Miguel Guevara said. "From medicine, to government, to business, and beyond, it’s our hope that t... Read More

(Sep 5, 2019) Gulf News reports on China's growing use of facial-recognition technology to pay for goods and services rather than using traditional payment methods. The technology allows for broader data collection and falls in line with China's push for smart tech and artificial intelligence. Most consumers acknowledge privacy comes second to the tech's efficiency, while others believe the tech boosts privacy. "The facial recognition technology helps to protect our privacy," IFuree Engineer Li Dongliang said... Read More