Finance

In January 2019 the UK Home Office announced it would collaborate with France to overhaul its regime for suspicious activity reports in order to fight money laundering. In 2018, the number of SARs filed with the National Crime Agency rose by 10% to nearly 464,000. Banks, financial services, lawyers
In October 2018, in response to questions from a committee of MPs, the UK-based Student Loans Company defended its practice of using "public" sources such as Facebook posts and other social media activity as part of the process of approving loans. In one case earlier in the year, a student was told
27 Dec 2018
In 2014, when the the far-right party of French politician Marine Le Pen needed cash, the loan of €9.4 million came from First Czech-Russian Bank, which was founded in the early 2000s as a joint venture between a Czech state bank and a Russian lender and went on to come under the personal ownership
20 Dec 2018
In 2015, officials within the US Treasury Department Office of Terrorist Financing and Financial Crimes unit used a network of private Gmail and Hotmail accounts set up by the Russians with the stated goal of jointly defeating ISIS. Soon, however, instead the Russian financial crimes agency was
13 Aug 2018
In August 2018, banks and merchants had begun tracking the physical movements users make with input devices - keyboard, mouse, finger swipes - to aid in blocking automated attacks and suspicious transactions. In some cases, however, sites are amassing tens of millions of identifying "behavioural
15 Aug 2018
In 2018, Wells Fargo disclosed that due to a computer bug that remained undiscovered for nearly five years 600 customers were granted more expensive mortgage loans than they could have qualified for. About 400 of them went on to lose their homes. The announcement reignited the public anger and
17 Jul 2018
In July 2018 the three-year-old payment system Revolut notified the UK's National Crime Agency and the Financial Conduct Authority that it had found evidence of money laundering on its system. From its beginnings as a prepaid credit card operator, Revolut had branched out into small business
17 Jul 2018
In 2018, the Berlin-based researcher Hang Do Thi Duc concluded after analysing more than 200 million public transactions made in 2017 that anyone can track the purchase history of a user of the peer-to-peer payment app Venmo. By accessing the data via an open API, Do Thi Duc was able to view the
08 May 2018
In 2018, based on an analysis of 270,000 purchases between October 2015 and December 2016 on a German ecommerce site that sells furniture on credit, researchers at the National Bureau of Economic Research found that variables such as the type of device could be used to estimate the likelihood that a
01 Aug 2018
The common reporting standard brought in by the UK's HMRC in 2018 require tax authorities to automatically exchange information on millions of citizens living abroad. In response, an EU citizen domiciled in Italy who formerly lived in the UK and maintains a UK bank account, filed a complaint with
16 Aug 2018
As the use of non-cash payment mechanisms continued to increase over the course of 2018, Europe's central banks began warning that phasing out cash poses a serious threat to the financial system, as too-heavy reliance on digital payments exposes countries to the potential for catastrophic failure
In January 2018 the Cyberspace Administration of China summoned representatives of Ant Financial Services Group, a subsidiary of Alibaba, to rebuke them for automatically enrolling its 520 million users in its credit-scoring system. The main complaint was that people using Ant's Alipay service were
20 Apr 2017
Using anonymised data GPS data from mobile devices, primarily smart phones, SafeGraph concluded that the crowds attending the US presidential inauguration in January 2016 make significantly less money than attendees of the Women's March two months later. The income level estimates were made possible
20 May 2015
Over the course of a few seconds in April 2013, a false tweet from a hacked account owned by the Associated Press is thought to have caused the Dow-Jones Industrial Average to drop 143.5 points and the Standard & Poor's 500 Index to lose more than $136 in value. The tweet was retweeted 4,000 times
30 Nov 2015
In 2015, a small number of Silicon Valley start-ups began experimenting with assessing prospective borrowers in developing countries such as Kenya by inspecting their smartphones. Doing so, they claimed, enabled them to charge less in interest than more traditional microlenders, since many of their
09 Oct 2015
In 2015, Ant Financial, a Chinese company affiliated with Alibaba, began deploying "Sesame Credit scores". Ant, which also runs the popular payment app Alipay, claims that it uses both online and offline purchasing and spending habits to calculate a credit worthiness score for each of its more than
08 Apr 2016
In September 2016, the US Federal Trade Commission hosted a workshop to study the impact of big data analysis on poor people, whose efforts to escape poverty may be hindered by the extensive amounts of data being gathered about them. Among those who intensively surveil low-income communities are
10 May 2016
In 2016, VICE News discovered that the confidential and "shadowy" World-Check database, which has wrongly linked individuals to terrorist activity, was being widely used by British police and intelligence. Also a customer is the Charity Commission, which uses it to screen charities and aid
05 Apr 2015
Because banks often decline to give loans to those whose "thin" credit histories make it hard to assess the associated risk, in 2015 some financial technology startups began looking at the possibility of instead performing such assessments by using metadata collected by mobile phones or logged from
15 Apr 2016
Between 2010 and 2016, access control spyware implementing a remote "kill switch" was installed increasingly often in rent-to-buy laptops and cars financed by subprime loans. In a 2012 case the Federal Trade Commission settled with seven computer rental companies over their use of DesignerWare's
09 Jun 2016
A new breed of market research companies are pioneering geoanalytics to find complex financial information. That is, they use machine learning algorithms to search for patterns in high-resolution satellite imagery that's refreshed daily and available at the scale of 1 meter per pixel. Much of the
31 Mar 2017
By 2017, facial recognition was developing quickly in China and was beginning to become embedded in payment and other systems. The Chinese startup Face++, valued at roughly $1 billion, supplies facial recognition software to Alipay, a mobile payment app used by more than 120 million people; the
30 Aug 2018
The payday lender Wonga announced in April 2017 that a data breach at the company affected an estimated 270,000 customers, 245,000 of them in the UK and the rest in Poland. The company sent those it thought were affected messages warning that it believed there may have been illegal and unauthorised
In 2017, a website run by the Jharkhand Directorate of Social Security leaked the personal details of over.1 million Aadhaar subscribers, most of them old age pensioners who had enabled automatic benefits payment into their bank accounts. Aadhaar is a 12-digit unique identification number issued to