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NewsBriefs

Following are excerpts from news stories recently posted under Breaking Industry News bankruptcy petition, shows the dark side of
on our home page. For links to these and other full news stories, please visit www.green- payments industry interdependence. Media
sheet.com/breakingnews.php?flag=previous_breaking_news. outlets reported that SoftBank is trying to dis-
tance itself from Wirecard following the arrest
of Markus Braun, Wirecard founder and CEO,
who is being investigated for fraud.
DeFi blockchain ecosystem advancing on FIs
FTC, New York State slam MCA company
The DeFi Money Market (DMM) ecosystem, a global community and
movement focused on blockchain technology, believes future commerce The Federal Trade Commission and New York
will be bankless. Financial analysts see DMM's growing popularity as State Attorney General Letitia James are taking
further proof that consumers are losing trust in financial institutions, to task a merchant cash advance company that
particularly during COVID-19. "It's exciting to see the plethora of new allegedly engaged in deceptive marketing and
practical solutions already being built on top of DMM's protocol," said unfair collection practice, including threats of
Josef Holm, founding partner of Draper Goren Holm, a blockchain-fo- violence to compel business owners to repay
cused venture studio. money. Complaints were filed simultaneously
last month by the FTC in U.S. District Court
Wirecard flameout may threaten third parties for the Southern District of New York and by
the New York Attorney General in New York
Bankruptcies may be common among make-it-or-break-it fintechs, County State Supreme Court against RCG Ad-
but the massive scale of Wirecard's demise sparked legal actions and vances LLC — formerly known as Richmond
discussions across the payments sphere. Financial analysts noted Capital Group LLC, and also doing business
that Wirecard's public filing in German courts, comparable to a U.S. as Viceroy Capital Funding and Ram Capital
Funding.
Advertisers, Facebook
civil but not reconciled
A July 7, 2020, meeting between Facebook and
disgruntled advertisers failed to satisfy either
side of an ongoing boycott against the social
media giant. Stop Hate for Profit, organized
by the NAACP, Anti-Defamation League and
other civil rights groups, is a protest against
Facebook's policies toward civil rights, con-
sumer privacy, factual news and targeted hate
speech. Its message is resonating with Unile-
ver, Coca Cola and other brands, whose col-
lective ad spend accounts for as much as 90
percent of Facebook's revenue, according to
the Anti-Defamation League.
Stolen data flood dark
web, ATO attacks soar

Security analysts are warning consumers and
business owners to enhance anti-fraud solu-
tions to protect against a new wave of aggres-
sive account takeover (ATO) attacks. A record-
high trove of stolen data for sale in criminal
forums underscores the need for multilayered
security, experts say. Technology writer Ionut
Ilascu suggested two-factor authentication
alone is insufficient to protect against ATO
fraud. In his July 9, 2020, post on bleepingcom-
puter.com, titled "Over 15 billion credentials
in circulation on hacker forums," he proposed
implementing multilayered security and oth-
er protections that make committing fraud not
worth the effort for attackers.

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