The DeFi Money Market (DMM) ecosystem, a global community and movement focused on blockchain technology, believes future commerce will be bankless. Financial analysts see DMM's growing popularity as further proof that consumers are losing trust in financial institutions, particularly during COVID-19. "It's exciting to see the plethora of new practical solutions already being built on top of DMM's protocol," said Josef Holm, founding partner of Draper Goren Holm, a blockchain-focused venture studio.
Bankruptcies may be common among make-it-or-break-it fintechs, but the massive scale of Wirecard's demise sparked legal actions and discussions across the payments sphere. Financial analysts noted that Wirecard's public filing in German courts, comparable to a U.S. bankruptcy petition, shows the dark side of payments industry interdependence. Media outlets reported that SoftBank is trying to distance itself from Wirecard following the arrest of Markus Braun, Wirecard founder and CEO, who is being investigated for fraud.
The Federal Trade Commission and New York State Attorney General Letitia James are taking to task a merchant cash advance company that allegedly engaged in deceptive marketing and unfair collection practice, including threats of violence to compel business owners to repay money. Complaints were filed simultaneously last month by the FTC in U.S. District Court for the Southern District of New York and by the New York Attorney General in New York County State Supreme Court against RCG Advances LLC — formerly known as Richmond Capital Group LLC, and also doing business as Viceroy Capital Funding and Ram Capital Funding.
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, consumer privacy, factual news and targeted hate speech. Its message is resonating with Unilever, Coca Cola and other brands, whose collective ad spend accounts for as much as 90 percent of Facebook's revenue, according to the Anti-Defamation League.
Security analysts are warning consumers and business owners to enhance anti-fraud solutions to protect against a new wave of aggressive 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 bleepingcomputer.com, titled "Over 15 billion credentials in circulation on hacker forums," he proposed implementing multilayered security and other protections that make committing fraud not worth the effort for attackers.
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