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The Green Sheet Online Edition

July 27, 2020 • Issue 20:07:02

News Briefs

DeFi blockchain ecosystem advancing on FIs <- click to read full story

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.

Wirecard flameout may threaten third parties <- click to read full story

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.

FTC, New York State slam MCA company <- click to read full story

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.

Advertisers, Facebook civil but not reconciled <- click to read full story

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.

Stolen data flood dark web, ATO attacks soar <- click to read full story

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. end of article

Following are excerpts from news stories recently posted under Breaking Industry News on our home page. For links to these and other full news stories, please visit www.greensheet.com/breakingnews.php?flag=previous_breaking_news.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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