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Financial Technology Association Creates Advisory Board, Adds Top Fintech Experts to Guide Strategy

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The Financial Technology Association (FTA) announces the formation of an advisory board. The new board will help guide the nascent group’s mission to proactively guide regulation and policy in the booming Fintech sector. Founded in March, the FTA has moved quickly to boost its ranks with top Fintech experts to both educate and work directly with policymakers.

Daniel Gorfine, a prominent voice in the Fintech sector and FTA Senior Policy Advisor, said the advisory board is indicative of the FTA’s commitment to receiving robust and independent feedback from a diverse set of leaders in the financial technology and policy space:

“FTA’s advisory board will strengthen the Association’s work and help member companies continue their work to drive financial inclusion, equity, and opportunity.”

The FTA has shared a list of the advisory board members and as well as comments by the members.

  • Timothy Massad, former Chairman, U.S. Commodity Futures Trading Commission: Tim served as the Chairman of the Commodity Futures Trading Commission (CFTC) from 2014 to 2017. Prior to his tenure at the CFTC, he served as the Assistant Secretary for Financial Stability at the United States Department of the Treasury. He is currently a Research Fellow at the Harvard Kennedy School and an Adjunct Professor at the Georgetown University Law Center.

“The financial sector constantly innovates, and we must modernize our regulatory framework to address the advantages that innovation can bring, particularly in terms of greater financial inclusion, while making sure it does not lead to excessive risk. I welcome the FTA’s commitment to sound regulation that can protect consumers and investors and improve financial inclusion and overall outcomes.”

  • J. Christopher Giancarlo, former Chairman, U.S. Commodity Futures Trading Commission: J. Christopher served as a Commissioner for the Commodity Futures Trading Commission (CFTC) from 2014 to 2019 and as Chairman from 2017 to 2019. Now, he serves as Senior Counsel at Willkie Farr and advises several financial technology companies. Chris is the co-founder of the Digital Dollar Project, a non-profit think tank dedicated to digitizing the U.S. Dollar. Throughout his career, Chris has been a well-known and well-respected advocate and expert on financial technology innovation.

“I applaud the formation of the Financial Technology Association and believe strongly in the need to ensure that regulation keeps pace with inevitable digital change. Now is the time to build the digital infrastructure and advance digital financial services models that benefit consumers and ensure a leadership role for the United States in shaping the future of finance.”

  • Sheila Warren, Head of Data, Technology, and Digital Assets and Member of the Executive Committee, World Economic Forum: Sheila brings extensive experience related to the financial technology industry, serving as the Head of Data, Blockchain and Digital Assets at the World Economic Forum. She also holds advisory positions at multiple financial technology institutions and organizations. As a global expert in financial technology, Sheila collaborates with global regulators, companies, and NGOs to explore the benefits of fintech adoption. Sheila is an influential advocate for diversity and inclusion in the industry.

“Technological innovation holds substantial promise in advancing financial services equity, inclusion, and opportunity both in the U.S. and globally. I welcome FTA’s focus on shaping innovative and well-informed regulation that ensures fintech’s inclusive growth. I look forward to working with the FTA and its members on a better future of finance.”

  • Anthony Alexis, former Head of Enforcement, Consumer Financial Protection Bureau: Anthony previously served as the Head of Enforcement of the Consumer Financial Protection Bureau (CFPB) and assistant U.S. Attorney. He is now a Partner at Goodwin Procter LLP and brings a unique perspective with his experience in shaping and enforcing the regulatory environment.

“Companies that understand the importance of compliance and safeguarding consumers will be those that prove to be sustainable and of real benefit to Americans and the economy. I look forward to sharing my perspective on how innovators can build new models responsibly and live up to the promise financial technology offers.”

  • Jo Ann Barefoot, CEO & Co-founder of the Alliance for Innovative Regulation: Jo Ann is CEO and Founder of the Alliance for Innovative Regulation (AIR) and host of the podcast show Barefoot Innovation. A noted advocate of “regulation innovation,” she is Senior Fellow Emerita at the Harvard Kennedy School Center for Business & Government. Jo Ann previously severed as the Deputy Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC) from 1978 to 1982.

“Technological innovation is impacting how we provide financial services and how we regulate, creating both new opportunities and new risks. I applaud FTA’s recognition of the importance of regtech innovation and forward-leaning regulatory oversight models that incorporate technology to improve regulatory efficiency and its effectiveness, especially relating to consumer financial health. I look forward to engaging with the FTA’s members on how to advance digital regulation.”

  • Richard Berner, former Director, Office of Financial Research: Dick served as the first Director of the Office of Financial Research (OFR) from 2013 until 2017. Prior to his confirmation as OFR Director, he served as Counselor to the Secretary of the Treasury. Dick has been a member of the Economic Advisory Panels of the Federal Reserve Bank of New York and the Congressional Budget Office and of the Board of the National Bureau of Economic Research. Now he is Clinical Professor of Finance and Management Practice at the NYU Stern School of Business and Co-Director of the NYU Volatility and Risk Institute. He teaches Integrated Risk Management and Fintech Regulation.

“Companies and regulators need high-quality financial data to identify risks and opportunities, and innovations in digital reporting promise to improve data quality and reduce costs. I applaud FTA’s desire to advance regtech  models and processes, especially now in light of emerging new risks, and I share its desire to modernize and improve financial regulation for the benefit of consumers and businesses.”

  • Ben McAdams, former Congressman from Utah: Ben served as a member of the U.S. House of Representatives (D-UT) from 2019 to 2021. As a founding member of the House Financial Services Task Force on Financial Technology, he was an avid supporter of responsible fintech innovation while serving Utah’s fourth district. Prior to Congress, he served as mayor of Salt Lake County and was a Utah state senator.

“I have been at the forefront of ensuring that federal banking regulation keeps pace with financial services innovation and believe strongly that modern chartering approaches can safeguard consumers by bringing more financial services activity into the regulated banking space. I am aligned with FTA’s important focus on modernizing the regulatory perimeter and look forward to working with its members.”

  • Staci Warden, Executive Director, Global Market Development, Milken Institute: Staci is the former Executive Director of Global Market Development at the Milken Institute and has spent her career executing, managing, advising, and writing on issues across several fields including innovative finance and FinTech. Prior to the Milken Institute, she worked at JPMorgan and Nasdaq. Staci is currently Chair of the Rwandan Capital Markets Authority, a cabinet-appointed position.

“I have spent a career advancing consumer and market outcomes by responsibly leveraging financial technology innovation, and supporting organizations like FTA that understand the importance of regulation. FTA member companies represent the leading financial technology companies in the U.S. and have an opportunity to shape policy for the next generation of financial services.”

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Source: https://www.crowdfundinsider.com/2021/06/176960-financial-technology-association-creates-advisory-board-adds-top-fintech-experts-to-guide-strategy/

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Changing UK Cybercrime Patterns Outlined in PPC Shield Report

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British individuals and businesses have been scammed for £5.7m in losses from just under 15,000 reported cybercrime incidents so far in 2021, research from click fraud prevention firm PPC Shield reveals. Malicious hacking, fraudulent use of social media accounts and email scams are the top methods, accounting for 43 per cent of all reported activity. Malware/viruses, personal hacking and extortion are also common.

The under-40 crowd has reported the most incidents this year with 5,000, suggesting scammers and hackers are predominantly targeting those used to juggling multiple social media accounts, email addresses and banking apps.

While corporate cybercrime only accounts for 10 per cent of reported incidents, the £1.9 million in damages are one-third of the total figure.

The effects take a mental toll. According to ONS data from the Crime Survey for England and Wales (CSEW), 72 per cent of victims said they had been emotionally affected by their experiences, with almost one third indicating a moderate to severe impact –  mostly annoyance and anger. Ten per cent said they experienced anxiety, depression, fear and sleep disruption.

Four out of five offences (81 per cent) were committed by an individual (not an organization) that was unknown to the victim. According to Google, malware is being used less than at any point since 2007, but phishing websites have grown by 750 per cent. One in three folks who lost money learned through their financial institution.

When non-cyber assisted fraud is factored in, UK authorities have so far received 253,736 reports totalling £1.2 billion in losses this year. They have issued public warnings of phishing scams conducted over the course of the COVID-19 pandemic, with an increase in fraudulent text and calls to mobile phones, as individuals posing as bank employees, HMRC and even the NHS charging for fake COVID tests and track and trace.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178444-changing-uk-cybercrime-patterns-outlined-in-ppc-shield-report/

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Crowdfunding

Changing UK Cybercrime Patterns Outlined in PPC Shield Report

Published

on

British individuals and businesses have been scammed for £5.7m in losses from just under 15,000 reported cybercrime incidents so far in 2021, research from click fraud prevention firm PPC Shield reveals. Malicious hacking, fraudulent use of social media accounts and email scams are the top methods, accounting for 43 per cent of all reported activity. Malware/viruses, personal hacking and extortion are also common.

The under-40 crowd has reported the most incidents this year with 5,000, suggesting scammers and hackers are predominantly targeting those used to juggling multiple social media accounts, email addresses and banking apps.

While corporate cybercrime only accounts for 10 per cent of reported incidents, the £1.9 million in damages are one-third of the total figure.

The effects take a mental toll. According to ONS data from the Crime Survey for England and Wales (CSEW), 72 per cent of victims said they had been emotionally affected by their experiences, with almost one third indicating a moderate to severe impact –  mostly annoyance and anger. Ten per cent said they experienced anxiety, depression, fear and sleep disruption.

Four out of five offences (81 per cent) were committed by an individual (not an organization) that was unknown to the victim. According to Google, malware is being used less than at any point since 2007, but phishing websites have grown by 750 per cent. One in three folks who lost money learned through their financial institution.

When non-cyber assisted fraud is factored in, UK authorities have so far received 253,736 reports totalling £1.2 billion in losses this year. They have issued public warnings of phishing scams conducted over the course of the COVID-19 pandemic, with an increase in fraudulent text and calls to mobile phones, as individuals posing as bank employees, HMRC and even the NHS charging for fake COVID tests and track and trace.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178444-changing-uk-cybercrime-patterns-outlined-in-ppc-shield-report/

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Philippines based Paymaya, a Mobile Money and Payments Provider, Chooses Iliad Solutions as its Payments Testing Supplier

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Paymaya, the mobile money and payments provider based in the Philippines, has selected Iliad Solutions as its payments testing supplier.

Iliad Solution’s products and services, which are being used by major financial institutions throughout the world, have been developed to help with minimizing the risk when launching new payments tech, which also helps with lowering the costs that are involved in testing. These products also enhance the speed of deploying new systems.

Paymaya has licensed t3:Switch, Iliad Solution’s dynamic test platform, in order to assist in the testing of the interoperability of their services with international payment schemes.

The t3:Portal has been designed to orchestrate and simplify the process of payment testing and certification. Advanced controls may be applied to various projects at every level, with real time data being accessible through dashboard views.

Paymaya is now able to test out complex transactions with global schemes with greater efficiency – tests are fully automated and may run at up to 5000 transactions every second.

Anthony Walton, CEO at Iliad Solutions, stated:

“The Philippines is one of the most dynamic adopters of digital payments in Southeast Asia. It is moving away from cash payments at pace and using state-of-the-art technology and new digital channels to do so. Paymaya is a leader in this space and Iliad are very proud to be helping them remove friction from the complex process of getting new payments initiatives to market through simplified and automated testing.”

Southeast Asia is an important market for Iliad, given the area’s steady adoption of innovative approaches to making payments, which is increasingly being done via mobile apps.

Iliad Solutions’ management also noted that they’re looking forward to working cooperatlvely with Paymaya as it builds out its multi-channel product offering. It is Iliad’s second significant initiative this year in the Philippines and the firm’s management is pleased to bring their expertise and “perhaps more importantly learn, about this exciting market.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178429-philippines-based-paymaya-a-mobile-money-and-payments-provider-chooses-iliad-solutions-as-its-payments-testing-supplier/

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Philippines based Paymaya, a Mobile Money and Payments Provider, Chooses Iliad Solutions as its Payments Testing Supplier

Published

on

Paymaya, the mobile money and payments provider based in the Philippines, has selected Iliad Solutions as its payments testing supplier.

Iliad Solution’s products and services, which are being used by major financial institutions throughout the world, have been developed to help with minimizing the risk when launching new payments tech, which also helps with lowering the costs that are involved in testing. These products also enhance the speed of deploying new systems.

Paymaya has licensed t3:Switch, Iliad Solution’s dynamic test platform, in order to assist in the testing of the interoperability of their services with international payment schemes.

The t3:Portal has been designed to orchestrate and simplify the process of payment testing and certification. Advanced controls may be applied to various projects at every level, with real time data being accessible through dashboard views.

Paymaya is now able to test out complex transactions with global schemes with greater efficiency – tests are fully automated and may run at up to 5000 transactions every second.

Anthony Walton, CEO at Iliad Solutions, stated:

“The Philippines is one of the most dynamic adopters of digital payments in Southeast Asia. It is moving away from cash payments at pace and using state-of-the-art technology and new digital channels to do so. Paymaya is a leader in this space and Iliad are very proud to be helping them remove friction from the complex process of getting new payments initiatives to market through simplified and automated testing.”

Southeast Asia is an important market for Iliad, given the area’s steady adoption of innovative approaches to making payments, which is increasingly being done via mobile apps.

Iliad Solutions’ management also noted that they’re looking forward to working cooperatlvely with Paymaya as it builds out its multi-channel product offering. It is Iliad’s second significant initiative this year in the Philippines and the firm’s management is pleased to bring their expertise and “perhaps more importantly learn, about this exciting market.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178429-philippines-based-paymaya-a-mobile-money-and-payments-provider-chooses-iliad-solutions-as-its-payments-testing-supplier/

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