Nearly a decade ago, I wrote about the hack on the Democratic Natiomal Committee (DNC) - and how a 30-year old technology might have changed the course of history. What's ironical is that this ancient technology - without parallel - has become increasingly critical given the threat AI represents to everything we do on the internet.

https://lnkd.in/guUMMXtZ

When will business executives learn, understand and change the imperative?

Thank you.

Does this guidance cover Credit Unions in the US too? It would be helpful to clarify that as it would indicate how much risk US taxpayers are being forced to bear.

When government agencies are unwilling to let inefficient banks die, and instead use taxpayer funds to keep depositors whole (beyond the $250K FDIC guarantee) when failing banks' legitimate investments fail (Silicon Valley Bank, Signature Bank, etc.), it boggles the mind what these agencies will resort to when banks are allowed to speculate in crypto-tokens that have no legitimate purpose.

I couldn't agree more with Mayra Rodriguez Valladares' assessment of what the new administration is doing with respect to the CFPB and FDIC. As confidence in US markets collapses, it will lead to "capital flight" to safer havens and investments by rational people. Given the bubble created by the technology industry over the last decade, it has the potential to create a global recession as markets over-react during the correction.

For shame, for shame! I cannot believe how time-serving these banks are, and how they're playing dice with the future of our children and grand-children.

In contrast, I want to share this uplifting story of what one man is learning on his extraordinary journey about climate change.

https://www.economist.com/christmas-specials/2024/12/19/a-journalist-retraces-humanitys-journey-out-of-africa-on-foot

While passkeys (aka FIDO/WebAuthn) has its advantages, it is critical to understand that not all passkeys are created equally. To get another point-of-view that you are unlikely to hear from passkey promoters, it is worth 6 minutes of your time reading this article on LI:

“Would you trust your bank with both keys to your safe deposit box?”

Does the CMA not have the authority to fine such companies for violations? If it does not, then the situation will never improve. I suggest looking at the US' Consumer Finance Protection Bureau (CFPB)  - setup during the Obama administration - as an example of some good work they are performing. According to their websites, they were responsible for getting $20B returned to consumers of the life of the agency (probably around 10 years now).

About time government agencies took responsibility for protecting consumers. Rohit Chopra of the US's Consumer Financial Protection Bureau (CFPB) and Nikhil Rathi (FCA's CEO) appear to be a breed apart from agencies that are captive to corporations and their lobbyists - they are, hopefully, the vanguard of the kind of government consumers dream of.

And, we are to believe that the US is NOT tracking individual electronic transactions currently (through ACH, card networks, etc.)?

IMO, the US is in danger of falling significantly behind as China, India, the EU and other Asian countries interlink their own CBDC. Once they start denominating their (smaller) transactions using other digital currencies, it will snowball and there will be no turning back. By then, the US CBDC will be too late.

In any country with an authoritarian government/head, there are no protections; so it is futile to discuss this in that context.

In democratic countries, where laws can be established apriori, a set of controls can be established to prevent such failures. However, it is important to remember that not all anomalies can be recognized and addressed apriori. Diligent policymakers will continue to reinforce those protections regularly and fill gaps when identified and where necessary. Witness what the EU is doing with its laws: GDPR, PSD, DMA, etc.

It still needs to be said, that unless consumers/citizens vote with their wallets/votes, even lawmakers and laws can be subverted. Caveat Emptor!