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Elon Musk’s X granted payment processing license in 13 US states - and counting

/payments

Elon Musk’s X granted payment processing license in 13 US states - and counting

The social media platform formerly known as Twitter received approval for payments services from Pennsylvania, building on Musk’s ambitions of transforming X into an “everything app” where users can conduct their “entire financial life” on the app.

Elon Musk wants X to replace users' bank accounts within a year

/retail

Elon Musk wants X to replace users' bank accounts within a year

Elon Musk wants X to manage users' "entire financial life" so that they "won't need a bank account" by the end of next year.

/payments

Verestro implements money transfers on Slack

Verestro has implemented a solution that enables fast money transfers and payment settlements on Slack.

/security

FTC reports that scams on social media have accounted for $2.7 billion in reported losses since 2021

New data from the Federal Trade Commission shows that scams originating on social media have accounted for $2.7 billion in reported losses since 2021, more than any other contact method.

Barclays warns students about money mule risks

/retail

Barclays warns students about money mule risks

As the academic year gets underway, Barclays is warning of a sharp rise in the number of cash-strapped students being targeted by criminals to act as money mules.

/regulation

Federal reserve launches Instagram and Threads accounts

The Federal Reserve Board on Monday launched its Instagram and Threads accounts with the aim of increasing the accessibility and availability of Board news and educational content.

NatWest suffers ATM glitch

/retail

NatWest suffers ATM glitch

UK high street bank NatWest has resolved an IT problem with its ATMs that left thousands of customers believing they were missing funds.

TikTok fined €345 million for EU privacy breaches

/regulation

TikTok fined €345 million for EU privacy breaches

The Chinese-owned short-video platform has been fined over its handling of children's data in Europe between the 31st of July, 2020, and the 31st of December, 2020.

Fintok: Should your financial brand be on TikTok?

/Social media

Níamh Curran Senior Reporter at Finextra

Fintok: Should your financial brand be on TikTok?

X gains payment licences in seven US states

/payments

X gains payment licences in seven US states

X, the social media platform formerly know as Twitter, has obtained money transmitter licences from seven US states over the past month.

FNA awarded University of Cambridge grant to develop market monitoring tool

/regulation

FNA awarded University of Cambridge grant to develop market monitoring tool

Network analytics and simulation firm FNA has been awarded $100,000 as part of the University of Cambridge’s SupTech Launchpad competition, to develop a working prototype of a tool for financial market monitoring via social media and web extraction.

Yahoo buys social investing platform Commonstock

/markets

Yahoo buys social investing platform Commonstock

Yahoo has acquired Commonstock, a social platform that lets retail investors link their brokerage accounts and share their portfolio's performance and discuss their trades and strategies. Terms of the deal were not disclosed.

Minister orders review after Bank of Ireland IT glitch

/security

Minister orders review after Bank of Ireland IT glitch

Ireland's minister for finance has called for an investigation into the robustness of banking technology infrastructure after a technical glitch with Bank of Ireland's (BoI) mobile banking app enabled customers to seemingly withdraw free money.

/regulation

FCA to revamp social media guidance

The Financial Conduct Authority (FCA) plans to take another significant step in its work to combat illegal and non-compliant financial promotions.

/retail

Emirates NBD expands WhatsApp banking channel

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has launched an enhanced and upgraded version of its WhatsApp banking service, providing customers with a convenient, secure and reliable digital banking experience like never before.

AI risk management tool secures $20m fund raise

/crime

AI risk management tool secures $20m fund raise

Blackbird AI, which develops AI-driven narratives for risk management, has raised $20m in a series B funding round.

/retail

Claro takes financial wellbeing to WhatsApp

Claro Wellbeing, the financial wellbeing provider, has launched the UK’s first financial wellbeing programme that offers accessible financial education to frontline and deskless workers over WhatsApp.

/payments

WhatsApp and Stripe help Singapore businesses accept payments directly in chats

Stripe, a financial infrastructure platform for businesses, today announced a partnership with WhatsApp that allows Singapore businesses to accept payments directly in WhatsApp chats.

Tide calls for tax on social media and telcos to fund fight on fraud

/crime

Tide calls for tax on social media and telcos to fund fight on fraud

Business banking platform Tide has called on the government to introduce a tax on social media and telecoms companies to fund and train more police officers to tackle what it calls Britain's "fraud epidemic".

/security

TSB sees huge fraud spikes from Meta-owned companies

TSB – which operates its unique Fraud Refund Guarantee – is warning consumers to remain wary of fraud that is taking place through Facebook, WhatsApp and Instagram – as the Bank reveals scams that come through these Meta-owned companies account for 80 percent of all fraud cases within the three biggest fraud categories at TSB2.

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