Cross-blockchain technology specialist Synapse Network is developing the first cross-chain investment ecosystem based on blockchain technology. It will offer five cross-chain products for the cryptocurrency sector, including a cross-chain DEX and DeFi marketplace, a chain agnostic launchpad bringing together projects and private investors to enable investment opportunities in early-stage startups, and an accelerator and incubator for startups and entrepreneurs, where ideas are converted into working projects. There will also be an Investment Syndicate of trusted and reliable VC funds, business angels, tech partners, private investors and blockchain projects, providing fast-track access to capital, technology and partnerships.

As the cryptocurrency market expands and new coins are introduced, crypto investors are looking to limit the number of apps, ecosystems, wallets that they use and to simplify the way they invest. Instead, they are seeking a simple one-stop-shop solution to consolidate their transactions and investments. 

Synapse Network now has a live, working cross-chain launchpad product, which allows investors to allocate their funds in projects based on different blockchains, including Ethereum, Binance SmartChain, Solana, Polygon and many other popular blockchains. This contrasts with a multichain solution, where you need to invest into one of multiple ecosystems. Synapse held an early community presale using its product and is now listing startups/projects based on multiple blockchains and is enabling investors utilising the product to invest in cross-chain investments. 

In addition, it has raised nearly $2,000,000 from venture capital and community funding rounds; current partners include Black Dragon, Dutch Crypto Investors, Moonwhale, Chainlink, OIG,ICO HUB, Crypto Weekly, Minted Lab and CSP DAO.

Synapse Network Co-Founder Paweł Łaskarzewski is a Technology executive and Enterprise Solution Architect with a demonstrated history of over 20 years of experience in the IT industry. He is skilled in large scale projects with strong problem solving and business development skills, bridging the gap between technology innovation, business, and operations. Paweł has worked for several international companies, including Citibank, EuroSport and B/E Aerospace. He also co-founded several successful startup companies including Molecule.one, Kiwi Jobs and Absolvent Group.

His Co-Founder, serial entrepreneur and investor Michał Domarecki, has founded and run several successful companies internationally in the areas of IT, transport and logistics. He has been involved in cryptocurrencies for over six years, actively investing in and advising blockchain startups and working with brands such as Crypto.com and founding Gems Reviews.

Synapse Network Co-Founder Paweł Łaskarzewski commented: “The cross-chain revolution is the next big step of blockchain evolution, so we are thrilled to be the only player in the market to offer this technology. Cross-chain means you can choose any chain you want, or even several at a time, for any investment that you desire.”

Wayne Johnson, CEO, Encompass Corporation comments:

“The emergence and adoption of cryptocurrency and blockchain technology has created a new scenario for regulators and fuelled global financial crime – essentially, we are facing a payments technology that transcends country borders, is not subject to rules and legislation associated with fiat systems of currency and, in turn, this has bred a plethora of issues pertaining to untraceable money laundering."

“The FCA crackdown on the cryptocurrency market will require many firms to review their infrastructure, operations, and capacity to deal with increasingly strict money laundering standards."

“Cryptocurrency is by no means the source of all financial crime in the modern era. Many firms that do decide to pursue this market ensure that they have right guidance and technology to detect and prevent money laundering built into their core platforms. This can be achieved with state-of-the-art and dynamic RegTech solutions, which can perform automated, cost-effective and extremely efficient KYC checks on new and existing customers – keeping both the FCA and crypto enthusiasts' content.”

Consumers around the world fear that businesses are now compromising online security in their efforts to deliver seamless digital experiences. According to research released today by Trulioo, the leading global identity verification company, 71% of respondents living in China, the UK and the U.S. feel that online brands are now prioritizing speed over security. 

With people becoming more reliant on digital services across all areas of their lives during the pandemic, concerns around online safety have risen significantly. Seventy-six percent of consumers feel that they’re at greater risk from online fraud than a year ago, and 75% are now worried about becoming a victim of fraud. 

“For online brands, the last year has been one of contrasts, with fantastic opportunities for customer acquisition and growth in many sectors, set against a backdrop of new and increased threats of fraud and identity theft”, commented Zac Cohen, COO at Trulioo. “This research suggests that we’ve reached a tipping point in consumer attitudes to online security - people are becoming acutely aware of the risks of transacting online and they want to know and see that their favorite brands are protecting them. Of course, world-class customer experience is critical to compete in a digital world, but brands should be aware that it can’t come at the expense of the most robust security practices.”

The new whitepaper, ‘New Fraud Threats in the Digital-First World’, examines how online brands can find the right balance between online security and user experience in a digital-first world. 

Significantly, the research reveals that 71% of people now cite security as the most important factor when opening a new account. Sixty-four percent  of people say that security is more important to them when opening accounts with new providers than it was a year ago - a figure that rises to 80% in China. In addition, 49% of consumers report that transparency around the collection and use of their personal data is now more important. 

These two factors are far ahead of other considerations in the account creation process, such as choice, flexibility and seamless experience, which have become such a huge priority for businesses over recent years.

Interestingly, the research suggests that consumers now view the risk of online fraud and identity theft as just part of the online experience. Eighty-two percent of people claim that there is always a risk of fraud when you shop online and a staggering 72% believe that their personal information is for sale somewhere online. 

Cohen concluded, “Online brands shouldn’t be afraid to make a point of demonstrating that they are taking their customers’ security seriously. Consumers know that identity verification and security checks are vital for them to be protected and they’re far more likely to trust and recommend businesses that are explicit about why and how they collect and use sensitive data. Online brands are facing unprecedented levels of scrutiny and pressure to offer a secure and convenient experience, but if they can find the right balance, they can develop deeper, more meaningful relationships with customers.”

Download the ‘New Fraud Threats in the Digital-First World’ whitepaper here.

 Lightspin, the next-generation cloud security platform, announced today that they have been named a Gold Globee® winner for the Security Cloud/Saas Start-up of the Year category in the 13^th Annual 2021 Golden Bridge Business and Innovation Awards. 

“Most cybersecurity solutions focus on compliance and don’t address the full range of security challenges created by today’s complex and dynamic cloud and Kubernetes environments,” said Vladi Sandler, CEO and Co-Founder at Lightspin. “We’re thrilled to be recognized for our advanced technology  that proactively blocks all attack paths while maximizing productivity by reducing and prioritizing security alerts in the build stage and in production.”

Lightspin, utilizes patent pending advanced graph theory-based technology to provide in-depth visualization of the cloud stack with sophisticated contextual analysis so that security specialists can prioritize threats and remediate faster. By providing dedicated remediation tools for developers, Lightspin bridges the gap between Security and DevOps and enables organizations to keep their cloud environment safe while minimizing efforts on all sides.  Previously winning the Infosec Hot Company in Saas/Cloud Security award at RSA 2021, Lightspin recently announced a $16 million Series A funding round led by Dell Technologies Capital. 

More than 85 judges from around the world representing a wide spectrum of industry experts participated in the judging process. The Golden Bridge Awards® are the world’s premier business awards program honoring achievements in every industry around the world.  To see the full list of winners click here : https://globeeawards.com/golden-bridge-awards/winners/

Worldline [Euronext: WLN], the European leader in the payments and transactional services industry, launches Round Up feature through its rail ticketing app redspottedhanky. Round up supports charities as they recover from the impact of the pandemic and decreased fundraising revenues.

Today we have launched the ability to round up in Redspottedhanky. Round up allows customers to donate to charity every time they buy a rail ticket through redspottedhanky. The first charity to benefit will be the Railway Children (https://www.railwaychildren.org.uk/) who work fight to support street children across the world. Like many charities, the Railway Children has been impacted by a drop in donations from the public over the last 18 months as key fundraising events have been postponed. At Worldline, we have seen an increase in card payments which will naturally lead to a decrease in cash circulation; it makes sense to combine these two factors to provide new revenue streams for charities.

Redspottedhanky is the first retailer of UK rail tickets to allow customers the choice to give back and to help build back better as the world comes out of the COVID pandemic. When purchasing through the app, customers can choose to round up to the nearest pound before paying, it really couldn’t be simpler to change the lives of others for the better.

Recently Worldline announced the launch of its TRUST 2025 Programme, the start of a whole new chapter in its CSR strategy. Its CSR approach, fully integrated into the Group’s overall strategy, is built around five major challenges — established through a materiality analysis—in the following areas: business, employees, ethics, value chain & environment. Within this framework, 19 specific and measurable objectives to be achieved by 2025have been set. One of these objectives is focused on enabling to collect money for charities through its solutions, with the ambition to collect over €500m  during the next five years.

Redspottedhanky will have a charity of the Month that will receive the funds from donations. Our first ambition is these vital funds raised will directly support the societal and environmental recovery from the COVID pandemic.

In addition, Redspottedhanky now offers Flexi-Seasons and Split-Tickets allowing customers to tailor their journeys and save up to 61% on rail tickets with simple payment through cards, Paypal, Applepay and G-Pay. Customers will receive E-Tickets straight to their mobile device with no need to collect from stations.

Redspottedhanky is fully supportive of the ‘Book with Confidence’ policy launched by the rail industry. With approval from the Department for Transport, all Redspottedhanky customers will be able to change or refund their booked journey fee free should their circumstances change. Redspottedhanky does not charge any Booking Fees so we hope the savings customers make on their rail tickets without having to pay a Booking Fee will allow them to round up to help those less fortunate.

James Bain, CEO Worldline UK & I "Round up is a UK first in the rail industry which we are proud to bring to our existing customers and hopefully our new customers. Helping people recover from the Pandemic must be our top priorities in addition to preventing further damage to our planet. Our children are our future and we are delighted to play a small part in supporting the Railway Children in their fight to ensure that no child should have to live on the street".

TIBCO Software Inc., a global leader in enterprise data, empowers its customers to connect, unify, and confidently predict business outcomes, solving the world's most complex data-driven challenges. Today, TIBCO announced it has been named a Leader in The Forrester Wave™: Streaming Analytics, Q2 2021. In the report, top streaming analytics providers are evaluated against each other in a stringent process that includes 22 clearly defined criteria relevant for analytics and AI applied to streaming data.

“For many digital-first applications, what’s in the rear-view mirror can be irrelevant. Streaming analytics help you predict the best move now based on real-time data, and with efficient no-code application development, real-time apps can be built faster than ever before,” said Mark Palmer, senior vice president, engineering, TIBCO. “We are excited to be recognised by Forrester, as the report is a source of real value for companies looking to select a partner for their streaming analytics needs.”

According to Forrester: “TIBCO Software analyses streaming data to both automate and augment analytics. TIBCO Streaming is designed for real-time insights whether they are embedded in applications to automate decisions or surfaced in operational dashboards for business experts. Developers and business intelligence professionals alike can get up and running quickly with rich, no-code visual development tools. Developers can always drop to code when needed or desired. Its integration with TIBCO Spotfire visual analytics also makes it an ideal core technology to power real-time command centers of any flavour as well as busy analysts at their desks.”

TIBCO is a leader in the end-to-end delivery of real-world analytic applications, platforms, and solutions with deep expertise and experience supporting mission-critical applications across a wide range of industries, in the cloud or on-premises. TIBCO technologies enable extremely low-latency, high-throughput data streams, driving complex rules or AI-model-based decisioning, and dynamic learning directly from the data. Such intelligent data streams can be visualised in real time, or drive effective automation, applications, and processes.

TIBCO offers streaming analytics on premises and in the cloud via TIBCO Cloud Data Streams, a zero-install, cloud-based, easy-to-deploy solution. Streaming is also an embedded component of the market-leading TIBCO Data Virtualization, making it easier to tap streaming data and weave it into an enterprise data fabric.

Vince Graziani, CEO, IDEX Biometrics ASA comments: “Central Bank Digital Currency (CBDC) is continuing to gain momentum and offers huge potential for the financial sector – including transparency, speed, and financial inclusion among the unbanked and those without a smartphone. However, despite the many positives of CBDCs, one element that could slow role out down and risk it becoming just a “fad” is security. The rise of cryptocurrency scams and associated fraudulent behaviour over the last year has proven the dangers of launching innovative financial solutions without robust security measures.  As a result, security in digital currency is paramount. To fully realise this potential, and ensure successful adoption for all consumers, a secure foundation built on financial innovation must be laid. One way this can be achieved is through the integration of CBDCs and fingerprint biometrics.

“Through fingerprint biometric authentication, customers can pay with the digital currency securely and swiftly with the simple push of a finger, allowing for the seamless integration of digital currencies into everyday payment processes. Most importantly, biometric payment solutions will prove critical when it comes to security, maintaining the growth rate of national digital currencies and earning the trust and buy-in of consumers. The result could be CBDCs driving the payments ecosystem forward and creating a more inclusive global financial system for all, which will ultimately reduce the number of people who find themselves financially excluded.”

Fintech Partnership program included among best bank-sponsored labs of 2021 by Global  Finance  

Innovation is crucial, especially in tumultuous times like these. Raiffeisen Bank International  (RBI) knows this very well – proof of that is Elevator Lab, the largest fintech and startup  partnership in Central and Eastern Europe (CEE), powered by RBI. This year, among a record  number of submissions, the Elevator Lab made it to Global Finance’s final list. This marks  the second year Elevator Lab has been recognized with this award. Moreover, Elevator Lab  has won the Plug and Play Innovation Award this year. 

Unique Program structure 

Elevator Lab Partnership Program is a four-month structured accelerator and onboarding program for later-stage global startups. Its main purpose is to establish long-term  partnerships between RBI and fintech startups, as those who are selected for the program  get the chance to scale their business across the CEE region. In 2020, Elevator Lab  Partnership Program organized three tracks together with RBI subsidiary banks: “Advanced  Analytics and Loyalty Solutions” co-hosted by Raiffeisen Bank in Romania and  Raiffeisenbank (Bulgaria), “Value added Services for Large Corporates” with RBI Head Office,  and “Bank as a Platform” with Slovak Tatra banka. 

In addition to the Partnership Program for later-stage fintech startups, Elevator Lab also  organizes a Regional Challenge for local and regional later-stage fintech startups, as well  as Bootcamps for local early-stage startups. 

“It is a great honor to be selected by Global Finance as one of the Best Innovation Labs of  2021. In the last four years, RBI’s Elevator Lab has already helped create over ten long-term  partnerships between our banking group and CEE fintech startups, and we want to  continue looking for innovative solutions to jointly develop tomorrow’s banking business  and find innovative ways to improve our customers’ experience,” said Christian Wolf, Head  of Strategic Partnerships & Ecosystems at RBI.  

Tatra banka was separately recognized for its efforts in hosting the Elevator Lab  Partnership Program and has also made it on the list of best Bank-Sponsored Labs of 2021. 

Sarah Rutherford, Senior Marketing Director, FICO looks at how financial services providers need to adapt their fraud platforms to mitigate the new risks associated with Open Banking

As adoption of Open Banking in the UK picks up speed - users in the UK have grown from one million in 2020 to three million this year[i] - the opportunities for criminals are also increasing.  And this presents a real conundrum for the financial services sector. How does it embrace the ‘open’ nature of Open Banking, but without leaving the door open to the criminals?

Open banking was unveiled to improve financial inclusion, increasing competition in financial services and enabling third-party providers to offer valuable new services to consumers and business customers alike. But access to the opportunities Open Banking can offer hinges exclusively on customers consenting to share personal information with a wider number of companies. This fundamentally alters the relationship between account providers and their customers as well as provides the opportunity for new service providers to enter the market.  But it also provides criminals with new opportunities that are the real challenge for the financial services sector – and the economy as a whole.

Masquerade as a service provider

Criminals may set up a website pretending to be a service provider, either a fictitious one or a cloned impersonation of a genuine site. Tasty incentives such as cash-back, rewards or discounts could be used to tempt customers to the services they pretend to offer; once money has been deposited it’s hard to recover. 

Use a legitimate service provider to facilitate money laundering

Money mule networks gain faster traction in countries offering instant payments, as these help move and transfer funds far faster than law enforcement can track. Tactics to evade detection often include sending money through previously used payees. In many cases these account holders are directed by a so-called “mule herder”.

Set up a service provider for money laundering

Most service providers are required to complete due diligence in the shape of anti-money laundering (AML) checks. But criminals can set up a seemingly valid service provider that carries out fake regulatory and / or authorisation checks. In this way, money laundering checks can be avoided for those accounts that are in control of a criminal organisation.

Create a bogus service provider to ‘harvest’ data  

Most frauds rely on the capture of customer information. By creating a bogus service provider, criminals can extract personal and financial information for use in other criminal operations.

Attack service providers instead of account providers

Customers’ financial data could be held outside the account provider and be in the hands of a service provider. In many instances, service providers will have fewer resources to protect and maintain the security of their systems, making them a more attractive target than the actual account providers.

Fraud

All of these examples require a fair amount of time and effort to set up, however they also highlight the steps fraudsters are prepared to take.  Account providers must still take primary responsibility for fraud prevention and anti-money laundering, but they’re also obliged to be ever-more vigilant to suspicious activity taking place on their customer accounts.

Open Banking complicates matters as it blurs the relationship between the account provider and their customers, as new service providers now own more of the customer-facing interactions. Information made available to account providers to help make informed fraud prevention and AML decisions are often altered, with Open Banking transactions often containing information that may not have been previously seen within the payments’ ecosystem.

Account providers cannot respond by increasing security for those customers who use third-party providers. Clearly, it would also be anti-competitive to impose extra impediments on customers serviced in this way, as the additional checks aren’t applied to consumers continuing to access their accounts directly. It means techniques like behavioural profiling become far more important in fighting fraud that results from account providers who share financial data with third parties.

As Open Banking initiatives gain momentum, account providers must ensure their fraud platforms are fully fit for purpose. These platforms must give providers the flexibility to build and deploy AI and machine learning analytics that rapidly adapt to changes in behaviour by legitimate customers, while spotting and blocking criminals.

Data from a Freedom of Information Request to the FCA has revealed that firms are either transaction reporting incorrectly or not adhering to the MiFIR requirement to monitor their reporting using submission data made available to them by the FCA.

The information provided by the FCA and requested by ACA Group (ACA) showed that the number of firms using the Market Data Processor (MDP) system, the key to controlling the quality of data submitted, was low – with just 905 firms registered with the MDP, out of around 3,000 MiFID firms (30%). What’s more, even among firms registered with the MDP, the number of those who are actually obtaining data extras is very low with just 678 in 2020. Meaning that most firms (78%) were in breach of the regulatory requirement under RTS 22 to regularly obtain MDP data for the purposes of reconciliation.

For firms with access to the MDP and who were actually extracting data, 62% identified (and reported to the FCA) errors in their reports in 2020. Taken in isolation, this represents a high number of firms with errors in their reports, but taking into account ACA’s own analysis, which identified 97% of firms having errors in their MiFIR and EMIR reports, might suggest that there are also still a large number of firms who are obtaining MDP files extracts but failing to identify errors therein. This is either because firms are not subjecting them to sufficiently comprehensive analysis or not analysing them at all.

Charlotte Longman, Director at ACA Group: “For the FCA to monitor for market abuse effectively, it is vital that transaction reporting data is complete and accurate.

“Yet, the data we see today is worrying and seriously calls into question how accurately firms are following regulatory requirements. The majority of firms are not extracting data from the MDP; and of those that are, it’s clear that they are not identifying, and notifying the FCA, all of the errors that exist within their reports. 

“Despite a lack of public enforcement action in relation to MiFIR and EMIR reporting so far, regulators have begun to express their growing frustrations that firms aren’t getting it right, and we anticipate a clampdown from them if things do not improve.”