Category Archives: Digital Identity, Privacy, KYC, AML/ATF

October 11, 2022   Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Leadership, Competition, Human Capital, Health, Legal Issues, Regulation, Consultation   No comments

California to Allow Blockchain Option for Delivering an Individual’s Vital Records Like Marriage Certificates

Coindesk | Jesse Hamilton | Sep 29, 2022

certificate of vital recordGovernor Gavin Newsom signed a law this week that establishes a blockchain option for delivering individuals’ records, such as birth and marriage certificates

  • The state has been wrestling with a number of cryptocurrency proposals, and though Gov. Gavin Newsom vetoed a crypto licensing and regulation bill this week – seen as a possible West Coast version of New York's BitLicense – he approved another on Wednesday that instructs county records offices to allow for the use of blockchain technology and verifiable credentials.
    • The technology would be established in the distribution of birth, death and marriage records, allowing PDFs to be sent immediately rather than using a typical 10-day postal delivery.

See:  Why Blockchain Technology Remains Transformational and at a Tipping Point

California state Sen. Robert Hertzberg:

Not only a faster, cheaper, and more efficient delivery method, saving Californians both time and money, but it is also much more secure as blockchain is nearly impossible to hack.

Continue to the full article --> here

NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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September 26, 2022   Digital Identity, Privacy, KYC, AML/ATF, Enterprise, Scaleup, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Innovation and Resources, Legal Issues, Regulation, Consultation, Regtech, Compliance, Governance   No comments

Quebec’s Draft Regulation on Confidentiality Incidents

Clyde&Co | Sep 21, 2022

Quebec Draft regulation on confidentiailty incidentsOn June 29, 2022, the Quebec government presented the draft Regulation respecting confidentiality incidents (the “Quebec Regulation”). The Quebec Regulation specifies the content of the new notification and record-keeping requirements following the occurrence of a confidentiality incident. The regulation is set to enter into force on September 22, 2022, along with the first amendments to Quebec's Act respecting the protection of personal information in the private sector (the “Private Sector Act”), following the adoption of Bill 64,  An Act to modernize legislative provisions as regards the protection of personal information (“Bill 64”).

See:  5 Billion Profiles: Class Action Lawsuit Accuses Oracle of Privacy Breach and “Global Surveillance”

  • Bill 64 received assent on September 22, 2021, which marked the start of Quebec's transition into modernizing the rules that apply to the protection of personal information. We recently published an insight which provides an overview of the amendments that Bill 64 is bringing along for the next few years.
  • What is a confidentiality incident? As amended by Bill 64, Section 3.6 of the Private Sector Act provides the following definition of a “confidentiality incident”:
    • access not authorized by law to personal information;
    • use not authorized by law of personal information;
    • communication not authorized by law of personal information; or
    • loss of personal information or any other breach in the protection of such information.

See:  Modernizing Privacy Law in Canada – Striking the Right Balance

Requirements coming into force on September 22, 2022

  • In Canada, subject to some sector-specific exceptions, the Personal Information Protection and Electronic Documents Act (“PIPEDA”) applies to all private-sector organizations unless a province has enacted its own privacy laws that are substantially similar to PIPEDA (currently Alberta, British Columbia and Quebec), in which case the provincial legislation applies.
    • In provinces with substantially similar legislation, PIPEDA will still apply to personal information collected through interprovincial and international transactions.
  • No mandatory reporting and notification requirements existed under the Private Sector Act until the recent Bill 64 amendments.
  • As of September 22, 2022, Quebec’s mandatory notification regime for confidentiality incidents in the private sector will become the third one along with the federal and Alberta regimes in Canada outside the sector-specific regimes.
  • Organizations subject to the Private Sector Act will therefore have to comply with new requirements in the handling of such events.

Continue to the full article --> here

NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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September 20, 2022   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Cyber Security, Quantum, Hacks, Fraud Alerts, Risks, InsurTech, Digital Identity, Privacy, KYC, AML/ATF, FinTech and Alternative Finance, Fintech International, Innovation and Resources, Stories, Web3, Decentralization, DAOs   No comments

Digital Identity Protection is Critical for Metaverse Innovation

MIT Tech Review | Sep 12, 2022

Metaverse digital identity protection is criticalAs immersive experiences in the metaverse become more sophisticated, so does the threat landscape.

Current state:  If today’s metaverse were a shopping mall, you could visit any number of department stores, each with its own rich selection of products and experiences.

  • You could pop into virtual platforms like Roblox to buy a new outfit for your avatar or stop by Decentraland to gauge the latest valuation of digital real estate.
  • You couldn’t, however, take your Roblox avatar into Decentraland or to a VR movie on another brand’s platform. The hallways, elevators, kiosks, and reference maps—the infrastructure that makes it possible to carry your shopping bags from store to store—are still being built.

See:  Liquid Avatar Releases Update to It’s Feature Rich Self-Sovereign Identity Mobile App

  • Another unfinished element of the metaverse is its security: the guards, the CCTV cameras, the shoplifting alarms. Common cybersecurity protocols—the technologies equivalent to the “https” of today’s internet—are still a work in progress in the metaverse. So too are the governance standards that will protect your privacy, property—and perhaps most importantly—identity.

Threats and opportunities:  Even in today’s 2D version of the internet, digital identity is a complicated affair.

  • Phishing has become so sophisticated that an email from your bank, a call from your auto insurer, or even a text message from your mother may not be what it seems. The immersive nature of the metaverse, however, may set the stage for even more elaborate forms of identity theft or mimicry.
  • Identity protection will be a critical part of successful business operations in the metaverse—and it’s an especially important consideration for those getting in on the ground floor.
  • David Truog, vice president and principal analyst at Forrester, points out that the metaverse will be the next iteration of the internet—and like the early web, it will go through some growing pains.
  • In the metaverse, the role of cybersecurity in establishing similar interactions will be “an order of magnitude or two” more important, says Truog. As such, first movers in the space are in a unique position to anticipate security gaps and build in safeguards from the get-go.

See: 

7 Essential Ingredients of an (Open) Metaverse Framework

Metaverse Continuum: Digital experiences and interconnected future

Jeff Schilling, global chief information security officer, Teleperformance:

The threat of social engineering will potentially be even more effective in a 3D world, where deepfakes will be prevalent and an imposter is even more capable of tricking victims.  No matter the medium— telephone or metaverse—the best way to resist social engineering is by having a foolproof way to validate who is on the other end of the conversation.

Continue to the full article --> here

NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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August 31, 2022   Cyber Security, Quantum, Hacks, Fraud Alerts, Risks, InsurTech, Digital Identity, Privacy, KYC, AML/ATF, Enterprise, Scaleup, FinTech and Alternative Finance, Legal Issues, Regulation, Consultation, Regtech, Compliance, Governance, Stories   No comments

5 Billion Profiles: Class Action Lawsuit Accuses Oracle of Privacy Breach and “Global Surveillance”

CPA Magazine | Scott Ikeda | Aug 29, 2022

Oracle 5 billion personal profiles – global surveillanceA class action lawsuit is accusing Oracle of conducting global surveillance, essentially attempting to create detailed shopping and spending profiles of the world’s entire population.

The suit accuses Oracle of creating profiles for five billion people worldwide, attaching things like purchase records and GPS locations to their name and contact information. While social media platforms usually dominate the conversation about global surveillance, the Oracle Data Marketplace and the company’s BlueKai service have quietly become one of the world’s largest sources of the sort of personal information that “data brokers” sell for targeted advertising purposes.

See:  Modernizing Privacy Law in Canada – Striking the Right Balance

Class action lawsuit

  • The class action lawsuit points to Oracle marketing materials claiming to provide dossiers on five billion individuals, generating some $42.4 billion in annual revenue for the company.
  • The suit alleges that these profiles tie names, home addresses, emails to a worrying amount of information: purchases online and in the real world, physical movements in the real world, income, interests and political views, and detailed accounts of online activity.
    • One illustrative detail provided is the profile of a man in Germany who had a €10 bet on an esports betting site logged in his profile.
  • The class action lawsuit has been filed in California and alleges violations of Federal Electronic Communications Privacy Act, the Constitution of the State of California, the California Invasion of Privacy Act, competition law, and common law.
  • The suit seeks to force Oracle to stop collecting this data and to make restitution to those who have had profiles created, due to being created without the subject’s knowledge or consent.

See:  Insurance Industry Sitting on Treasure Trove of Big Data, As Regulators Wrestle Data Privacy

  • People are not even aware of what Oracle (and similar brokers) are doing, they have no material relationship with these companies and cannot possibly be giving consent to have these marketing profiles developed.
  • The damage Oracle has done is beyond invasion of personal privacy. It cites “Project Alamo,” a 220-million person database created using Oracle services, as an example of micro-targeted voter suppression that may have impacted the outcome of the 2016 presidential election.
  • It also raises fears about the potential use of these marketing databases by law enforcement organizations in the wake of the Roe v. Wade repeal, as a means to surveil the visitors of services such as Planned Parenthood.

Continue to the full article --> here

View the 69 page PDF complaint --> here

NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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August 24, 2022   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Web3, Decentralization, DAOs   No comments

Meta Begins Metaverse ID System Rollout

TechCrunch | Andrew Mendez | Aug 23, 2022

Meta account and horizon profile

Meta, formerly Facebook, has officially rolled out what it’s calling Meta accounts and Meta Horizon Profiles. The global launch will be gradual, but both “accounts” are to be used in place of the personal social media account logins — Facebook and Instagram — once used to log in to the company’s virtual reality (VR) system.

Users, new and old, of Meta’s VR devices, will be required to sign up for a Meta account to log in and access the metaverse. The company is ditching the old way of logging on after complaints around privacy concerns arose regarding using personal social media accounts.

See:  7 Essential Ingredients of an (Open) Metaverse Framework

However, the company is still allowing users to use Facebook and Instagram accounts to create a Meta account, the company said. If a person chooses to create their Meta account via their social media accounts they’ll be connected in the Accounts Center, the central hub for connected experiences across Meta.

To even begin the process of creating a Meta account one must have the latest software on the Oculus app and VR headset.

Continue to the full article --> here

NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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August 17, 2022   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, Enterprise, Scaleup, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Leadership, Competition, Human Capital, Health, Voices, Web3, Decentralization, DAOs   No comments

Censorship: Vitalik Votes to Burn Staked Ethereum of Validators that Would Comply with Sanctions

CryptoSlate | Samuel Wan | Aug 16, 2022

SanctionsEthereum's Beacon Chain Validators Discuss Censorship Resistance

In a recent Twitter poll on Ethereum censorship, Vitalik Buterin revealed that he voted to punish validators complying with censorship requests by burning their staked tokens.The poll was held by software engineer Eric Wall, who asked the Ethereum community if they would burn the staked tokens of validators who comply with censorship requests or “tolerate the censorship” and do nothing.

The majority of voters  — 62%, including Buterin — opted for the former. Meanwhile, 9% voted to tolerate censorship, and 29% clicked show results. As of press time, several hours remain until the poll closes.

See: 

Canadian cryptocurrency exchanges ordered to cease dealings with convoy-linked accounts

Want Institutional Adoption? You Have to Sacrifice Tornado Cash, says Kevin O’Leary

Wall’s poll was a response to a tweet from Lefteris Karapetsas, the founder of Rotkiap, a privacy-focused portfolio tracker, who asked five significant Proof-of-Stake validators if they would comply with censorship requests or respond to the request by closing their staking service.

Continue to the full article --> here

NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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August 17, 2022   Digital Identity, Privacy, KYC, AML/ATF, FinTech and Alternative Finance, Fintech Services, Innovation and Resources, Leadership, Competition, Human Capital, Health, Stories   No comments

Canada to Launch ‘Digital Ambition 2022’ Public Consultation For Digital ID Framework of Federal Public Services

Global Government Forum | Jack Aldane | Aug 16, 2022

biometric digital identityCanada's Digital Ambition 2022:  Public Consultation coming soon...

The government launched its Digital Ambition 2022 on 5 August this year:

  • “a clear, long-term strategic vision for the Government of Canada to advance digital service delivery, cyber security, talent recruitment, and privacy”. The new strategy replaces the government’s Digital Operations Strategic Plan: 2021-2024.
  • One key pillar of the ‘Ambition’ is digital identity, with emphasis on the need for government to create fast, straightforward ways to prove ID claims.
  • “The COVID-19 pandemic highlighted the need for government services to be accessible and flexible in the digital age. The next step in making services more convenient to access is a federal Digital Identity Program, integrated with pre-existing provincial platforms.”

  • The document reiterates a Treasury Board mandate set in late-2021 to work towards a common digital identity platform for public services.

See: 

The Evolving Digital Identity Landscape

Liquid Avatar Releases Update to It’s Feature Rich Self-Sovereign Identity Mobile App

Mona Fortier, president of the Treasury Board of Canada Secretariat:

the Ambition would lay a solid foundation for the ever-evolving digital transformation of government” and would serve as “an important tool to support the focus shared across ministers and departments to identify and implement better ways to ensure Canadians receive high quality, accessible, and efficient government services. Having ownership of a digital credential would protect Canadians from identity theft and fraud.

Headwinds

One Global Government Forum reader wrote:

Digital ID is an often controversial topic, splitting public opinion around the issue of privacy. Canada risk[s] becoming “full out ‘Chinadian’. Goodbye to all freedoms and welcome to dictatorship.

See:  Digital Identity Isn’t Only For People

Forier said:

Government had yet to instil trust in digital systems among the public. She suggested this could be improved through open collaboration between industry and government, as well as building diverse teams whose work reflects the concerns of Canadian citizens. We have a collective responsibility to break down organisational silos, address technical debt to promote quality over speed, and promote open data to foster transparency and trust.

The Canadian government has yet to provide details on when the its public consultation on digital ID might run.

Countries that have either implemented digital ID systems or are working on doing so include Estonia, Germany, the UK, and Australia, as well as the EU.

Continue to the full article --> here

View Canada's Digital Ambition 2022 government page --> here

 

NCFA Jan 2018 resizeThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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