Category Archives: Hack or Fraud Alert

Bitcoin Prices Hold Steady After Sudden Canadian Exchange Shutdown

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Forbes | | Oct 29, 2018

Bitcoin prices, along with the wider cryptocurrency market, have held steady following the sudden shut down of a relatively minor cryptocurrency exchange in Canada yesterday.

MapleChange revealed via Twitter that a software "bug" had allowed all of the 913 bitcoin (worth some $6 million at current exchange rates) it was holding to be stolen.

MapleChange attempted to reassure users that it would be conducting a “thorough investigation” but warned it would be unable to make refunds before deleting its social media accounts and taking its website offline. Users now attempting to access maplechange.com are met with a timeout error.

The bitcoin price was little moved on news of the loss, with the market trading sideways over the last 24 hours, according to CoinDesk data.

See:  Cryptocurrency exchange Coinsquare announced it is set to expand into Europe in Q4 2018

The price of bitcoin and other major cryptocurrencies have remarkably stable over recent months, as investors and traders await decisions by regulators, signs of growing user adoption, and interest from some of the world's biggest banks.

Bitcoin exchange hacks remain common around the world despite attempts to better regulate the industry and protect users and investors.

In the UK, where the cryptocurrency sector has been branded a "wild west", the government has promised to improve protections for users by moving bitcoin companies and exchanges under the remit of the Financial Conduct Authority, which looks after the country's extensive banking industry.

While bitcoin and cryptocurrency exchange hacks are never good news, MapleChange's small size will mean the damage is somewhat contained. The MapleChange Twitter account had fewer than 2,000 followers, compared to Binance's 880,000.

Prominent bitcoin and cryptocurrency experts and industry leaders were quick to weigh in on the supposed hack, warning users to avoid smaller or unknown exchanges.

Changpeng Zhao, the chief executive of the world's largest crypto exchange by volume Binance, advised consumers to not use exchanges if they do offer cold wallets.

It was also suggested that MapleChange may have pulled off a so-called exit scam, building up reserves of bitcoin before claiming its funds have been lost or stolen.

See:  FINTECH FRIDAY$ (EP.15-Oct 26): Gearing up Hyperion Exchange, Hybrid Models and Security Tokens with Michael Zavet, CEO and Founder, Hyperion Technologies

Many others repeated the mantra: "If you don't control the private keys, it's not your bitcoin," a phrase used to warn people that keeping their cryptocurrencies with businesses often means they have little proof of ownership.

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Crowdfund Insider | Cali Haan | Nov 19, 2018 After holding a series of 18 meetings to review Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the House Finance Committee has recommended that the Government of Canada regulate cryptocurrency businesses to prevent criminal use, iPolitics reports. The committee has been conducting meetings to review PCMLTFA laws since February, something required of at least one parliamentary committee every five years. See:  OSC introduces new cryptoasset educational tools The committee has heard from over 70 expert witnesses since it started the review last February, including representatives from the financial advisory firm IJW & Co. and the law firm Durand Morisseau LLP, both of which submitted 65-page reports. In its report to the government, the committee said that both firms warned: “(I)n the absence of some degree of regulatory oversight, cryptocurrency transactions may be used by parties to swiftly move large amounts of wealth across borders.” The committee said that its three recommendations to parliament accorded with those suggested by the firms: Cryptocurrency exchanges handling crypto-to-fiat conversions must be legally classed as money services businesses (MSBs), which are required to follow strict financial-reporting guidelines, “…in compliance with the PCMLTFA.” Cryptocurrency exchanges should be licensed ...
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House Finance Committee Urges Canadian Government to Regulate Cryptocurrencies
NCFA Canada | Nov 16, 2018 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep18-Nov 16:  Bridging the AML/ATF Gap with Financial Institutions and the New Economy About this episode:   On this episode, NCFA Fintech Fridays host Manseeb Khan sits down with Charlene Cieslik the Chief Anti-Money Laundering Officer at Coinsquare. They talk about not everyone using crypto is a terrorist, regulatory uncertainty, cape shopping and guidance in the crypto space. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  CHARLENE CIESLIK, Chief AML Officer, Coinsquare (view Linkedin) Bio:  Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs.  Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree ...
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FINTECH FRIDAY$ (EP.18-Nov 16): Bridging the AML/ATF Gap with Financial Institutions and the New Economy with Charlene Cieslik, Chief AML Officer, Coinsquare
VANCOUVER, BC / ACCESSWIRE / November 15, 2018 / VanFUNDING 2018: CONVERGE, an annual innovation, technology and capital event organized by the National Crowdfunding and FinTech Association (NCFA), will take place in Vancouver on November 29-30 at Parq Vancouver. The event showcases leading technologies and experts in blockchain, fintech, artificial intelligence and alternative finance that are making an impact on Canada, the capital markets and the world. The event will feature over 50 speakers including Monique Morden, CEO of Judi.ai; Brady Fletcher, Managing Director, TSX Venture Exchange at TMX Group; Toufi Saliba, CEO of Toda.Network; Mark Wang, Director of Capital Market Regulation, BC Securities Commission; Paul Schulte, Managing Editor, Schulte Research; Rojin Nair, General Manager Fintech Solutions for Celero and more. The event will also feature its annual pitching program that will award three "Front of the Line"Dragon's Den Golden Tickets and other prizes to the winning startups. Startups selected to pitch include Flux Network, Capiche Capital Technologies, Very Good Butcher, Squamish Canyon, Drive Hockey, Veme, Moca Estimator, Symend and HeyBryan. As NCFA Canada CEO, Craig Asano states, ''We are witnessing unprecedented change that is already affecting our daily lives - how we interact with financial services, generate digital wealth, ...
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VanFUNDING Brings Leading Blockchain, FinTech, RegTech, and Capital Innovation Experts to Vancouver #VF2018
Gowling Article Mondaq | Nov 13, 2018 As technology continues to evolve and develop it brings the opportunity for businesses to build on current and future processes to benefit both them and their customers. Developments such as artificial intelligence, virtual reality and blockchain are powering change within the organisations they are implemented in. In advertising, blockchain technology is beginning to be harnessed to drive personalisation in the messages that are being communicated and the experiences being offered. What is blockchain? Blockchain is a form of distributed ledger technology (DLT) that allows for lists of transactions to be recorded in a transparent and decentralised way. The digital information is then distributed rather than copied ensuring that there are no copies that can be altered and differ from one another. The power of blockchain is that it allows for a verifiable and auditable history of all information to be stored on each dataset. Any changes to a data record would require the alteration of any subsequent records and the entire network's agreement, ensuring that transactions are more consistent, transparent and accurate in comparison to paper-based processes. Blockchain and advertising In our report, 'The Ultimate Disruptor: How Blockchain is Transforming Financial Services' we ...
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Using Blockchain In Advertising
The Globe and Mail OpEd | Bilal Khan | Nov 15, 2018 Bilal Khan is the new managing partner and head of Deloitte Data At every moment of every day, data courses through our lives. It is the lifeblood of the new economy. The world is rapidly transforming. Cities are becoming smarter with sensor technologies, industry is becoming more productive with artificial intelligence (AI), we’re developing medical breakthroughs in cancer therapies and medical genetics, and our world is more connected than ever. But what many of us may not realize is that if we don’t find a way to enable our institutions to harness the enormous power of our collective and rapidly growing data assets, Canada risks being left behind in the world. The recent uproar regarding Statistics Canada’s request for anonymized banking data shows that many of us are uncomfortable with and unaware of just how much of our data is already out there – and who has access to it. While the rights and protections of Canadian consumers are of paramount importance, in many ways we are having the wrong debate. Responsible and ethical use of data is vital for our future. The subject of debate should not ...
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While Canada debates, others are commercializing our most valuable asset: data
Newswire Release | Nov 15, 2018 NEW YORK, Nov. 15, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company, today announces its participation in the upcoming VanFUNDING 2018: CONVERGE (#VF2018) conference, taking place Nov. 29-30, 2018, at the JW Marriott Parq Vancouver in Vancouver, B.C. NetworkNewsWire is the official social media sponsor of this leading fintech and capital conference, which will explore the explosive growth currently happening relative to blockchain, AI, fintech and funding innovations, global market developments and alternative investing opportunities. “Our team is proud to be chosen as the official social media sponsor of VanFUNDING 2018,” said Jonathan Keim, communications director for NetworkNewsWire. “We look forward to lending our expertise in promoting the conference to our 1.6+ million followers via dozens of investor-focused brands, helping greatly expand the reach of VanFUNDING 2018 and its sponsors and exhibitors.” As part of its sponsorship, NNW is featuring VanFUNDING 2018 on its website and the website of its sister brand CryptoCurrencyWire. NNW is also providing a summary profile for each conference partner and disseminating these profiles through its many social channels and robust editorial syndication network with 5000+ outlets to help expand the reach ...
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NetworkNewsWire Announces Collaboration with VanFUNDING 2018 as Official Social Media Sponsor
Fintech News Singapore | Nov 14, 2018 During her speech at Singapore Fintech Festival 2018, Christine Largarde, IMF’s Managing Director expressed the need for states to consider the possibility to issue digital currency, adding that there may be a role for the state to supply money to the digital economy. Ms Lagarde is of the opinion that a central bank backed cryptocurrency could achieve the following goals financial inclusion, security and consumer protection; and to provide what the private sector cannot — privacy in payments. How a central bank backed cryptocurrency could aid financial inclusion She shared during her speech that cryptocurrencies offer great promise through its through its ability to reach people and businesses in remote and marginalized regions where banks are not exactly rushing to serve poor and rural populations. Ms Largarde further added that it is critical because cash might no longer be an option, if the majority of people adopt digital forms of money, the infrastructure for cash would degrade, leaving those in the periphery behind. See:  The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities She emphasized of course, cryptocurrency is not necessarily the only answer. There may be scope for governments to encourage ...
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IMF: Nations Need to Consider a Central Bank Backed Cryptocurrency
McKinsey&Company | By Chiara Brocchi, Davide Grande, Kayvaun Rowshankish, Tamim Saleh, and Allen Weinberg | Oct 2018 While most companies understand the importance of analytics, fewer than 20 percent have maximized the potential and implemented AA at scale. The CEOs of most financial institutions have had data on their agenda for at least a decade. However, the explosion in data availability over the past few years—coupled with the dramatic fall in storage and processing costs and an increasing regulatory focus on data quality, policy, governance, models, aggregation, metrics, reporting, and monitoring—has prompted a change in focus. Most financial institutions are now engaged in transformation programs designed to reshape their business models by harnessing the immense potential of data. Stay current on your favorite topics Subscribe Leading financial institutions that once used descriptive analytics to inform decisionmaking are now embedding analytics in products, processes, services, and multiple front-line activities. And where they once built relational data warehouses to store structured data from specific sources, they are now operating data lakes with large-scale distributed file systems that capture, store, and instantly update structured and unstructured data from a vast range of sources to support faster and easier data access. At the same ...
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Designing a data transformation that delivers value right from the start
NCFA Canada | Nov 9, 2018 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep17-Nov 9:   How Artificial Intelligence is Optimizing Sales and the Future of Business AI About this episode: On this episode NCFA Fintech Friday's our host Manseeb Khan sits down with the co-founder and president of Fortuna Asad Naeem. They chat about how AI can supplement salespeople, the excitement behind computer vision and the future of business AI. Enjoy!(see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ASAD NAEEM, Co-founder and President, Fortuna.ai (view Linkedin) Bio: Asad is the Co-Founder of Fortuna.ai, a top of the funnel sales automation company. Prior to co-founding Fortuna, Asad spent time with a big 3 bank in Canada, first on the sales team covering the largest financial territory in Canada, and after, with the Data Analysis and Strategic Initiatives Team, providing insight and consulting on sales campaigns. A life long entrepreneur, Asad has consistently been feeding his entrepreneurial spirit ever since starting his first business in Grade 9 and starting and running a couple of start-ups throughout his university days. Having spent over 10 years in and around sales, he is intimately familiar with the problems being faced by sales ...
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FINTECH FRIDAY$ (EP.17-Nov 9): How Artificial Intelligence is Optimizing Sales and the Future of Business AI with Asad Naeem, Co-founder and President, Fortuna.ai
BNN Bloomberg | November 9, 2018 #VF2018 promises to be a comprehensive overview of emerging technologies and alternative financing options The #VF2018 Conference features blockchain, AI, fintech, funding innovations, and alternative finance options for investors and businesses This year’s theme, CONVERGE, engages participants and builds bridges across the most disruptive emerging technologies Immersive educational content, over 50 speakers, and a multitude of networking and partnership opportunities The 2018 VanFUNDING Conference comes at a perfect time for investors and enthusiasts alike to dive into the vast world of fintech, blockchain, artificial intelligence, digital banking, and much more. Held at Parq Vancouver from November 29-30, this event promises to be the epitome of innovation and knowledge. Emerging, Disruptive Technologies Our world is undergoing a period of unprecedented change, especially when it comes to emerging technologies in the financial realm. For instance, we have seen how AI has been adopted into various industries where it powers chatbots and self-driven vehicles. We have also seen how digital commerce has been at the forefront of eliminating the need for paper. Most importantly, we have come to the clear realization that blockchain’s momentum is not slowing down anytime soon and that its capabilities for revolutionizing the ...
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Innovative tech is shaping the future of financial services

 

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Global Governance Insights on Emerging Risks

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Bleu Azur Consulting | June 17, 2018

A HEIGHTENED FOCUS ON RESPONSE AND RECOVERY

Over a third of directors of US public companies now discuss cybersecurity at every board meeting. Cyber risks are being driven onto the agenda by

  • high-profile data breaches,
  • distributed denial of services (DDoS) attacks,
  • and rising ransomware and cyber extortion attacks.

The concern about cyber risks is justified. The annual economic cost of cyber-crime is estimated at US$1.5 trillion and only about 15% of that loss is currently covered by insurance.

MMC Global Risk Center conducted research and interviews with directors from WCD to understand the scope and depth of cyber risk management discussions in the boardroom. The risk of cyberattack is a constantly evolving threat and the interviews highlighted the rising focus on resilience and recovery in boardroom cyber discussions. Approaches to cyber risks are maturing as organizations recognize them as an enterprise business risk, not just an information technology (IT) problem.

However, board focus varies significantly across industries, geographies, organization size and regulatory context. For example, business executives ranked cyberattacks among the top five risks of doing business in the Asia Pacific region but Asian organizations take 1.7 times longer than the global median to discover a breach and spend on average 47% less on information security than North American firms.

REGULATION ON THE RISE

Tightening regulatory requirements for cybersecurity and breach notification across the globe such as

  • the EU GDPR,
  • China’s new Cyber Security Law,
  • and Australia’s Privacy Amendment,

are also propelling cyber onto the board agenda. Most recently, in February 2018, the USA’s Securities and Exchange Commission (SEC) provided interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents.

Regulations relating to transparency and notifications around cyber breaches drive greater discussion and awareness of cyber risks. Industries such as

  • financial services,
  • telecommunications
  • and utilities,

are subject to a large number of cyberattacks on a daily basis and have stringent regulatory requirements for cybersecurity.

See:  Bithumb $31 Million Crypto Exchange Hack: What We Know (And Don’t)

Kris Manos, Director, KeyCorp, Columbia Forest Products, and Dexter Apache Holdings, observed, “The manufacturing sector is less advanced in addressing cyber threats; the NotPetya and WannaCry attacks flagged that sector’s vulnerability and has led to a greater focus in the boardroom.” For example, the virus forced a transportation company to shut down all of its communications with customers and also within the company. It took several weeks before business was back to normal, and the loss of business was estimated to have been as high as US$300 million. Overall, it is estimated that as a result of supply chain disruptions, consumer goods manufacturers, transport and logistics companies, pharmaceutical firms and utilities reportedly suffered, in aggregate, over US$1 billion in economic losses from the NotPetya attacks. Also, as Cristina Finocchi Mahne, Director, Inwit, Italiaonline, Banco Desio, Natuzzi and Trevi Group, noted, “The focus on cyber can vary across industries depending also on their perception of their own clients’ concerns regarding privacy and data breaches.”

LESSONS LEARNED: UPDATE RESPONSE PLANS AND EVALUATE THIRD-PARTY RISK

The high-profile cyberattacks in 2017, along with new and evolving ransomware onslaughts, were learning events for many organizations. Lessons included the need to establish relationships with organizations that can assist in the event of a cyberattack, such as l

  • aw enforcement,
  • regulatory agencies and recovery service providers
  • including forensic accountants and crisis management firms.

Many boards need to increase their focus on their organization’s cyber incident response plans. A recent global survey found that only 30% of companies have a cyber response plan and a survey by the National Association of Corporate Directors (NACD) suggests that only 60% of boards have reviewed their breach response plan over the past 12 months. Kris Manos noted, “[If an attack occurs,] it’s important to be able to quickly access a response plan. This also helps demonstrate that the organization was prepared to respond effectively.”

Experienced directors emphasized the need for effective response plans alongside robust cyber risk mitigation programs to ensure resilience, as well as operational and reputation recovery. As Jan Babiak, Director, Walgreens Boots Alliance, Euromoney Institutional Investor, and Bank of Montreal, stressed, “The importance of the ’respond and recover’ phase cannot be overstated, and this focus needs to rapidly improve.”

Directors need to review how the organization will communicate and report breaches. Response plans should include preliminary drafts of communications to all stakeholders including customers, suppliers, regulators, employees, the board, shareholders, and even the general public. The plan should also consider legal requirements around timelines to report breaches so the organization is not hit with financial penalties that can add to an already expensive and reputationally damaging situation. Finally, the response plan also needs to consider that normal methods of communication (websites, email, etc.) may be casualties of the breach. A cyber response plan housed only on the corporate network may be of little use in a ransomware attack.

Other lessons included the need to focus on cyber risks posed by third-party suppliers, vendors and other impacts throughout the supply chain. Shirley Daniel, Director, American Savings Bank, and Pacific Asian Management Institute, noted, “Such events highlight vulnerability beyond your organization’s control and are raising the focus on IT security throughout the supply chain.” Survey data suggests that about a third of organizations do not assess the cyber risk of vendors and suppliers. This is a critical area of focus as third-party service providers (e.g., software providers, cloud services providers, etc.) are increasingly embedded in value chains.

More:  The growing cost of cybersecurity

FRUSTRATIONS WITH OVERSIGHT

Most directors expressed frustrations and challenges with cyber risk oversight even though the topic is frequently on meeting agendas. Part of the challenge is that director-level cyber experts are thin on the ground; most boards have only one individual serving as the “tech” or “cyber” person. A Spencer Stuart survey found that 41% of respondents said their board had at least one director with cyber expertise, with an additional 7% who are in the process of recruiting one. Boards would benefit from the addition of experienced individuals who can identify the connections between cybersecurity and overall company strategy.

A crucial additional challenge is obtaining clarity on the organization’s overall cyber risk management framework. (See Exhibit 1: Boards Need More Information on Cyber Investments.) Olga Botero, Director, Evertec, Inc., and Founding Partner, C&S Customers and Strategy, observed, “There are still many questions unanswered for boards, including:

  • How good is our security program?
  • How do we compare to peers?

There is a big lack of benchmarking on practices.” Anastassia Lauterbach, Director, Dun & Bradstreet, and member of Evolution Partners Advisory Board, summarized it well, “Boards need a set of KPIs for cybersecurity highlighting their company’s

  • unique business model,
  • legacy IT,
  • supplier and partner relationships,
  • and geographical scope.”

Nearly a quarter of boards are dissatisfied with the quality of management-provided information related to cybersecurity because of insufficient transparency, inability to benchmark and difficulty of interpretation.

EFFECTIVE OVERSIGHT IS BUILT ON A COMPREHENSIVE CYBER RISK MANAGEMENT FRAMEWORK

Organizations are maturing from a “harden the shell” approach to a protocol based on understanding and protecting core assets and optimizing resources. This includes the application of risk disciplines to assess and manage risk, including quantification and analytics. (See Exhibit 2: Focus Areas of a Comprehensive Cyber Risk Management Framework.) Quantification shifts the conversation from a technical discussion about threat vectors and system vulnerabilities to one focused on maximizing the return on an organization’s cyber spending and lowering its total cost of risk.

See:  FSB warns of third-party FinTech risk

Directors also emphasized the need to embed the process in an overall cyber risk management framework and culture. “The culture must emphasize openness and learning from mistakes. Culture and cyber risk oversight go hand in hand,” said Anastassia Lauterbach. Employees should be encouraged to flag and highlight potential cyber incidents, such as phishing attacks, as every employee plays a vital role in cyber risk management. Jan Babiak noted, “If every person in the organization doesn’t view themselves as a human firewall, you have a soft underbelly.” Mary Beth Vitale, Director, GEHA and CoBiz Financial, Inc., also noted, “Much of cyber risk mitigation is related to good housekeeping such as timely patching of servers and ongoing employee training and alertness.”

Boards also need to be alert. “Our board undertakes the same cybersecurity training as employees,” noted Wendy Webb, Director, ABM Industries. Other boards are putting cyber updates and visits to security centers on board “offsite” agendas.

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Crowdfund Insider | Cali Haan | Nov 19, 2018 After holding a series of 18 meetings to review Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the House Finance Committee has recommended that the Government of Canada regulate cryptocurrency businesses to prevent criminal use, iPolitics reports. The committee has been conducting meetings to review PCMLTFA laws since February, something required of at least one parliamentary committee every five years. See:  OSC introduces new cryptoasset educational tools The committee has heard from over 70 expert witnesses since it started the review last February, including representatives from the financial advisory firm IJW & Co. and the law firm Durand Morisseau LLP, both of which submitted 65-page reports. In its report to the government, the committee said that both firms warned: “(I)n the absence of some degree of regulatory oversight, cryptocurrency transactions may be used by parties to swiftly move large amounts of wealth across borders.” The committee said that its three recommendations to parliament accorded with those suggested by the firms: Cryptocurrency exchanges handling crypto-to-fiat conversions must be legally classed as money services businesses (MSBs), which are required to follow strict financial-reporting guidelines, “…in compliance with the PCMLTFA.” Cryptocurrency exchanges should be licensed ...
Read More
House Finance Committee Urges Canadian Government to Regulate Cryptocurrencies
NCFA Canada | Nov 16, 2018 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep18-Nov 16:  Bridging the AML/ATF Gap with Financial Institutions and the New Economy About this episode:   On this episode, NCFA Fintech Fridays host Manseeb Khan sits down with Charlene Cieslik the Chief Anti-Money Laundering Officer at Coinsquare. They talk about not everyone using crypto is a terrorist, regulatory uncertainty, cape shopping and guidance in the crypto space. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  CHARLENE CIESLIK, Chief AML Officer, Coinsquare (view Linkedin) Bio:  Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs.  Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree ...
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FINTECH FRIDAY$ (EP.18-Nov 16): Bridging the AML/ATF Gap with Financial Institutions and the New Economy with Charlene Cieslik, Chief AML Officer, Coinsquare
VANCOUVER, BC / ACCESSWIRE / November 15, 2018 / VanFUNDING 2018: CONVERGE, an annual innovation, technology and capital event organized by the National Crowdfunding and FinTech Association (NCFA), will take place in Vancouver on November 29-30 at Parq Vancouver. The event showcases leading technologies and experts in blockchain, fintech, artificial intelligence and alternative finance that are making an impact on Canada, the capital markets and the world. The event will feature over 50 speakers including Monique Morden, CEO of Judi.ai; Brady Fletcher, Managing Director, TSX Venture Exchange at TMX Group; Toufi Saliba, CEO of Toda.Network; Mark Wang, Director of Capital Market Regulation, BC Securities Commission; Paul Schulte, Managing Editor, Schulte Research; Rojin Nair, General Manager Fintech Solutions for Celero and more. The event will also feature its annual pitching program that will award three "Front of the Line"Dragon's Den Golden Tickets and other prizes to the winning startups. Startups selected to pitch include Flux Network, Capiche Capital Technologies, Very Good Butcher, Squamish Canyon, Drive Hockey, Veme, Moca Estimator, Symend and HeyBryan. As NCFA Canada CEO, Craig Asano states, ''We are witnessing unprecedented change that is already affecting our daily lives - how we interact with financial services, generate digital wealth, ...
Read More
VanFUNDING Brings Leading Blockchain, FinTech, RegTech, and Capital Innovation Experts to Vancouver #VF2018
Gowling Article Mondaq | Nov 13, 2018 As technology continues to evolve and develop it brings the opportunity for businesses to build on current and future processes to benefit both them and their customers. Developments such as artificial intelligence, virtual reality and blockchain are powering change within the organisations they are implemented in. In advertising, blockchain technology is beginning to be harnessed to drive personalisation in the messages that are being communicated and the experiences being offered. What is blockchain? Blockchain is a form of distributed ledger technology (DLT) that allows for lists of transactions to be recorded in a transparent and decentralised way. The digital information is then distributed rather than copied ensuring that there are no copies that can be altered and differ from one another. The power of blockchain is that it allows for a verifiable and auditable history of all information to be stored on each dataset. Any changes to a data record would require the alteration of any subsequent records and the entire network's agreement, ensuring that transactions are more consistent, transparent and accurate in comparison to paper-based processes. Blockchain and advertising In our report, 'The Ultimate Disruptor: How Blockchain is Transforming Financial Services' we ...
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Using Blockchain In Advertising
The Globe and Mail OpEd | Bilal Khan | Nov 15, 2018 Bilal Khan is the new managing partner and head of Deloitte Data At every moment of every day, data courses through our lives. It is the lifeblood of the new economy. The world is rapidly transforming. Cities are becoming smarter with sensor technologies, industry is becoming more productive with artificial intelligence (AI), we’re developing medical breakthroughs in cancer therapies and medical genetics, and our world is more connected than ever. But what many of us may not realize is that if we don’t find a way to enable our institutions to harness the enormous power of our collective and rapidly growing data assets, Canada risks being left behind in the world. The recent uproar regarding Statistics Canada’s request for anonymized banking data shows that many of us are uncomfortable with and unaware of just how much of our data is already out there – and who has access to it. While the rights and protections of Canadian consumers are of paramount importance, in many ways we are having the wrong debate. Responsible and ethical use of data is vital for our future. The subject of debate should not ...
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While Canada debates, others are commercializing our most valuable asset: data
Newswire Release | Nov 15, 2018 NEW YORK, Nov. 15, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company, today announces its participation in the upcoming VanFUNDING 2018: CONVERGE (#VF2018) conference, taking place Nov. 29-30, 2018, at the JW Marriott Parq Vancouver in Vancouver, B.C. NetworkNewsWire is the official social media sponsor of this leading fintech and capital conference, which will explore the explosive growth currently happening relative to blockchain, AI, fintech and funding innovations, global market developments and alternative investing opportunities. “Our team is proud to be chosen as the official social media sponsor of VanFUNDING 2018,” said Jonathan Keim, communications director for NetworkNewsWire. “We look forward to lending our expertise in promoting the conference to our 1.6+ million followers via dozens of investor-focused brands, helping greatly expand the reach of VanFUNDING 2018 and its sponsors and exhibitors.” As part of its sponsorship, NNW is featuring VanFUNDING 2018 on its website and the website of its sister brand CryptoCurrencyWire. NNW is also providing a summary profile for each conference partner and disseminating these profiles through its many social channels and robust editorial syndication network with 5000+ outlets to help expand the reach ...
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NetworkNewsWire Announces Collaboration with VanFUNDING 2018 as Official Social Media Sponsor
Fintech News Singapore | Nov 14, 2018 During her speech at Singapore Fintech Festival 2018, Christine Largarde, IMF’s Managing Director expressed the need for states to consider the possibility to issue digital currency, adding that there may be a role for the state to supply money to the digital economy. Ms Lagarde is of the opinion that a central bank backed cryptocurrency could achieve the following goals financial inclusion, security and consumer protection; and to provide what the private sector cannot — privacy in payments. How a central bank backed cryptocurrency could aid financial inclusion She shared during her speech that cryptocurrencies offer great promise through its through its ability to reach people and businesses in remote and marginalized regions where banks are not exactly rushing to serve poor and rural populations. Ms Largarde further added that it is critical because cash might no longer be an option, if the majority of people adopt digital forms of money, the infrastructure for cash would degrade, leaving those in the periphery behind. See:  The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities She emphasized of course, cryptocurrency is not necessarily the only answer. There may be scope for governments to encourage ...
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IMF: Nations Need to Consider a Central Bank Backed Cryptocurrency
McKinsey&Company | By Chiara Brocchi, Davide Grande, Kayvaun Rowshankish, Tamim Saleh, and Allen Weinberg | Oct 2018 While most companies understand the importance of analytics, fewer than 20 percent have maximized the potential and implemented AA at scale. The CEOs of most financial institutions have had data on their agenda for at least a decade. However, the explosion in data availability over the past few years—coupled with the dramatic fall in storage and processing costs and an increasing regulatory focus on data quality, policy, governance, models, aggregation, metrics, reporting, and monitoring—has prompted a change in focus. Most financial institutions are now engaged in transformation programs designed to reshape their business models by harnessing the immense potential of data. Stay current on your favorite topics Subscribe Leading financial institutions that once used descriptive analytics to inform decisionmaking are now embedding analytics in products, processes, services, and multiple front-line activities. And where they once built relational data warehouses to store structured data from specific sources, they are now operating data lakes with large-scale distributed file systems that capture, store, and instantly update structured and unstructured data from a vast range of sources to support faster and easier data access. At the same ...
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Designing a data transformation that delivers value right from the start
NCFA Canada | Nov 9, 2018 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep17-Nov 9:   How Artificial Intelligence is Optimizing Sales and the Future of Business AI About this episode: On this episode NCFA Fintech Friday's our host Manseeb Khan sits down with the co-founder and president of Fortuna Asad Naeem. They chat about how AI can supplement salespeople, the excitement behind computer vision and the future of business AI. Enjoy!(see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ASAD NAEEM, Co-founder and President, Fortuna.ai (view Linkedin) Bio: Asad is the Co-Founder of Fortuna.ai, a top of the funnel sales automation company. Prior to co-founding Fortuna, Asad spent time with a big 3 bank in Canada, first on the sales team covering the largest financial territory in Canada, and after, with the Data Analysis and Strategic Initiatives Team, providing insight and consulting on sales campaigns. A life long entrepreneur, Asad has consistently been feeding his entrepreneurial spirit ever since starting his first business in Grade 9 and starting and running a couple of start-ups throughout his university days. Having spent over 10 years in and around sales, he is intimately familiar with the problems being faced by sales ...
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BNN Bloomberg | November 9, 2018 #VF2018 promises to be a comprehensive overview of emerging technologies and alternative financing options The #VF2018 Conference features blockchain, AI, fintech, funding innovations, and alternative finance options for investors and businesses This year’s theme, CONVERGE, engages participants and builds bridges across the most disruptive emerging technologies Immersive educational content, over 50 speakers, and a multitude of networking and partnership opportunities The 2018 VanFUNDING Conference comes at a perfect time for investors and enthusiasts alike to dive into the vast world of fintech, blockchain, artificial intelligence, digital banking, and much more. Held at Parq Vancouver from November 29-30, this event promises to be the epitome of innovation and knowledge. Emerging, Disruptive Technologies Our world is undergoing a period of unprecedented change, especially when it comes to emerging technologies in the financial realm. For instance, we have seen how AI has been adopted into various industries where it powers chatbots and self-driven vehicles. We have also seen how digital commerce has been at the forefront of eliminating the need for paper. Most importantly, we have come to the clear realization that blockchain’s momentum is not slowing down anytime soon and that its capabilities for revolutionizing the ...
Read More
Innovative tech is shaping the future of financial services

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

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Bithumb $31 Million Crypto Exchange Hack: What We Know (And Don’t)

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Coindesk | Wolfie Zhao | June 20, 2018

On Wednesday, roughly 35 billion Korean won (around $31 million) in cryptocurrency was stolen by hackers from the South Korea-based exchange Bithumb.

Although the breach may not be as severe as the $530 million hack of the Coincheck exchange earlier this year, the fact that Bithumb now ranks as the sixth biggest trading venue in the world still marks it as a notable, and worrying, incident.

While more details about the heist have surfaced in the hours following the event's confirmation, providing a glimpse into Bithumb's internal operations, some important questions about the hack still remain unanswered.

Here's what we know about the hack so far, and some details we still don't.

What we know

XRP compromised

While Bithumb has not yet disclosed full details of the stolen coins, news emerged following the hack that XRP, the native token of the XRP ledger and the world's third-largest cryptocurrency, has been targeted, according to a report from CoinDesk Korea.

Based on data from CoinMarketCap, Bithumb accounted for 10 percent of the global trading volume of XRP over the last 24 hours, with a total of $32 million-worth changing hands.

Bithumb has so far not responded to CoinDesk's request for comment.

IT improvement failed

While Bithumb officially confirmed the breach early Wednesday morning local time, it appears that security issues were already drawing attention from the exchange at least several days ago.

According to a follow-up report from CoinDesk Korea, Bithumb conducted a security enhancement checkup on June 16, just days before the confirmed hack.

The exchange explained at the time:

"Recently, the number of unauthorized access attempts has increased. As such, an urgent server checkup was conducted to strengthen the security of all system."

At the same time, Bithumb also started moving users' assets to a cold wallet to store cryptocurrencies in a more secure offline environment.

The CoinDesk Korea report indicated that the hack comes at a time when Bithumb is spending 10 billion won, or around $9 million dollars annually on security measures. Another report from Yonhap further suggests that Bithumb beefed up its security measures by implementing so-called "5.5.7 regulations" last month.

Under this requirement, at least 5 percent of a financial institution's staff should be IT specialists. Among those, 5 percent should focus on information security, while at least 7 percent of the firm's total budget should be on information security.

See:  The growing cost of cybersecurity

The report from Yonhap stated that 21 percent of Bithumb's employees are technology specialists as of May, and 10 percent of those are responsible for information security. Further, about eight percent of the annual spending budget is used for data protection activities.

Although Bithumb appears to have fulfilled the 5.5.7 requirements, the report said the fact that it has 300 employees means it may not be able to cope with the increasing amount of trading volume and user numbers on its platform.

Government weighs in

An hour before Bithumb confirmed the hack on its website and official Twitter account, the exchange reported the case to the Korea Internet & Security Agency (KISA), a government organization that supervises internet and cybersecurity issues in the country.

An official from KISA said a dedicated analysis team is currently in the process of investigation the hack. As of press time, the agency has not yet disclosed any details from its investigation so far.

Bithumb to refund users

Immediately after announcing the hack, Bithumb confirmed it will pay back victims using its own reserves.

Industry experts later weighed in, including bitcoin pioneer Charlie Shrem, who praised the move despite the unwelcome incident.

"Bithumb hacked for $30 million but covering all losses. Out industry is getting better and stronger," he tweeted.

In addition, litecoin creator Charlie Lee also commented that he believes the smart move is to "keep on exchange coins that you are actively trading. It's best to withdraw right after trading."

This is not the first time that Bithumb was reportedly hacked. As previously reported by CoinDesk, the platform was compromised last year with as many as 30,000 users impacted.

At that time, Bithumb later announced that it would repay each victim with 100,000 Korean won each, an amount worth about $85.

Bitcoin price dips by $200 

According to data from CoinDesk, the price of bitcoin dropped by nearly $200 to a daily low so far of $6,561 an hour after Bithumb initially published the statement. As of press time, the price had bounced back to $6,640.

In addition, as Bithumb has so far only suspended asset deposits and withdrawals, trading activity on the exchange actually appears to be increasing since the news broke. Based on data from CoinMarketCap, 24-hour trading volume was initially seen at around $350 million at the time of the news and later climbed to $380 million around noon local time on Wednesday.

Check out:  Prices Aside, Crypto’s Tech Stack Is Steadily Improving

As of press time, Bithumb still remains the sixth largest platform globally.

What we don't know

Extent of the breach

It appears that XRP is one of the assets stolen in the hack, yet it's still unclear at the moment if other assets have been taken and in what quantities. In addition, it's also not clear the number of users on Bithumb that have been impacted.

In its announcement, Bithumb refrained disclosing these details, adding that it may disclose the hacked tokens today. It has not made any statement on that at press time.

Further, it's not publicly known at this time which wallet addresses the hacked cryptocurrencies have been sent to, or whether any have been liquidated or not.

Currently, there are over 37 cryptocurrency assets on Bithumb that are available for trading against the Korean won. Among them, EOS and TRON together account for over half of the total trading volume on Bithumb, at 31 and 22 percent, respectively.

Continue to the full article --> here

 

 

Crowdfund Insider | Cali Haan | Nov 19, 2018 After holding a series of 18 meetings to review Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the House Finance Committee has recommended that the Government of Canada regulate cryptocurrency businesses to prevent criminal use, iPolitics reports. The committee has been conducting meetings to review PCMLTFA laws since February, something required of at least one parliamentary committee every five years. See:  OSC introduces new cryptoasset educational tools The committee has heard from over 70 expert witnesses since it started the review last February, including representatives from the financial advisory firm IJW & Co. and the law firm Durand Morisseau LLP, both of which submitted 65-page reports. In its report to the government, the committee said that both firms warned: “(I)n the absence of some degree of regulatory oversight, cryptocurrency transactions may be used by parties to swiftly move large amounts of wealth across borders.” The committee said that its three recommendations to parliament accorded with those suggested by the firms: Cryptocurrency exchanges handling crypto-to-fiat conversions must be legally classed as money services businesses (MSBs), which are required to follow strict financial-reporting guidelines, “…in compliance with the PCMLTFA.” Cryptocurrency exchanges should be licensed ...
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NCFA Canada | Nov 16, 2018 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep18-Nov 16:  Bridging the AML/ATF Gap with Financial Institutions and the New Economy About this episode:   On this episode, NCFA Fintech Fridays host Manseeb Khan sits down with Charlene Cieslik the Chief Anti-Money Laundering Officer at Coinsquare. They talk about not everyone using crypto is a terrorist, regulatory uncertainty, cape shopping and guidance in the crypto space. Enjoy! Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  CHARLENE CIESLIK, Chief AML Officer, Coinsquare (view Linkedin) Bio:  Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs.  Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree ...
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VANCOUVER, BC / ACCESSWIRE / November 15, 2018 / VanFUNDING 2018: CONVERGE, an annual innovation, technology and capital event organized by the National Crowdfunding and FinTech Association (NCFA), will take place in Vancouver on November 29-30 at Parq Vancouver. The event showcases leading technologies and experts in blockchain, fintech, artificial intelligence and alternative finance that are making an impact on Canada, the capital markets and the world. The event will feature over 50 speakers including Monique Morden, CEO of Judi.ai; Brady Fletcher, Managing Director, TSX Venture Exchange at TMX Group; Toufi Saliba, CEO of Toda.Network; Mark Wang, Director of Capital Market Regulation, BC Securities Commission; Paul Schulte, Managing Editor, Schulte Research; Rojin Nair, General Manager Fintech Solutions for Celero and more. The event will also feature its annual pitching program that will award three "Front of the Line"Dragon's Den Golden Tickets and other prizes to the winning startups. Startups selected to pitch include Flux Network, Capiche Capital Technologies, Very Good Butcher, Squamish Canyon, Drive Hockey, Veme, Moca Estimator, Symend and HeyBryan. As NCFA Canada CEO, Craig Asano states, ''We are witnessing unprecedented change that is already affecting our daily lives - how we interact with financial services, generate digital wealth, ...
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VanFUNDING Brings Leading Blockchain, FinTech, RegTech, and Capital Innovation Experts to Vancouver #VF2018
Gowling Article Mondaq | Nov 13, 2018 As technology continues to evolve and develop it brings the opportunity for businesses to build on current and future processes to benefit both them and their customers. Developments such as artificial intelligence, virtual reality and blockchain are powering change within the organisations they are implemented in. In advertising, blockchain technology is beginning to be harnessed to drive personalisation in the messages that are being communicated and the experiences being offered. What is blockchain? Blockchain is a form of distributed ledger technology (DLT) that allows for lists of transactions to be recorded in a transparent and decentralised way. The digital information is then distributed rather than copied ensuring that there are no copies that can be altered and differ from one another. The power of blockchain is that it allows for a verifiable and auditable history of all information to be stored on each dataset. Any changes to a data record would require the alteration of any subsequent records and the entire network's agreement, ensuring that transactions are more consistent, transparent and accurate in comparison to paper-based processes. Blockchain and advertising In our report, 'The Ultimate Disruptor: How Blockchain is Transforming Financial Services' we ...
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The Globe and Mail OpEd | Bilal Khan | Nov 15, 2018 Bilal Khan is the new managing partner and head of Deloitte Data At every moment of every day, data courses through our lives. It is the lifeblood of the new economy. The world is rapidly transforming. Cities are becoming smarter with sensor technologies, industry is becoming more productive with artificial intelligence (AI), we’re developing medical breakthroughs in cancer therapies and medical genetics, and our world is more connected than ever. But what many of us may not realize is that if we don’t find a way to enable our institutions to harness the enormous power of our collective and rapidly growing data assets, Canada risks being left behind in the world. The recent uproar regarding Statistics Canada’s request for anonymized banking data shows that many of us are uncomfortable with and unaware of just how much of our data is already out there – and who has access to it. While the rights and protections of Canadian consumers are of paramount importance, in many ways we are having the wrong debate. Responsible and ethical use of data is vital for our future. The subject of debate should not ...
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Newswire Release | Nov 15, 2018 NEW YORK, Nov. 15, 2018 (GLOBE NEWSWIRE) -- via NetworkWire -- NetworkNewsWire (“NNW”), a multifaceted financial news and publishing company, today announces its participation in the upcoming VanFUNDING 2018: CONVERGE (#VF2018) conference, taking place Nov. 29-30, 2018, at the JW Marriott Parq Vancouver in Vancouver, B.C. NetworkNewsWire is the official social media sponsor of this leading fintech and capital conference, which will explore the explosive growth currently happening relative to blockchain, AI, fintech and funding innovations, global market developments and alternative investing opportunities. “Our team is proud to be chosen as the official social media sponsor of VanFUNDING 2018,” said Jonathan Keim, communications director for NetworkNewsWire. “We look forward to lending our expertise in promoting the conference to our 1.6+ million followers via dozens of investor-focused brands, helping greatly expand the reach of VanFUNDING 2018 and its sponsors and exhibitors.” As part of its sponsorship, NNW is featuring VanFUNDING 2018 on its website and the website of its sister brand CryptoCurrencyWire. NNW is also providing a summary profile for each conference partner and disseminating these profiles through its many social channels and robust editorial syndication network with 5000+ outlets to help expand the reach ...
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Fintech News Singapore | Nov 14, 2018 During her speech at Singapore Fintech Festival 2018, Christine Largarde, IMF’s Managing Director expressed the need for states to consider the possibility to issue digital currency, adding that there may be a role for the state to supply money to the digital economy. Ms Lagarde is of the opinion that a central bank backed cryptocurrency could achieve the following goals financial inclusion, security and consumer protection; and to provide what the private sector cannot — privacy in payments. How a central bank backed cryptocurrency could aid financial inclusion She shared during her speech that cryptocurrencies offer great promise through its through its ability to reach people and businesses in remote and marginalized regions where banks are not exactly rushing to serve poor and rural populations. Ms Largarde further added that it is critical because cash might no longer be an option, if the majority of people adopt digital forms of money, the infrastructure for cash would degrade, leaving those in the periphery behind. See:  The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities She emphasized of course, cryptocurrency is not necessarily the only answer. There may be scope for governments to encourage ...
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McKinsey&Company | By Chiara Brocchi, Davide Grande, Kayvaun Rowshankish, Tamim Saleh, and Allen Weinberg | Oct 2018 While most companies understand the importance of analytics, fewer than 20 percent have maximized the potential and implemented AA at scale. The CEOs of most financial institutions have had data on their agenda for at least a decade. However, the explosion in data availability over the past few years—coupled with the dramatic fall in storage and processing costs and an increasing regulatory focus on data quality, policy, governance, models, aggregation, metrics, reporting, and monitoring—has prompted a change in focus. Most financial institutions are now engaged in transformation programs designed to reshape their business models by harnessing the immense potential of data. Stay current on your favorite topics Subscribe Leading financial institutions that once used descriptive analytics to inform decisionmaking are now embedding analytics in products, processes, services, and multiple front-line activities. And where they once built relational data warehouses to store structured data from specific sources, they are now operating data lakes with large-scale distributed file systems that capture, store, and instantly update structured and unstructured data from a vast range of sources to support faster and easier data access. At the same ...
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NCFA Canada | Nov 9, 2018 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. Ep17-Nov 9:   How Artificial Intelligence is Optimizing Sales and the Future of Business AI About this episode: On this episode NCFA Fintech Friday's our host Manseeb Khan sits down with the co-founder and president of Fortuna Asad Naeem. They chat about how AI can supplement salespeople, the excitement behind computer vision and the future of business AI. Enjoy!(see Transcript) Host: Manseeb Khan, NCFA, Fintech Fridays show host Guest:  ASAD NAEEM, Co-founder and President, Fortuna.ai (view Linkedin) Bio: Asad is the Co-Founder of Fortuna.ai, a top of the funnel sales automation company. Prior to co-founding Fortuna, Asad spent time with a big 3 bank in Canada, first on the sales team covering the largest financial territory in Canada, and after, with the Data Analysis and Strategic Initiatives Team, providing insight and consulting on sales campaigns. A life long entrepreneur, Asad has consistently been feeding his entrepreneurial spirit ever since starting his first business in Grade 9 and starting and running a couple of start-ups throughout his university days. Having spent over 10 years in and around sales, he is intimately familiar with the problems being faced by sales ...
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BNN Bloomberg | November 9, 2018 #VF2018 promises to be a comprehensive overview of emerging technologies and alternative financing options The #VF2018 Conference features blockchain, AI, fintech, funding innovations, and alternative finance options for investors and businesses This year’s theme, CONVERGE, engages participants and builds bridges across the most disruptive emerging technologies Immersive educational content, over 50 speakers, and a multitude of networking and partnership opportunities The 2018 VanFUNDING Conference comes at a perfect time for investors and enthusiasts alike to dive into the vast world of fintech, blockchain, artificial intelligence, digital banking, and much more. Held at Parq Vancouver from November 29-30, this event promises to be the epitome of innovation and knowledge. Emerging, Disruptive Technologies Our world is undergoing a period of unprecedented change, especially when it comes to emerging technologies in the financial realm. For instance, we have seen how AI has been adopted into various industries where it powers chatbots and self-driven vehicles. We have also seen how digital commerce has been at the forefront of eliminating the need for paper. Most importantly, we have come to the clear realization that blockchain’s momentum is not slowing down anytime soon and that its capabilities for revolutionizing the ...
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Innovative tech is shaping the future of financial services

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

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State and Provincial Securities Regulators Conduct Coordinated International Crypto Crackdown

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NASAA | May 21, 2018

Borg: “The actions announced today are just the tip of the iceberg.”

WASHINGTON, D.C. (May 21, 2018) – The North American Securities Administrators Association (NASAA) today announced one of the largest coordinated series of enforcement actions by state and provincial securities regulators in the United States and Canada to crack down on fraudulent Initial Coin Offerings (ICOs), cryptocurrency-related investment products, and those behind them.

NASAA members from more than 40 jurisdictions throughout North America participated in “Operation Cryptosweep,” which to date has resulted in nearly 70 inquiries and investigations and 35 pending or completed enforcement actions related to ICOs or cryptocurrencies since the beginning of May. NASAA members are conducting additional investigations into potentially fraudulent conduct that may result in additional enforcement actions. These actions are in addition to more than a dozen enforcement actions previously undertaken by NASAA members regarding these types of products. Many NASAA members also are conducting public outreach initiatives to warn investors in their jurisdictions of the risks associated with ICOs and cryptocurrencies.

See:  Plowing Ahead: Bermuda Continues Crypto-Friendly Push With Digital ID Partnership

“The persistently expanding exploitation of the crypto ecosystem by fraudsters is a significant threat to Main Street investors in the United States and Canada, and NASAA members are committed to combating this threat,” said Joseph P. Borg, NASAA President and Director of the Alabama Securities Commission.

“Despite a series of public warnings from securities regulators at all levels of government, cryptocriminals need to know that state and provincial securities regulators are taking swift and effective action to protect investors from their schemes and scams.”

In April 2018, NASAA organized a task force of its member state and provincial securities regulators to begin a coordinated series of investigations into ICOs and cryptocurrency-related investment products. Regulators identified many cryptocurrency-related products and as part of its work, the task force identified hundreds of ICOs in the final stages of preparation before being launched to the public. These pending ICOs were advertised and listed on ICO aggregation sites to attract investor interest. Many have been examined and some were determined to warrant further investigation. A number of these investigations are ongoing and others resulted in enforcement actions announced today.

“Not every ICO or cryptocurrency-related investment is fraudulent, but we urge investors to approach any initial coin offering or cryptocurrency-related investment product with extreme caution,” Borg said.

“The actions announced today are just the tip of the iceberg,” Borg said, noting that the task force also found approximately 30,000 crypto-related domain name registrations, the vast majority of which appeared in 2017 and 2018.

A critical component of “Operation Cryptosweep” is raising public awareness of the risks associated with ICOs and cryptocurrency-related investment products.

For more information about ICOs and cryptocurrencies, watch NASAA’s video “Get in the Know About ICOs” or read NASAA’s Investor Advisories: “What to Know About ICOs” and “Be Cautious of the Crypto Investment Craze.”

View the list of Operation Crypto-sweep Enforcement Actions and Activities

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry.  Join Canada's Fintech & Funding Community today FREE!  Or become a contributing member and get perks. For more information, please visit:  ncfacanada.org

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OSC Investor Alert: BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ, and BaapPay Inc.

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OSC Release | May 18, 2018

TORONTO – The Ontario Securities Commission (OSC) is warning investors about BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ, and BaapPay Inc. These firms appear to be involved in schemes that target Ontario investors and encourage them to trade or invest in cryptocurrencies.

BTCReal, BitSerial, Hypercube Ventures LP, CabinCoin OÜ, and BaapPay Inc. are not registered in Ontario to solicit investments or provide advice on investing in, buying or selling securities.

BTCReal manages the website btcreal.biz, where it claims to provide full investment services for cryptocurrency-related investments and forex. BTCReal claims it can provide investors with high returns in short periods of time.

BitSerial operates the website bitserial.io, which claims to offer opportunities to invest in “BTE Tokens.” BitSerial’s website also encourages investors to participate in a lending program where they can exchange Bitcoin, Litecoin, or Ethereum for BTE Tokens that are “lent out” for high returns.

See:  CSA Staff Notice 46-307: Cryptocurrency Offerings

Hypercube Ventures LP manages the websites hypercube.vc, hypercube.fund, vnn.money and vnn.cash, which encourage investors to buy “emission pools” for the purpose of generating “VNN cryptocurrency.”

CabinCoin OÜ operates the websites cabincoin.com and cabincoin.exchange, and is currently advertising an unregistered token sale for “CabinCoin Tokens.” CabinCoin claims that the future value of these tokens will far exceed their initial price.

BaapPay Inc. manages the website baappaytoken.com, and is also currently advertising an unregistered token sale.

Any distribution to an Ontario resident requires a prospectus or exemption from the prospectus requirement, which Bitserial, Hypercube, CabinCoin and BaapPay do not have.

Anyone who has invested in, or had dealings with the above businesses should contact the OSC Inquiries and Contact Centre at 1-877-785-1555 or inquiries@osc.gov.on.ca.

Investors should consider the risks associated with investing in cryptocurrencies, and be aware that the marketing of high returns is often an indication of investment fraud.

Information on common signs of investment fraud, helpful material on cryptocurrency basics and initial coin offerings, and more on Ontarians and cryptocurrencies can be found on the OSC’s investor website GetSmarterAboutMoney.ca.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.  Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.

View source:  release


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to over 1700+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry.  Join Canada's Fintech & Funding Community today FREE!  Or become a contributing member and get perks. For more information, please visit:  ncfacanada.org

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Convenience vs Privacy: Here are 4 tips to protect your data from being shared on Facebook

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Avast Blog | Jas Dhaliwal | March 21, 2018

Here are 4 tips to protect your data from being shared on Facebook.

Everyone’s favorite social media site is currently the subject of hot debate, and we’re here to keep you grounded amidst the madness. First, let’s talk about what happened. Back in 2014, a quiz made the rounds on Facebook. 270,000 users took the quiz, which harvested data not just about them, but also their friends. As a result, the quiz aggregated the private info of 50 million Facebook users. All that data was then allegedly sold to the Trump presidential campaign.

Was that illegal? Possibly. Was your own data compromised? Possibly. Do you need to join the panicking mob and #deletefacebook from your life? That’s probably more of a personal question, but answering from a sheer security perspective, no, you do not.

See:  The Cryptocurrency Industry Might Actually Benefit From an Ad Ban

Facebook has come to define a new age of communication and staying in touch. You should feel free to continue using it, but take a moment to safeguard your privacy. The tools are there. Because many may not take the time to tinker under the hood of their account, we’ll point out some of the bigger privacy controls at your disposal.

1. Remove old Facebook apps

Odds are, you’ve accumulated a load of apps over the years, many of which you’ve probably forgotten about. Lose the dead weight. Get rid of all the apps you don’t use anymore and especially those you don’t recognize. Here’s how:

  • Log into your Facebook account
  • From the dropdown menu in the upper right corner, select Settings
  • From the left margin, select Apps
  • Hover over every app you want to delete, and tap the X

2. Turn the platform off

Yes, it can be convenient to use your Facebook login credentials across multiple websites, but this is a great security risk. (Remember, you want to use different usernames and passwords for every account you have.) Using one account across so many sites gives anyone who hacks into that account a full detailed profile of who you are. If you choose to go this route, remember you will no longer be able to login using your Facebook credentials anymore for other sites.  To turn off the Facebook platform, go to the Apps page described above, and follow these steps:

  • Under Apps, Websites and Plugins, tap Edit
  • Tap Disable Platform

3. Control what others can access of yours

If your info is visible to others on Facebook, they can share that info in other apps, games, and websites. There are over a dozen categories of your personal info that can be shared (bio, birthday, location, interests, etc.), but you have the ability to keep that data from being spread. Once again on the Apps page, follow this direction:

  • Under Apps Others Use, tap Edit
  • Uncheck all the categories you do not want shared with other apps and sites (If you are reading this, you probably want to deselect all...but it’s completely up to you.)

4. Beware of surveys and quizzes

Remember, when you complete a survey or quiz from your Facebook account, you’re opening a doorway between the company who created it and all the data in your profile. While you’re taking that survey, the company has temporary access to all your information. Sure, it can be fun to learn which Hogwarts house would be yours, but at the cost of privacy, it’s probably best to avoid the clickbait.

 

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry in Canada.  For more information, please visit:  ncfacanada.org

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Canadians warned of new Bitcoin scam

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KelownaNowMegan Trudeau | Jan 7, 2018

Thinking of investing in Bitcoin? You may want to tread carefully, as people are now being warned about a new scam that targets Bitcoin purchasers, and Canadian consumers are being asked to be especially cautious.

More and more people seem to be considering Bitcoin as an investment opportunity, and con artists are looking to take advantage. A scam tracking company, BBB Scam Tracker, reports receiving numerous complaints from consumers who have been fooled by phony Bitcoin investments, resulting in the loss of thousands of dollars.

The tracking company has received complaints about apps that allow Canadian customers to purchase Bitcoin, but they do not support selling it. As one consumer put it: "Basically, they tell you to buy Bitcoins with their app knowing you're in Canada but once you put your money in, they don't allow you to take it out."

See: SEC charges alleged cryptocurrency scam with fraudulently raising $15 million

The scam works through a legitimate looking website that offers to mine the cryptocurrency for a fee (Bitcoin is created by mining, using special software to solve complex math equations). The website asks you to pay upfront, and Bitcoin will be transferred to your account. However, after you make the payment, nothing happens.

Other versions of this scam target investors trying to convert Bitcoin to their local currency. For example, one consumer used a service to exchange Bitcoin for US dollars and transfer the money into a PayPal account. However, the transaction didn't work as planned.

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The National Crowdfunding Association of Canada (NCFA Canada) is a national non-profit actively engaged with social and investment crowdfunding, alternative finance, fintech, peer-to-peer (P2P), initial coin offerings (ICO), and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, networking opportunities and services to thousands of community members and works closely with industry, government, academia and eco-system partners and affiliates to create a vibrant and innovative fintech and online financing industry in Canada.  For more information, please visit: ncfacanada.org

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