General Fintech & Banking Articles Megathread

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Saw this being made by some ex Monzo staff

Can’t find too much besides

Changing the way people send money around the World

But sounds interesting enough to sign up to the waitlist.

This is all there is? I’m not signing up for anyrhing with my email address without knowing a bit about what it is first.

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Fair enough, there isn’t much besides the tagline on their twitter account and what’s on the parent company website

Seems to be some kind of P2P company, sounds to me similar to wise or Venmo.

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Ah, I didn’t click on the Avain link. Thanks for that. Still doesn’t tell you much but not (personally) interested in anything to do with crypto at this stage.

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This person seemed to be getting into crypto after Monzo. So that’d be a hard no for me.

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Too much money and too many yes men to tell them it’s a good idea.

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/Chase looks around nervously… :eyes:

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So I looked on the website. Wish I hadn’t:

We’re building software so that you can pay people, not numbers. Anywhere in the world. Without worrying about currency. And with the confidence your money is going to the right person. We’re doing it with blockchain infrastructure and reserve-backed stablecoins, in a way that will be accessible and genuinely useful to billions of people.

Source: https://avianlabs.net/

Emphasis mine.

First thing: informational payments aren’t a problem anymore. National systems (America I’m looking at you) that international rails hook into are. But they’re not fixing those.

Second thing: blockchain and stable coins. I can’t. I just can’t.

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I’ve signed up. I have no intent of ever using the service but at one time Mondo was radically different from other banking options, so who knows what might happen (or not) with this group.

I doubt that. They, and every other bank that finances these sort of things (read, pretty much all of them) will do nothing because they don’t have to.

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BBC News - Mobile phone fraud: ‘They stole £22,500 using my banking app’

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image

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I’m not sure he’s necessarily lying, just been a victim of someone shoulder surfing, stole his unlocked phone and then went from there - potentially.

Hard to say for certain, and there’s always some stuff omitted from the reports. But I do agree he should probably be liable for it, as it’s negligence on his part.

This is another reason I mostly use Apple Pay, zero limits (in most places now), and no one to steal my PIN number over my shoulder.

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“Remove banking apps from your phone and keep them on devices that stay at home”

:thinking:

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This is becoming harder to combat, though. When people can steal thousands you move beyond casual opportunists to organised gangs. People who may follow you over a number of days. You only have to make one transfer on a bus or in a cafe and they have the pin.

I agree with the article. I keep any serious money in accounts only accessible from home. Call me paranoid, but I’m not leaving £22k down to my phone security.

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I leave mine in a fixed savings account, which they’d have to come back, and steal my new device again in x period of days to get the money.

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I’m vaguely wondering how you don’t leave £22k (or all your cash) down to phone security. Aside from the fact that phone security gets you in to most banking apps, it usually gets you in to most password managers.

What’s the alternative? Passwords and passcodes are probably easier to steal with shoulder surfing and/or carefully placed cameras, and are also more vulnerable to phishing attacks. Traditionally, computers/laptops were more vulnerable to hacking and malware, so I’m not sure they’re the answer. What should a person do?

Maybe one theme in these cases is people being a bit slow to act, too slow to realise just how much is at risk when their phone goes missing. Maybe prompt remote wiping of devices would have prevented the money transfers?

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“I don’t access my phone using a pin code - I use facial recognition. My Barclays pin is different to my phone pin and they’d need to have both of them.”

They got into his phone without knowing his pin, but then knew his pin for his banking apps?

For Watch owners, Apple could make it that some apps only work if the iPhone is close to the unlocked watch?

Or banking apps use the camera to make sure the face looking at the phone and making the transfer is you?

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