Data breaches are making online user identity difficult

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We can no longer rely on personal data alone to confirm user identity online. Databases are now so routinely hacked into, compromised and distributed to criminals over the dark web that today’s user verification systems – which chiefly rely on user’s personal data for success– are becoming increasingly exposed to the risk of user impersonation by malefactors.

Data breaches are making online user identity difficult

Information from Javelin Research suggests there were 14.4 million US victims of identity fraud in 2018 and Adam Lee, Chief Product Officer at Boku, argues the online world is over-reliant on easily-compromised personal data for

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HSBC reports potential money laundering breaches in Australia

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FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

LONDON (Reuters) – HSBC (HSBA.L) has reported itself to Australia’s financial regulator for possible breaches of anti-money laundering rules, the bank disclosed in a regulatory filing by its Australian subsidiary.

The breaches involved small amounts of cross-border foreign currency transactions involving non-banking financial institutions that the London-headquartered bank was unable to properly report for technical reasons, HSBC said.

The 2019 annual report of HSBC’s Australian subsidiary said it had flagged the potential breaches to AUSTRAC,

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