Bank de France successfully test digital euro

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Banque de France, the French central bank, has completed what it is calling the first successful test of a digital euro, as part of its ongoing experiments with central bank digital currency (CBDC).

Bank de France successfully test digital euro

According to the announcement, Banque de France used its in-house developed blockchain technology to experiment with the use of CBDC. The bank used its digital euro on 14 May, to settle an issue of digital financial securities carried out by investment bank Société Générale.

“Since the start of the year, the Banque de France has embarked on an experimental approach

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Identity fraud losses increase 15{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} as consumer costs more than double

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The 2020 Identity Fraud Report reveals financial institutions’ methods to identify and respond to fraud are no match for criminals’ high-tech schemes to hijack consumer accounts.

Fraud losses grew 15{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in 2019 to $16.9 billion even as instances of fraud fell from 14.4 million in 2018 to 13 million in 2019, which resulted in consumers facing $3.5 million in out-of-pocket costs last year as criminals shifted their focus from card fraud to opening and taking over accounts.

“These findings should be a wake-up call for financial institutions, the payments industry, businesses and consumers across America,” said Krista Tedder, Head of

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First Data forced to pay $40 million fine over consumer scams

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First Data Merchant Services and a former executive have been forced to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting consumers.

First Data forced to pay $40 million fine over consumer scams

The FTC claimed that First Data, one of the biggest payment processing companies in the US, received multiple “warnings and direct evidence” that Chi “Vincent” Ko, through his former company First Pay Solutions, was “permeated by fraud” as far back as 2012 but continued to let Ko and First

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Facebook launches e-commerce play with Facebook Shops

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Facebook has unveiled a service that puts it in direct competition with Amazon and eBay pushing its 2.6 billion users onto its platform, Facebook Shops, which allow sellers to create digital storefronts on Facebook or Instagram.

Facebook launches e-commerce play with Facebook Shops

Users will be able to browse products, message businesses to arrange purchases, and in some cases buy them directly via a recently introduced online checkout feature. Mark Zuckerberg,  said in a recent interview with the FT, that he had accelerated plans for Shops to take advantage of the boom in online shopping during the coronavirus crisis.

He

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