Coinbase links with PayPal, Interac security weakens

Coinbase Links With Paypal

Coinbase, one of the leading international cryptocurrency exchanges now offers the chance for customers to link their PayPal accounts for buying and selling cryptocurrency.

“Opening the Coinbase option with PayPal is a big step to bringing cryptocurrency even more mainstream.” says an independent analyst.

Paypal is widely accepted as a way to do digital business and is widely accepted with banks around the world as a viable option to link digital merchants to the traditional banking system.

 

Interac E-Transfer Faces Security Issues

In other news, the Interac E-Transfer system used to send money is capable of 3rd party manipulation according to some experts.

Having users hack into online banking systems and using the e-transfer method to digital currency buyers and sellers allows people to be victimized as “money mules” according to Jill from ATB Financial.

“Accepting money through Interac e-transfers can be risky if you don’t know the person who is sending it to you,” says Jill.

While there is some legitimacy to having brokers and buyers handling purchasing on behalf clients, as illustrated by the IBM World Wire Blockchain program, the concept of getting funds to brokers and buyers in a secure and timely fashion continues to be a challenge.

The solutions Bitcoin and Ethereum, and other cryptocurrencies offer more reliable systems without having security control issues and limitation on money usage.

Trying to gridlock the money supply by regulating through 3rd parties is not effective anymore. Only by offering the opportunity to endorse the cryptocurrency system through traditional banking methods, will the next generation be able to succeed in achieving financial freedom.

 

Google Pay Added To RBC and CIBC

RBC recently announced that their mobile student demographic can now link their accounts to Google Pay. CIBC has already offered their clients this option in the past.

Sending money to friends on Facebook using Libra is another example of 3rd party money transfers that potentially offer security and fraud issues.

 

Is the financial system spiraling out of control?

Taking a closer look at the evolution of the blockchain and bitcoin from the past five years, the quick answer, but more work needs to be done. Banks have to be ready to adapt to larger volumes and more innovative ways to send and receive money than before the invention of cryptocurrency.

Security issues and money regulations need to be eased to accommodate the next generation buyers and spenders.

 

 

 

Alhamrani Universal & ShoCard Develop Biometric ATM For Saudi Arabian Market

Alhamrani Universal & ShoCard Develop Biometric ATM For Saudi Arabian Market
Alhamrani Universal, Saudi Arabia’s largest ATM provider, is the first to develop a blockchain powered biometric authentication ATM compatible with local banks

Cupertino, USA – 27 February 2019 – Alhamrani Universal (AU) the largest ATM provider in Saudi Arabia, has announced a partnership with ShoCard, the blockchain-based identity authentication platform, to develop a biometric ATM prototype that will enable consumers in the region to use their blockchain-based App and faces instead of personal identification numbers to withdraw money from cash points.

The ShoCard powered ATM, which will use five-factor authentication, can communicate across banks and uses the blockchain to confirm an individual’s identity without accessing the bank’s database. The prototype is currently undergoing testing and is likely to be rolled out in production soon.

“The ShoCard solution will solve the issue of card fraud at ATMs that continues to plague banks and consumers. It fits nicely into existing ATM technology, which usually already has a camera installed, and makes the customer experience as seamless as possible. At the same time, it utilizes blockchain technology to protect individuals’ identity while confirming the information that banks need to verify that a withdrawal is legitimate,” said Armin Ebrahimi, Founder and CEO of ShoCard.

ATM fraud continues to plague banks, with scammers devising new ways to defraud them by circumventing systems where biometrics and blockchain have not been introduced. One recent example involved scammers setting up a lookalike website to harvest users’ access information in order to steal $106,000 from 125 accounts in cash withdrawals.

The ShoCard solution closes the door to these scams by introducing biometrics as part of a five-factor authentication process that also includes the ShoCard ID, a QR Code, timestamps, session IDs and other certifications methods by which the user was verified, like selfie IDs and more. As banks start to adopt biometric technology for authentication and verification at ATMs across the region, AU’s ATMs will be able to verify all customers irrelevant of their banking partner due to the innovative use of blockchain and biometrics together.

“We’re delighted to be working with ShoCard to develop a blockchain-based biometric ATM that will play a major role in helping to reduce fraud for consumers. Digital transformation is a key pillar of Saudi Arabia’s Vision 2030 and collaborating with trusted technology partners such as ShoCard allows us to offer solutions that meet ever-growing demands for innovations,” said Mr. Tariq Abdat, CEO of Alhamrani Universal.

ShoCard uses blockchain technology to identify users across different banks, hardware or online services where no device or service is trusted. It allows users and enterprises to establish their identities with one another in a secure and verified way, so that any transaction can be accomplished quickly, seamlessly and with peace of mind.

ShoCard is already working with major international banks and other financial institutions to build a blockchain-based financial ID using the ShoCard Identity Management (IM) Platform with key focus on user privacy and higher levels of security.

About ShoCard:
ShoCard is the blockchain-based identity verification system that works the way consumers and businesses need it to for security, privacy, and always-on fraud protection. ShoCard’s IM platform is a complete solution with real government identifications (e.g., driver license, passport, military card) and a detailed system that goes beyond certified users and KYC. Founded in February 2015 by Armin Ebrahimi, the company has raised three rounds of funding – in July 2015 and June 2017 and December 2018.
For more information, please visit: https://shocard.com/

About Alhamrani Universal
Alhamrani Universal is the largest ATM solution provider in the Middle East and enjoys more than 50% market share from the total number of ATM’s in Kingdom of Saudi Arabia. With its head office in Saudi and fully functional offices in Dubai, the company wishes to continue the successful journey with the renewed mission to align existing technologies, as well as developing new, cutting-edge software solutions.

 

Use Case Scenarios

These are the short descriptions of the main implementations for ShoCard. For each one, the implementations would be slightly different, depending on whether ShoCard is implementing the App, or if the client is integrating the API into an existing App.

1.Password-less Login
2.ShoBadge SSO
3.Financial Services Credentialing
4.Improving customer’s travelling
5.Call Center Authentication
6.Identity Verification
7.Automated Registration
8.Proof of Age
9.Road Stop

Bitcoin Passes $10,000 USD #firsttime

Bitcoin takes the gold and passes the 10k mark for the first time. Other big first include WAVES passing $6 and Ethereum Classic passing the $30.00 USD price point. Go coins go!

https://coinmarketcap.com/currencies/bitcoin/#markets

Yay to all the analysts that predicted an 10k price point before 2018! wooot.

And how about ETC doubling in less than 20 days! Way to Ethereum Classic!

https://ethereumclassic.github.io/

https://coinmarketcap.com/currencies/ethereum-classic/

Moving into Rank position 9!