5.31.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Called LG Pay, the app still does not have key support staff in place, with postings for a manager of mobile service operation, marketing and business development, suggesting the app still needs work before launch, Xcentz reports.
LG Pay works similar to Samsung Pay, using a magnetic stripe signal as a backup to the NFC technology that supports U.S. apps such as Apple Pay. Samsung's technology is called Magnetic Secure Transmission, while LG Pay calls it Wireless Magnetic Communication.
Hackers give up the game, and their first pets' names
The crooks who may have stolen account information for thousands of BMO and CIBC have disclosed how they stole the information, as detailed their ransom demands, according to the CBC.
The crooks used an algorithm that validates short numeric sequences, such as credit card numbers and the Canadian version of social security numbers. This allowed the crooks to retrieve account numbers, then go through the "lost password" function on the banks' sites, reportedly resetting the challenge questions in the process.
The thieves also set a deadline of May 28, which has now passed, to release the customer data if they did not get $1 million worth of Ripple's cryptocurrency, XRP. It's unclear if that data has been released, and BMO told the CBC it does not pay ransom to bank robbers. CIBC did not comment on the ransom to the network.
A Canadian payment card that's targeting the underbanked has left applicants waiting for months without a card and little contact with the company, reports Yahoo News.
Called Brim Financial, the company offers a rewards program that is based on purchases of certain brands as opposed to store or product category. Yahoo reports consumers are complaining about credit inquiries without communication from Brim for more than five months, causing some concern about the company's existence.
Brim did not comment to Yahoo, which also reports the Canadian government has not received any formal fraud complaint.
The South Korean government intends to confiscate close to 200 bitcoins that were evidence in a cybercrime case, reports Yonhap news, which adds the country's Supreme Court recently ruled cryptocurrencies can be treated as property in criminal investigations.
The bitcoin stash is worth about $1.5 billion as of May 30, and is in addition to a $640,000 fine and an 18-month prison sentence. A lower court had previously ruled against forfeiture because the cryptocurrencies are virtual assets.
Coindesk reports the South Korean government has also raided cryptocurrency exchanges in investigations of fraud.
From the Web
Wanda and Tencent team up on ‘smart retail’ venture
South China Morning Post | Thu May 31, 2018 - Tencent Holdings, China’s social media and games giant, has launched an internet technology joint venture with Wanda Commercial Management Group, the country’s largest owner and operator of shopping centres, upping its ante in becoming a “smart” retailer, very much in line with Alibaba Group Holding’s push to integrate its online and bricks-and-mortar resources.
Bitcoin's influence over cryptocurrency prices could end soon, says Ripple CEO
CNBC | Wed May 30, 2018 - Cryptocurrency prices have been highly correlated with bitcoin, the first and most famous out of thousands that exist. But that could end soon as markets start to acknowledge the differences between these assets, according to Ripple CEO Brad Garlinghouse..
Alibaba co-founder claims many Americans 'want to stop China' from upgrading its tech
CNBC | Thu May 31, 2018 - Alibaba Co-Founder and Executive Vice President Joe Tsai told audiences at Recode's Code Conference that many Americans want to stop China from upgrading its technology and from becoming more innovative. His comments came after Senator Mark Warner told an audience at the Code Conference that Chinese tech firms were "penetrated deeply" by the Chinese Communist Party.
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