We have been trained to accept QR code check-ins, and now vaccine passports are coming. But this is morphing more into a dystopian 1984 future. So for philosophical Sunday we look at this issue, in the light of China’s trajectory of control, and recent attempts by Police to access data for normal criminal investigations, not directly connected with the current emergency.
Go to the Walk The World Universe at https://walktheworld.com.au/
Today we look at the “Great Reset”. Is it a real thing?
0:00 Start 0:33 Introduction 2:54 World Economic Forum Event 6:25 IMF Negative Rates Required 8:15 Who Are The WEF? 11:25 The Fourth Industrial Revolution 15:08 No Privacy, No Possessions 21:09 AI and Robots 22:34 Davos Manifesto 24:55 Conclusion 26:50 Outtro
I discuss an important book written by Nikesh Lalchandani, which covers the history of banking and payments in Australia, and the digital evolution currently underway.
I caught up with Caroline Bowler the CEO of BTC Markets to discuss the latest developments around the regulation of Digital Assets. Things are moving very fast.
Associate Professor Salvatore Babones and I discuss the rise of the network giants and consider how they are shaping American power in the current century.
Westpac has confirmed that the bank “detected mis-use” of the New Payments Platform’s PayID feature and “took additional preventative actions which did not include a system shutdown.” Via Computerworld.
Fairfax Media yesterday revealed details of the incident,
citing a confidential Westpac memo that said around 60,000 NPP PayID
lookups were made from seven compromised Westpac Live accounts. Around
98,000 “successfully resolved to a short name and this was displayed to
the fraudster,” the memo said, according to Fairfax.
“No customer bank account numbers were compromised as a result,” a spokesperson for the bank told Computerworld in a statement. “Westpac Group takes the protection of customer data and privacy extremely seriously.”
The NPP was launched in February 2018.
The platform enables real-time transfers between banks as well as a
number of other features including data-enriched transactions. As of
February this year, more than 75 financial institutions supported
system, with 52 million account holders able to make payments via the
NPP, according to NPP Australia, which maintains the platform.
PayID
is the platform’s addressing service. It allows payments to be directed
using an alternative identifier, such as an email address, ABN or phone
number, rather than using a BSB and account number.
“NPP Australia has firm regulations in place that require
participating financial institutions to monitor, detect and shut
down any attempts to harvest data from PayID,” an NPP Australia
spokesperson said. “NPP Australia is working closely with Westpac on
this matter.”
“No financial details or credentials are available
from the PayID database, and therefore none of these details have been
compromised,” the spokesperson said. “The only details obtained have
been the account name which was designed to be returned to a legitimate
enquiry.”
A PayID can’t be used to withdraw funds and “on its own cannot be used to create a false identity,” the spokesperson said.
“While
this incident was unacceptable, the information obtained would be
readily available in other public places,” the spokesperson said. “All
participating financial institutions are on notice and may apply
additional security controls if deemed necessary.”
“PayID was designed to provide more reassurance during the
payments process; it enables a payer to see the name associated with a
PayID to reduce the risk of a mistaken payments or scam,” the
spokesperson said.
