Organisations increasingly strive to stay ahead of scammers and safeguard identity and funds of customers
\nMME says protecting its customers\u2019 data and fraud prevention are top priorities for the companyCrypto exchange
\nCrypto exchange Binance says it aims to maintain the highest levels of safety for users\u2019 personal data and funds<\/p>\n
Australia is swiftly transitioning into a cashless society, mirroring trends seen across the Western world. A report by the Reserve Bank of Australia (RBA)<\/a> in 2022 revealed a drastic decline in cash usage, plummeting from 70% of consumer payments in 2007 to a mere 13%.<\/p>\n The Covid-19 pandemic accelerated the move towards a cashless society<\/a>\u00a0as online shopping became more popular and stores encouraged cashless transactions.<\/p>\n While there are advantages in the move away from using cash towards digital financial transactions including convenience, concerns about security loom.\u00a0\u00a0Criminals have shifted their tactics from physical theft to cybercrime, posing new threats to consumers\u2019 funds and identities.<\/p>\n High-profile breaches, such as the one experienced by telco Optus in 2022, which affected millions of customers, prompted the government to establish a credential protection register<\/a> to mitigate fraudulent use of compromised identities.<\/p>\n Organisations are also implementing measures to safeguard customers\u2019 funds and identities.<\/p>\n From enhancing security protocols to promptly detecting and addressing data breaches, these institutions are striving to ensure the safety of digital transactions in the evolving financial landscape.<\/p>\n READ ASX digital lenders prioritise client safety amid shift away from cash \u2013 Part 1<\/strong><\/a><\/p>\n \u00a0<\/p>\n Powered by smart-tech, digital lender and B Corp-certified MME offers near real-time credit decisioning and loans that settle in minutes across products such as car loans, personal loans and credit cards.<\/p>\n MME says protecting its customers\u2019 data and fraud prevention are top priorities for the company. MME has invested heavily in strengthening its information security in FY24 and says it will continue to take a proactive approach to new and emerging cybersecurity threats.<\/p>\n As part of its financial wellness offering, MME also offers a free credit score tool, where users can see what\u2019s listed on their credit report, including credit enquiries and negative credit events such as missed payments.<\/p>\n MME chief operating and product officer Jonathan Wu told Stockhead<\/em> while your credit score won\u2019t protect you from cybercriminals, it can help you spot if someone is applying for loans or credit cards in your name.<\/p>\n \u201cCybercrime is unfortunately becoming more sophisticated and if your personal data has been compromised, your credit score can be one line of defence,\u201d he says.<\/p>\n \u201cDespite the stringent security measures that MONEYME and other lenders take to protect our customers, such as using biometric ID verification, some fraudulent applications may still slip through undetected.\u201d<\/p>\n Wu says here\u2019s where your credit score comes into play with every credit application made under your name, whether approved or not, leaves a trace on your credit file.<\/p>\n He says regularly checking your credit score will help detect any suspicious activity early on.<\/p>\n \u201cIf you notice any unauthorised credit accounts or enquiries on your credit file, you should contact the credit provider as soon as possible,\u201d he says.<\/p>\n \u00a0<\/p>\n When discussing the financial services transformation shaping the modern world it is also worth acknowledging the rise of digital currencies.<\/p>\n Central bank digital currencies (CBDCs) \u2014 digital tokens or electronic records that represent the virtual form of a nation\u2019s currency \u2014 along with private sector cryptocurrencies are forecast to have the biggest disruptive impact<\/a> over the next 20 years to the financial services industry.<\/p>\n While not ASX-listed crypto exchange Binance<\/a> Australia and New Zealand general manager Ben Rose told Stockhead<\/em> crypto crime is a very tiny fraction of all financial crimes, and continues to drop.<\/p>\n Rose says according to the 2024 Crypto Crime Report by blockchain data firm Chainalysis<\/a>, the share of illicit transactions in the overall crypto transaction volume \u2013 arguably the most illustrative of crypto-related crime metrics \u2013 went down from 0.42% to 0.34% in 2023.<\/p>\n \u201cWhen comparing this to NASDAQ\u2019s recent Global Financial Crime Report<\/a>, crypto\u00a0 constitutes less than 1% of the overall volume of global illicit funds transacted,\u201d Rose says.<\/p>\n He says Binance\u2019s priority is user protection and education with the company globally providing resources on scam awareness, such as their Know Your Scam<\/em> series, and thematic content such as Romance Scam<\/em> education around Valentine\u2019s Day.<\/p>\n \u201cCombating crime remains a joint industry effort and all users must remain vigilant,\u201d he says.<\/p>\n \u201cBinance actively partners with and supports global law enforcement, in combating bad actors, and assists law enforcement investigations.\u201d<\/p>\n Rose says in April 2024, Binance hosted its inaugural online Law Enforcement Training Day, an educational initiative for international law enforcement, which was part of Binance\u2019s ongoing Law Enforcement Training Program.<\/p>\n \u201cThe Trading Day event featured 11 speakers from industry and law enforcement, and was streamed to an audience of over 1,300 law enforcement representatives in 86 countries, mostly from national police agencies and state prosecutors,\u201d he says.<\/p>\n \u201cBinance regularly cooperates with law enforcement in Australia and globally.\u201d<\/p>\n He says in 2023 Binance responded to more than 58,000 law enforcement requests, conducted, 120 workshops and training sessions with law enforcement, and completed more than\u00a0 51,600 suspicious activity reports (SARs) \u2013 a 180% increase from 2022 \u2013 involving sanctions, scams, fraud, hacks, and more.<\/p>\n \u201cThe average response time took three days, which is faster than any traditional financial institution,\u201d he says.<\/p>\n Rose says Binance keenly observes and studies how sophisticated attackers work and aims to maintain the highest levels of safety for users\u2019 personal data and funds.<\/p>\n He says key to the exchange\u2019s security is anticipating attacks.<\/p>\n \u201cWe need to look at everything that could threaten us \u2013 from technical vulnerabilities to human behaviour and prepare accordingly,\u201d he says.<\/p>\n \u201cOnly then can we protect our users against a range of threats.\u201d<\/p>\n Rose says security measures in place include multi-factor authentication,\u00a0 continuous surveillance, threat intelligence He says for a worst-case scenario Binance also has established a US$1bn secure asset fund for users (SAFU), \u00a0an industry first emergency fund to be tapped if users lost assets resulting from security breaches on the exchange.<\/p>\n \u201cTo date, it has never needed to be used since its establishment in July 2018,\u201d he says.<\/p>\n \u00a0<\/p>\n <\/span><\/span>\u00a0<\/p>\n \u00a0<\/p>\n At Stockhead, we tell it like it is. While MoneyMe is a Stockhead advertiser, the company did not sponsor this article.<\/em><\/p>\n <\/span><\/p>\n The post ASX digital lenders prioritise client safety amid shift away from cash \u2013 Part 2<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"MONEYME (ASX:MME)<\/strong><\/a><\/h2>\n
Binance<\/h2>\n
\nmonitoring, regular testing,\u00a0 auditing, an anti-phishing code feature and Binance Verify.<\/p>\nThe MME share price today:<\/h2>\n\n