txtsmarter

08/23/2022

The use of WhatsApp and similar personal messaging services to conduct or discuss bank business violates regulatory requirements. However, the switch to working from home in the midst of the pandemic saw a rise in the use of these services.

Consequently, financial watchdogs have become increasingly concerned that business is being conducted via communication platforms outside of official channels.

This concern has been magnified by the claim that messages have not been archived, thereby frustrating regulators' efforts to investigate wrong-doing and trading infractions.

According to a Bloomberg report, both the SEC and CFTC are set to launch a crackdown on the use of WhatsApp on the back of the record fines.

SEC scrutiny has increased since the appointment of new chairman Gary Gensler in April 2021 as well as the $200m fine paid by JPMorgan back in December 2021 over its use of WhatsApp, which sparked an industry-wide investigation.

The fines are expected to be levied by the end of September.

https://www.finextra.com/newsarticle/40841/banks-to-pay-1bn-over-traders-use-of-whatsapp

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A handful of Wall Street banks are preparing to pay up to $200m each to settle a case with the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the use of WhatsApp messages.

07/28/2022

The head of the nation’s financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference.

In an interview with The Associated Press, Rohit Chopra signaled that the Consumer Financial Protection Bureau plans to deploy an array of tools that could limit the ability of a bank or financial firm to conduct business if they violate the law.

Chopra is re-evaluating some of the traditional tools at regulators’ disposal. Because of the size of some of these companies, he said that tools such as fines may no longer be sufficient to punish bad actors.

The CFPB is exploring other ways to rein in illegal practices, ranging from limitations on a firm’s growth or banning a company from opening new accounts, as well as imposing fines and liability on individuals instead of just the company.

One option now being considered for repeat gross violations would be to revoke a bank’s deposit insurance, under the premise it is operating in an unsafe and unsound manner. Revoking bank deposit insurance would be a crippling blow for any financial company.

https://apnews.com/article/government-and-politics-13685c43f02636c6f258adba26df019f

NEW YORK (AP) — The head of the nation's financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference.

07/01/2022

The Deutsche Bank board are taking €75k pay cuts this year to accept responsibility for employee (unauthorised) use of 3rd party messaging apps (like , ). This is an important signal nonetheless about how seriously this issue is being taken.

Deutsche Bank's management board members are each taking a 75,000 euro ($78,795) cut in compensation to accept responsibility for employee use of third-party messaging applications at the lender, two people with knowledge of the matter said on Wednesday.

03/14/2022

Let us show you what everybody in Communications surveillance and compliance is talking about.
txtsmarter is an Award-Winning Enterprise Communications Surveillance Compliance Service, which collects, encrypts & archives messages from text messaging and social media platforms globally, including Apple iMessage, Android SMS/MMS, WhatsApp, in real-time mitigating compliance and communication data leaks for highly regulated industries.
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12/18/2021

...discovered a trove of disgusting text messages between Carriker and a man, called “Meet Man,” who helped set Carriker up with at least four other “boyfriends” for B**M activity, according to the police report.

Fired CNN producer John Griffin allegedly led a perverted double life in recent months involving the “adoptive” mother of a 9-year-old girl in Henderson, Nevada, who was part of a sordi…

12/13/2021

Switzerland’s biggest bank has asked staff to allow their employer access to their personal mobile phones and other devices if used for work communication with clients or colleagues, according to reports.

The controversial new policy by Credit Suisse has raised concerns about privacy, according to the Financial Times, which first reported the news.

Switzerland's biggest bank has asked staff to allow their employer access to their personal mobile phones and other devices if used for work communication

11/11/2021

It is with great respect and gratitude to honor veterans not just on Veteran’s Day but everyday. It is because of their sacrifices that we get to enjoy the freedoms we have and live in this great country. Thank you all!!!! 🙏🏼🇺🇸🇺🇸🙏🏼

11/03/2021

Let us show you what everybody in Communications surveillance and compliance is talking about.

txtsmarter is the only compliance service that provides full compliance with iMessage, WhatsApp and Android SMS/MMS.

To schedule a demonstration:

https://tinyurl.com/txtsmarterdemo

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11/02/2021

Apple’s iPhone is more secure than Android and leads the way in protecting the privacy of its billion-plus users. And yes, Apple’s crackdown on Facebook and others is a game-changer. But there remains a glaring failing in Apple’s security that it could fix but will not—because it is stubbornly putting its profits before your security.

The architecture that underpins Apple’s iMessage is the best on the market—period. It enables multi-device end-to-end encryption without the compromises that WhatsApp continues to live with. It syncs a rolling backup, ensuring that all trusted devices can access the same chat histories, and it works on all your devices.

But iMessage still has two major weaknesses—both of which need fixing and both of which impact all its billion-plus users, not just the tiny minority targeted by the highly sophisticated Pegasus attacks.

txtsmarter

Why Apple's terrible iMessage decision is a serious threat to your security and privacy...

11/01/2021

There has been more Suspicious Activity Reports (SARs) filed by banks and other financial institutions in the UK this year than ever before, according to official data by the Financial Conduct Authority.

The FCA’s release, including analysis of data from 2017 to 2022, found that reports by staff members of suspicious activity have risen from 887,500 in the 2017-18 fiscal year (FY) to 1,028,260 in 2019-20. That constitutes a 16% increase over that time, with the number expected to grow further as digital transaction volume increases.

78% of SARs were reported internally to a nominated data officer, with 85% being submitted externally to the FCA.

Retail banking made up the largest segment for SAR submissions, with 804,105 submissions almost quadrupling the 204,374 submitted in the retail lending sector. Wholesale Financial Markets placed third highest segment with 12,062 submissions, highlighting the large volume of fraudulent behavior and suspicious activity happening in retail lending.

https://finledger.com/2021/11/01/financial-crime-soars-highlighting-consumer-protection-and-cybersecurity-needs/?utm_campaign

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There has been more Suspicious Activity Reports (SARs) filed by banks and other financial institutions in the UK this year than ever before, according to official data by the Financial Conduct Authority.

10/28/2021

The Securities and Exchange Commission has opened a broad inquiry into how Wall Street banks are keeping track of employees’ digital communications, three people familiar with the matter told Reuters.

SEC enforcement staff contacted multiple banks in recent weeks to check whether they have been adequately documenting employees’ work-related communications, such as text messages and e-mails, with a focus on their personal devices, said the people, who spoke on the condition of anonymity.

https://nypost-com.cdn.ampproject.org/c/s/nypost.com/2021/10/12/sec-opens-inquiry-into-wall-street-banks-staff-communications/amp/

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The Securities and Exchange Commission has opened a broad inquiry into how Wall Street banks are keeping track of employees’ digital communications, three people told Reuters.

08/23/2021

To bolster their case that a former Angels communications director gave a pitcher the drugs he fatally overdosed on, federal prosecutors plan on bringing forward five Major League Baseball players to testify that the defendant gave them oxycodone. The government says text messages back up the story.

Eric Prescott Kay has pleaded not guilty to charges for Tyler Skaggs‘ death on July 1, 2019 in a Southlake, Texas hotel. From a motion filed Friday:

The government intends to introduce evidence at trial that since 2017, Kay obtained oxycodone pills for several Major League Baseball players and distributed those pills to them. More specifically, the government anticipates presenting testimony of approximately five players who received oxycodone from Kay in 2017, 2018, and/or 2019. The evidence will also demonstrate that Kay often coordinated the distribution through text messages or through conversations involving the victim, T.S. This witness testimony will in many instances be corroborated by text message communications.

Assuming things go as prosecutors plan, this testimony would establish that Kay had a pattern of obtaining controlled substances and distributing them to players. He was giving Angels players oxycodone since at least 2017, evidence showed, according to the government.

https://lawandcrime.com/crime/5-mlb-players-can-testify-that-former-angels-comms-director-charged-for-pitchers-overdose-death-had-given-them-oxycodone/

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To bolster their case that a former Angels communications director gave a pitcher the drugs he fatally overdosed on, federal prosecutors plan on bringing forward five Major League Baseball players to testify that the defendant gave them oxycodone. The government says text messages back up the story.