#FinancialInstitution

[jayessentialsblog]

GTBank affirms an attempt to breach the domain of a website

A confirmed attempt to breach the domain of Guarantee Trust Bank Plc's website has been made. The bank's management reportedly revealed this in a statement to reporters on Thursday in Lagos, according to NAN. The bank reported that the hacking attempt happened on Wednesday, one day after it had renewed its domain name. As a result, there was a brief outage on the website, preventing users from accessing online services. By pointing out that the bank did not keep client information on its website, it allayed worries about customer data being compromised. The bank stated: “Our attention has been drawn to reports in the media alleging that hackers have seized the bank’s website, cloned it, and intercepted customers’ data. “This led to widespread concern and media reports suggesting that the bank’s website had been cloned, potentially putting customer data at risk. The incident was unsuccessful and its website was not cloned. “While there was an isolated incident of an attempt to compromise our website domain, we would like to assure all our customers and stakeholders that the bank’s website has not been cloned and that we do not store customer information on our website. As such, there has been no instance of compromise of customer data.” The bank claims that its information security specialists are currently working nonstop to restore the domain settings in the near future. Customers were encouraged to be calm and trust in the bank's strong security safeguards as the bank informed them of its unshakeable commitment to protecting their data. It added, “We urge all our customers to please disregard the claims in these media reports and assure you of our unwavering commitment to safeguarding customer data.” Read the full article

[aalawsng]

Categories of Financial Institutions in Nigeria

[infoseminar]

Jadwal Training Finance dan Accounting tahun 2023. Seminar Akuntasi dan Keuangan Online dan Offline. Pelatihan Public Training dan In House Training Accounting and Finance. Beberapa topik training Finance and Accounting antara lain: 1. IFRS & Dampak Perpajakannya 2. Fixed & Intangible Asset Accounting And Management –IFRS, PSAK & Operational Approach 3. Financial Risk Management – Detecting, Preventing And Rescue Financial Risks 4. Auditing Techniques And Tools: A Guide For Auditor 5. Financial Auditing For Internal Auditor 6. Risk-Based Internal Auditing (RBA) – Coso Based 7. Risk-Based Internal Auditing (RBA) For Purchasing & Marketing – COSO Based 8. Forensic Accounting Investigation And Audit 9. Fraud Auditing In Financial Institutions – (Banking & Insurance Practice Approaches) 10. Audit Investigation & Anti Fraud 11. Investigation & Fraud Detection For Internal Auditors Info seminar training lengkap: WA: 0851-0197-2488 Jadwal training lengkap: https://www.informasi-seminar.com #ifrs #perpajakan #tax #pajak #fixedasset #psak #financialriskmanagement #auditor #audit #auditing #internalauditor #financialinstitution #banking #akuntansi #keuangan #finance #accounting (di Jakarta) https://www.instagram.com/p/Cm7nC9syXC5/?igshid=NGJjMDIxMWI=

[unpluggedfinancial]

The Rise of Bitcoin Acceptance: A New Era in Financial Innovation

Introduction

Bitcoin, the world’s first decentralized cryptocurrency, has transformed the financial landscape since its inception in 2009. Its journey from an obscure digital asset to a mainstream financial instrument is nothing short of remarkable. This blog post explores the growing acceptance of Bitcoin, highlighting key legislative developments and significant holdings, including those by the U.S. government.

Oklahoma’s Landmark Bitcoin Bill

Oklahoma has made a landmark move by passing a bill to protect Bitcoin rights. Governor Kevin Stitt signed the bill into law on May 13, 2024. Championed by Representative Samuel Brian Hill and Senator Coleman, the legislation establishes key protections for Bitcoin and digital asset holders. Effective November 1, 2024, it ensures fundamental rights for individuals and businesses engaged in digital asset activities, positioning Oklahoma as a leader in the digital economy.

Dennis Porter, CEO and co-founder of the Satoshi Action Fund, highlighted the importance of state-level initiatives, stating, “Americans should wake up to the incredible political opportunity that is available at the state level. Throughout history, multiple movements and industries have utilized the states to deliver powerful victories for their cause. Now, Satoshi Action is poised to put the Bitcoin and digital asset ecosystem onto the same trajectory.”

Key Provisions of the Bill

The bill guarantees the right to self-custody, allowing individuals to securely hold their digital assets. It permits using Bitcoin and other digital currencies for transactions without additional taxes, aligning digital assets with traditional legal tender regarding tax treatment. This aims to streamline the use of cryptocurrencies in everyday transactions and foster a more inclusive financial environment.

Bitcoin Mining Protections

The bill supports Bitcoin mining by protecting the right to mine Bitcoin at home and through commercial operations. Oklahoma hopes to attract more blockchain businesses and investments by ensuring legal clarity and stability. The legislation prevents local governments from imposing restrictive measures specifically targeting mining activities, such as additional noise ordinances, while still adhering to general noise regulations.

Porter emphasized Oklahoma's stance: “Oklahoma has now placed its flag in the ground to show the world that they will protect the right for Bitcoiners to access the technology.”

The bill also stipulates that the Oklahoma Corporation Commission cannot create discriminatory rate schedules for mining companies, ensuring fair utility rates and encouraging sustainable and economically viable mining practices.

Advocacy and Future Impact

Dennis Porter and the Satoshi Action Fund were instrumental in advocating for the bill. They emphasize the importance of self-custody and the right to mine, arguing that these rights are fundamental to financial sovereignty and innovation. The Oklahoma Bitcoin Association, led by Storm Rund, was crucial in passing the bill, with significant contributions from Eric Peterson, Policy Director at Satoshi Action Fund.

When the bill takes effect on November 1, 2024, it sets a precedent for other states. Oklahoma positions itself at the forefront of the digital financial revolution by ensuring legal certainty. This legislation aims to attract blockchain businesses, drive innovation, and create economic opportunities, especially in rural areas. Oklahoma's proactive approach will likely inspire similar measures nationwide, solidifying its role as a leader in digital asset regulation.

U.S. Senate’s Resolution on SEC Crypto Rule

In a significant move on the federal level, the U.S. Senate passed a resolution on May 16, 2024, calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions dealing with crypto firms. The resolution nullifies the SEC’s Staff Accounting Bulletin No. 121, which required banks to keep customers’ digital assets on their balance sheets, with capital maintained against them. This rule had been widely criticized for stifling innovation.

“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” said the crypto advocacy group Blockchain Association.

Despite President Joe Biden's stated intention to veto the resolution to "protect investors in crypto-asset markets and to safeguard the broader financial system," the strong bipartisan support reflects growing political awareness and support for the crypto industry.

Conclusion

The recent legislative developments in Oklahoma and the U.S. Senate's resolution mark significant milestones in Bitcoin's journey towards broader acceptance and regulatory clarity. As Oklahoma leads with protective measures for Bitcoin rights and mining, and as federal lawmakers push back against restrictive SEC rules, the future looks promising for the integration and growth of digital assets in the mainstream economy. These steps not only encourage innovation and investment but also set a precedent for other states and countries to follow in embracing the digital financial revolution.

[morningstartranslation]

Learn Chinese Culture with Us

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[sifytech]

Cloud Banking

The cloud ecosystem supports many of the consumer services most people use daily and is increasingly adopted by financial institutions to reduce cost or meet other business needs. Read More. https://www.sify.com/cloud/cloud-banking/

[getreports]

Small Business Banking Sector Market: A Global Powerhouse with US Dominance

Small-business banking is, therefore, absolutely a behemoth globally in serving the financial needs of millions of enterprises. Let us turn our focus to this powerful market being taken into focus by the USA.

Nutritional—Market Size and Growth

The global net market value for small business financial services is likely to rise at a CAGR of 7.2% from 2023 through 2031.

US Market Landscape

With more than 33 million establishments, the US has the highest number of small businesses in the world. Almost 99.9% of all businesses in the US are classified as small businesses.

This vast customer base demands a lot of financial services, including:

Cash and credit management

Trade Finance

Payroll processing

Treasury services

Forecast and Business Opportunities

The future of small business banking looks bright. With the rapid growth of startups, driven by technology and changes in today's workforce, updated financing solutions are needed to accommodate these businesses. Traditional banks have an open opportunity to remodel and refocus offerings around online accessibility and streamlined processes that bring this change into digitalization, which holds great benefit to those institutions capable of meeting the tech-savvy small business owner.

Another area of growing involvement would be the fintech firms, which are able to offer special financial products and services for small businesses.

Competition and Challenges

The small-business banking space thus becomes very competitive due to its sheer size. Traditional banks fight for market share with credit unions, online lenders, and a spate of new fintech startups.

Regulatory compliance

Voluminous ambiguities in regulations are to be steered through by financial institutions and, at the same time, adjudicate efficient services. The small business banking sector is resilient and dynamic. Keeping pace with technological innovation, appealing to the changing needs of small businesses, and maneuvering through the competitive environment, financial institutions can tap the enormous potential vested in this market.

Author Bio -

Akshay Thakur

Senior Market Research at The Insight Partners

[usnewsper-business]

ICBC Hacking Incident: How Financial Institutions Fight Cyber Attacks to Keep Your Money Safe #cyberattacks #cybersecuritymeasures #databreaches #financialinstitutions #ICBChackingincident

[technology098]

Transform lending with Retail Loan Origination Systems - streamline processes, manage risk, ensure compliance

[spookyloversong]

Nurturing Prosperity: How Financial Institutions Fuel Economic Growth 🌱💼

Hey Tumblr fam! Today, let's delve into the crucial role that financial institutions play in driving economic growth and development. 🚀💰

📈 Capital Infusion: Financial institutions, like banks and investment firms, act as the lifeblood of economies by providing the necessary capital for businesses to grow and innovate. Whether it's funding a startup, expanding a small business, or financing infrastructure projects, they grease the wheels of progress.

🔍 Facilitating Investment: By channeling savings into productive investments, financial institutions help allocate resources efficiently. They connect savers with borrowers, ensuring that capital flows to where it's most needed and has the potential to generate the highest returns.

💡 Risk Management: Financial institutions also play a crucial role in managing risk, which is inherent in any economic activity. Through various financial products like insurance, hedging instruments, and diversification strategies, they help businesses mitigate risks and navigate uncertainties, fostering a conducive environment for growth.

🌐 Global Connectivity: In an increasingly interconnected world, financial institutions facilitate cross-border trade and investment, bridging the gap between different economies. They provide the infrastructure and expertise necessary for international transactions, fostering collaboration and driving economic integration on a global scale.

🌱 Fostering Innovation: Financial institutions often invest in research and development, technology, and innovation, catalyzing advancements across various sectors. Whether it's supporting cutting-edge startups or financing large-scale projects, they fuel the engines of innovation that propel economies forward.

👥 Inclusive Growth: Lastly, financial institutions play a vital role in promoting inclusive growth by extending financial services to underserved communities and marginalized groups. Through initiatives like microfinance, financial literacy programs, and affordable banking services, they empower individuals and businesses to participate in and benefit from economic development.

In essence, financial institutions serve as the backbone of economies, driving growth, fostering innovation, and promoting prosperity for all. Let's continue to recognize and celebrate their invaluable contributions to building a brighter future! 🌟💼

[usnewsper-politics]

Trump Opposes Digital Money: What It Means for Banks and Your Wallet #accessibility #AlanGreenspan #Bitcoin #blockchaintechnology #CBDCS #centralbankdigitalcurrency #decentralizedcurrencies #economicpolicies #efficiency #financialinstitutions #financialsystem #futureofmoney #globalfinance #governmentcontrol #governments #individualfreedom #nationaldigitalcurrency #privacy #privatebanks #Security #stateissueddigitalcurrencies

[osintelligence]

https://bit.ly/48eRweW - 🏛️ Miklos Daniel Brody, a former cloud engineer at a San Francisco-based bank, has been sentenced to two years in prison for damaging the bank's computer network and making false statements to a government agency. This sentencing by Senior U.S. District Judge William H. Orrick follows Brody's guilty plea to charges under the Computer Fraud and Abuse Act and for lying to a government agency. #CyberCrime #LegalSentencing #ComputerFraud 💻 After being fired from the bank on March 11, 2020, for violating company policy, Brody used his company-issued laptop, which he failed to return, to access the bank’s computer network without authorization. His activities caused substantial damage, including deleting code repositories, running malicious scripts, and emailing himself proprietary bank code valued at over $5,000. The total cost of the damage to the bank’s systems was determined to be at least $220,621.22. #NetworkIntrusion #CyberSecurityBreach #FinancialInstitutions 🚔 Following his termination, Brody engaged in deceptive actions. He falsely reported to the San Francisco Police Department that his company-issued laptop was stolen and repeated these false statements to U.S. Secret Service agents after his arrest in March 2021. He later admitted in his guilty plea that he knew his statement about the laptop being stolen was false. #Deception #LegalCase #CyberEthics 💸 In addition to his prison sentence, Judge Orrick ordered Brody to pay restitution totaling $529,266.37 and to serve three years of supervised release after his prison term. This case, prosecuted by Assistant U.S. Attorneys Lauren M. Harding and George O. Hageman, with assistance from Paralegal Specialist Mark DiCenzo, is the result of an investigation by the U.S. Secret Service.

[emeriobanque]

Global Trade Risks and How to Manage Them

Global commerce is the foundation of economic expansion in a globally interconnected society because it encourages the development of cross-border partnerships and propels innovation. However, the landscape of international commerce is not devoid of difficulties, as a number of different trade hazards may have a substantial influence on firms and economies.

Site: https://www.emeriobanque.com/blogs/global-trade-risks-and-how-to-manage-them

[morningstartranslation]

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[cryptotechnews24]

Crypto Firms Safeguard Assets Amid Prime Trust Custodian Failure

Crypto companies that were partnered with Prime Trust are taking steps to address the concerns surrounding the safety of customers' assets following the custodian's recent failure. While some firms, particularly those focusing solely on Bitcoin, are facing more significant challenges, others are working towards protecting their members' funds. This article provides an overview of the situation and highlights the responses from various crypto companies.

Addressing the Prime Trust Meltdown: Coinbits Takes a Stand

Coinbits, a platform facilitating Bitcoin transactions, has expressed its commitment to support its members affected by the Prime Trust meltdown. In a recent tweet, Coinbits stated its intention to fight for members with funds locked up with Prime Trust. The platform has been sharing updates on its website and via email, but it recognizes the importance of direct communication with the Bitcoin community. Coinbits aims to clarify the impact of the Prime Trust situation on its users and provide reassurance.

Prime Trust Receivership and Financial Issues Unveiled

Nevada's Financial Institutions Division placed Prime Trust into receivership after exposing long-standing financial issues. These issues, which include the loss of old private keys and misappropriation of user assets, have resulted in Prime Trust facing over $82 million in fiat liabilities. While the company claimed to possess approximately $68 million in digital assets to cover clients' crypto deposits, analysis by Arkham Intelligence revealed that the majority of these funds are held in an illiquid token called 'AUDIO,' with only $7.5 million held in Bitcoin.

Coinbits' Assurance and Future Plans

Despite Prime Trust's financial troubles, Coinbits assured its members that the custodian still possesses sufficient Bitcoin to honor their balances. However, the platform intends to transition towards a "no-custody solution" in the future, prioritizing the security and accessibility of users' assets. Currently, most of Coinbits' services remain offline as the platform works on implementing these changes.

Swan Bitcoin Faces Backlash and Asset Relocation

Swan Bitcoin, another Bitcoin financial services company, has faced criticism from the Bitcoin community for swiftly withdrawing all assets from Prime Trust prior to the custodian's fallout. This action has raised suspicions among Bitcoiners, suggesting that Swan Bitcoin had prior knowledge of the insolvency issue. Nevertheless, Swan Bitcoin successfully transferred its clients' assets to Fortress, a crypto custodian led by Scott Purcell, the former CEO of Prime Trust.

Potential Clawbacks and Swan CEO's Reassurance

Despite Swan Bitcoin's early withdrawal, concerns have arisen regarding potential clawbacks during Prime Trust's bankruptcy proceedings. Swan CEO Cory Klippsten, however, asserts that clawbacks would be unlikely due to established legal precedents that safeguard users' assets. Klippsten emphasized Swan Bitcoin's commitment to ensuring the security and integrity of its users' funds, stating that the company would make its users whole if necessary.

Strike: Choosing In-House Asset Custody

Similar to Swan Bitcoin, the Bitcoin lightning wallet Strike narrowly escaped Prime Trust with users' assets unaffected. Instead of selecting a new custodian, Strike decided to bring asset custody in-house, enabling the introduction of new features for users. When asked about this approach, Swan CEO Cory Klippsten expressed concerns about potential regulatory issues. He believes that separating brokerage and custody will become a requirement enforced by regulations, aligning with existing practices in the financial industry.

Custodian Choices and Industry Trends

Klippsten noted that there are limited options for legally segregated and bankruptcy remote trust accounts for individual users. Previously, Prime Trust and Fireblocks dominated the industry for several years, but now many fintechs have transitioned to Fortress and BitGo. BitGo initially planned to acquire Prime Trust but eventually backed out of the deal, indicating the complexities and uncertainties surrounding custodial partnerships.

Conclusion

The recent failure of Prime Trust has prompted crypto companies to take action to address the safety concerns surrounding customer assets. While some firms face significant challenges, others, such as Coinbits, are determined to protect their members' funds and explore alternative custody solutions. Swan Bitcoin and Strike have pursued different approaches, with Swan facing scrutiny for its asset relocation and Strike opting for in-house custody. As the crypto industry evolves, custodian choices and regulatory compliance will continue to shape the landscape. For more articles visit: Cryptotechnews24 Source: decrypt.co

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