In todayâs top payments news, ongoing security concerns have caused the Federal Reserve to take a closer look at the Big Tech firms that serve the banking industry. Also, Goldman Sachs CEO David Solomon is denying claims that gender bias is apparent in the algorithm the bank uses to decide credit limits for applicants. And Former U.S. President Barack Obama is warning about the potential negative impact that technology can have on society.
Obama Warns Of The Dangers Of âBig Disruptiveâ Tech
Former U.S. President Barack Obama is warning about the potential negative impact technology can have on society. âBig disruptiveâ information technologies can sometimes be âdangerous,â Obama said during a talk with Salesforce CEO Marc Benioff. âPeople donât know whatâs true and whatâs not, and what to believe,â he noted, adding that instead of uniting people, technology â like social media â is âsplinteringâ them.
Goldman CEO Denies Claims Of Apple Card Credit Biases
Goldman Sachs CEO David Solomon is denying claims that gender bias is apparent in the algorithm it uses to decide credit limits for applicants. âThereâs no gender bias in our process for extending credit.â Solomon said, according to reports. âThereâs no question that different applicants can get different results, and that can be for a variety of reasons.â
Security Concerns Prompt Fed To Strengthen Big Tech Oversight
Ongoing security concerns have caused the Federal Reserve to take a further look at the large tech firms that serve the banking industry. Richard Ashton, deputy general counsel for litigation, enforcement and system matters, said at a conference that the Federal Reserve is mulling an audit of the governance structures and compliance policies of tech firms. The probe would concentrate on tech firms that provide financial institutions (FIs) with data storage.
Privacy Advocates Fear Google Will Mine Fitbitâs Health Data
Googleâs $2.1 billion Fitbit deal is sparking privacy concerns that the search company will mine the health data of the 27 million people who tap into the fitness tracking device. Politicians, as well as privacy advocates, have asked regulators to block the deal. They fear Google will tap Fitbitâs data to roll out a healthcare service.
What Wayfairâs Lawyer Says About The Wayfair v. South Dakota Decision
Lawyer George Isaacson argued Wayfairâs side in the landmark 2018 South Dakota v. Wayfair case. Isaacson has watched remote sales tax policies unfold since that time in a flurry of new laws that differ by state, and even municipality.
In a feature story, Isaacson discusses how this disparate tax landscape favors overseas sellers compared to domestic, why more states are refraining from simplifying their tax codes and what the chances are for federal eCommerce tax legislation.
Moving Issuers â And Auth Rates â Past Fraud Prevention To Revenue Protection
In the era of eCommerce worldwide, a fraudster with a boosted payments credential can appear on oneâs digital doorstep ready to defraud from just about anywhere.
And, as Visaâs CyberSource Vice President Andrew Naumann told Karen Webster in a recent conversation, fraudsters arenât limiting themselves to the biggest online targets these days â theyâre going after small and medium-sized businesses (SMBs) as well.
âWhat weâve seen is that fraud has gone mainstream,â Naumann said. âThis isnât just a problem limited to the biggest players, this is [small] and medium-sized businesses that are now targets, which means that there is a level of awareness in place that I would say wasnât there five years ago.â