This won’t be fixed until bank executives are jailed. Otherwise they make more money than they are fined, so what is the incentive to stop?
Banks hit with millions in fines for using Signal and WhatsApp
181–190 of 247 posts
Re: Banks hit with millions in fines for using Signal and WhatsApp
#182Earlier quoted context omitted.
How does that differ from a simple SMS message - afaik SMS isn't integrated in any corporate messaging system either...
Four levels of government and an ISP having an easily searched and/or subpoenae'd copy of the message...? What forum is this?
RCS are end to end encrypted.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#183Earlier quoted context omitted.
Intent is harder to prove.
What do you think we should assume about your communications on encrypted channels? This entire thing is yet another federal effort to criminalize encrypted communications, and it even works on the HN crowd. All they have to say is "big banks bad" and people here go from freedom fighters to government pawns.
It's end to end encryption, as in, there are ends on each side where it is decrypted, usually for the humans to read. At the ends the records should have been maintained, the regulations aren't incompatible with E2E.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#184The whole record keeping requirement for written correspondence generally seems completely unreasonable. Presumably telephone calls, zoom calls and in person meetings aren't recorded? Why should that be different if it's written?
> Presumably telephone calls, zoom calls and in person meetings aren't recorded? Of course they are. No offense: Where have you been?
Since when they are all recorded? It definitely wasn't the case ~15 years ago.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#185The whole record keeping requirement for written correspondence generally seems completely unreasonable. Presumably telephone calls, zoom calls and in person meetings aren't recorded? Why should that be different if it's written?
> Presumably telephone calls, zoom calls and in person meetings aren't recorded? Why do you presume that? Where I work every call is recorded.
How much data is that? Where it's stored? How's that achieved for the company provided IPhones?
Re: Banks hit with millions in fines for using Signal and WhatsApp
#186This headline is clickbait. The issue is banks not preserving records, something that the rules are ABUNDANTLY clear on.
The headline isn't clickbait enough. Banks are using encrypted messaging to avoid leaving evidence.
For many institutions SMS and iMessage are not approved platforms for records retention, it doesn't really have anything to do with being E2E
Re: Banks hit with millions in fines for using Signal and WhatsApp
#187Earlier quoted context omitted.
Correct. Neither Signal nor WhatsApp is integrated into any corporate messaging system, so the communication flowing through those apps, is neither archived nor discoverable.
How does that differ from a simple SMS message - afaik SMS isn't integrated in any corporate messaging system either...
not sure why you are being downvoted. in many cases sms is not approved for client communications for exactly this reason
Re: Banks hit with millions in fines for using Signal and WhatsApp
#188This won’t be fixed until bank executives are jailed. Otherwise they make more money than they are fined, so what is the incentive to stop?
or the fines are actually levied against the offending parties and leadership as opposed to sticking it to the shareholders
Re: Banks hit with millions in fines for using Signal and WhatsApp
#189This won’t be fixed until bank executives are jailed. Otherwise they make more money than they are fined, so what is the incentive to stop?
I work at a bank. I could send some bullshit MNPI to a coworker via whatsapp and get my boss fired?
Sweet!
Re: Banks hit with millions in fines for using Signal and WhatsApp
#190At this point I cannot understand why anybody would use Wells Fargo as their bank. WF has proven repeatedly that they are pretty much the opposite of what everybody thinks a good bank should be. Repeated law violations; repeated screwing-over of their customers. Why are they still in business?
As a WF customer... its lock-in. The amount of work I would need to do to switch banks thanks to bill pay, auto-drafts, etc, is not worth the headache.
I feel like these days (at least in the US) it's less than a dozen bills/expenses that I have that can't be run through a credit card, making switching your "hub" checking account fairly easy to transition over the course of a couple of months.