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Banks hit with millions in fines for using Signal and WhatsApp

cnbc.com

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Re: Banks hit with millions in fines for using Signal and WhatsApp

#71

Post by ativzzz »

wpietri wrote: post #67
ativzzz wrote: post #44

Earlier quoted context omitted.

Is this one of those cases where it ends up causing death by regulation? Take the pharmaceutical industry in the US. One reason it's so expensive for them to operate is the massive amount of rules and regulations that surround their work and cause them to hire tons more highly skilled personnel in order to meet those regulations just to get work done. Now all those rules exist because someone did something bad and th…

Is your contention that the pharmaceutical industry is dying? Or that it has insufficient lobbying power to push back against regulations that don't improve safety in proportion to their costs? But to answer your direct question, I think the answer is a pretty clear no. Financial companies invest a ton in communications. If there's a buck to be made from improving their tools so that their employees can communicate f…

Not that it's dying at all - it just makes it more expensive for them to do literally anything. That cost ultimately trickles down to the consumer. The entire US healthcare industry contributes to this. It's extremely regulated, usually for good reason, but the consequences are that there are tons of middle men, bureaucracy, and inefficiency that makes the end product more expensive

And the safety is probably correct. It's a problem that I'm not sure how to address

Re: Banks hit with millions in fines for using Signal and WhatsApp

#72

Post by freetanga »

croes wrote: post #17
FirmwareBurner wrote: post #5

Ha, in Europe WhatsApp is even used by doctors and teachers to discuss patient/student matters, and even some government offices use it. It's wild how entrenched it is in every aspects of society, from social to business. Goes to show you how far good UX, simplicity and ease of use can take you.

How often is the use GDPR compliant? I guess people don't care unless someone sues

Well, banks need this to prove their are not fixing price rates (e.g. as the Libor Scandal about 10y ago), and that they did their part in KYC and prevention of AML for the client, or that they not miss-sold a product in case of a legal procedure or claim.

So everything is recorded, encrypted, some is monitored in near RT by engines, and only accessed by human employees when necessary. A full log of who accessed what is kept.

This falls under Fair Use (not sure about the exact term) under GDPR, as is a sensible way for the bank to uphold their legal obligations.

Re: Banks hit with millions in fines for using Signal and WhatsApp

#73

Post by ChrisArchitect »

FirmwareBurner wrote: post #5

Ha, in Europe WhatsApp is even used by doctors and teachers to discuss patient/student matters, and even some government offices use it. It's wild how entrenched it is in every aspects of society, from social to business. Goes to show you how far good UX, simplicity and ease of use can take you.

or how stupid people can be convinced that this is a SMS replacement because it uses phone numbers (When really it's just another internet messaging app that uses phone numbers as IDs). It took off due to social pressure in places with bad mobile texting networks. That's all.

Re: Banks hit with millions in fines for using Signal and WhatsApp

#74

Post by ativzzz »

developer93 wrote: post #57
ativzzz wrote: post #44

Earlier quoted context omitted.

Is this one of those cases where it ends up causing death by regulation? Take the pharmaceutical industry in the US. One reason it's so expensive for them to operate is the massive amount of rules and regulations that surround their work and cause them to hire tons more highly skilled personnel in order to meet those regulations just to get work done. Now all those rules exist because someone did something bad and th…

I'm always cynical when I hear arguments like this, I feel like it's the profit motive which is more to blame. They need to justify those prices somehow, and reducing payouts to shareholders or C-levels would be unthinkable.

I don't disagree with you - I'm just pointing out that when profit margins decrease, prices increase and the customer ends up paying for it

in "free market" conditions, there should be players who can compete by not increasing prices, but due to the increasing number of regulations, it becomes impossible for smaller players to enter the market or exist in the market, so nobody can come in and take advantage of lowering prices, so prices just go up and up

Again these regulations usually exist for good reason, it just makes the market less efficient and drives prices up over time

Re: Banks hit with millions in fines for using Signal and WhatsApp

#75

Post by djmips »

ChrisArchitect wrote: post #73
FirmwareBurner wrote: post #5

Ha, in Europe WhatsApp is even used by doctors and teachers to discuss patient/student matters, and even some government offices use it. It's wild how entrenched it is in every aspects of society, from social to business. Goes to show you how far good UX, simplicity and ease of use can take you.

or how stupid people can be convinced that this is a SMS replacement because it uses phone numbers (When really it's just another internet messaging app that uses phone numbers as IDs). It took off due to social pressure in places with bad mobile texting networks. That's all.

Why does that have to involve people being stupid?

Re: Banks hit with millions in fines for using Signal and WhatsApp

#76

Post by freetanga »

SilasX wrote: post #7
polygamous_bat wrote: post #3

Earlier quoted context omitted.

AFAIK you are allowed to use any channel as long as you preserve records of the conversation. However, meeting the standards for preservation is quite difficult, which is why employees of financial institutions are generally told not to communicate outside person-to-person, or channels vetted by their company (and lawyers thereof).

So ... you aren't obligated to preserve records of the conversation if the channel is "in person", then.

Mostly not. But many interactions such as a Risk and Audit Committee are required to have minutes and signed by all participants. This is usually for all sessions which shape and oversee key policies such as Risk, AML, Audit, etc…

Re: Banks hit with millions in fines for using Signal and WhatsApp

#77

Post by ghaff »

qwerty456127 wrote: post #15

No person on Earth (except a very reasonably suspected terrorist perhaps, because he could use that for an attack trigger) should be ever denied privacy. What if I worked at a bank and had to text something urgent to my dear? I would find it asolutely unacceptable for anybody to ever read that, no matter how innocent and banal our conversatioun would be. To me that would be equivalent to tapping into my brain and eav…

If that is such a concern, it seems as if you should use a personal device for personal matters. Personally I don't care and use devices for both personal and work matters, but it I did, I'd air gap the two uses.

Re: Banks hit with millions in fines for using Signal and WhatsApp

#78

Post by ikue »

richbell wrote: post #70
enterthematrix wrote: post #65

This headline is clickbait. The issue is banks not preserving records, something that the rules are ABUNDANTLY clear on.

The full headline is "...to evade regulators’ reach", which is much clearer.

I had a problem with including the full headline because only so many characters could be used in the title of the post.

Re: Banks hit with millions in fines for using Signal and WhatsApp

#79

Post by phito »

bombolo wrote: post #9
FirmwareBurner wrote: post #5

Ha, in Europe WhatsApp is even used by doctors and teachers to discuss patient/student matters, and even some government offices use it. It's wild how entrenched it is in every aspects of society, from social to business. Goes to show you how far good UX, simplicity and ease of use can take you.

Never heard of it. Perhaps not in the entire europe?

Definitely not everywhere. It's not widely used in my country.

Re: Banks hit with millions in fines for using Signal and WhatsApp

#80

Post by yorwba »

ikue wrote: post #78
richbell wrote: post #70

Earlier quoted context omitted.

The full headline is "...to evade regulators’ reach", which is much clearer.

I had a problem with including the full headline because only so many characters could be used in the title of the post.

Banks fined millions for using chat apps to evade regulators
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