This headline is clickbait. The issue is banks not preserving records, something that the rules are ABUNDANTLY clear on.
... and the records couldn't be preserved if the employees are using Signal and WhatsApp?
Banks hit with millions in fines for using Signal and WhatsApp
81–90 of 247 posts
Re: Banks hit with millions in fines for using Signal and WhatsApp
#82Earlier quoted context omitted.
As per the article, the issue is that employees were using encrypted messaging apps for work purposes. This is strictly forbidden by regulations, or at least failing to preserve your communications is.
I see... This sounds reasonable for some environments. But I doubt the banks are going to differentiate these, they will probably just ban private messengers altogether.
A baseline typical scenario when you have high compliance requirements etc. is a very strict separate of "personal devices" and "work devices", so these things don't really come up in the way described.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#83Earlier 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.
That makes sense. The title character limit seems to be a cause of frequent confusion.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#84Earlier quoted context omitted.
I see... This sounds reasonable for some environments. But I doubt the banks are going to differentiate these, they will probably just ban private messengers altogether.
As someone who currently performs information risk management for a financial institution, I'll say that private messaging doesn't need to be banned per-se. It's just that all company business is the responsibility of the leadership, so ultimately, business communications needed to be reserved for business communication platforms over which leadership can enforce policy. Privacy is a component of this. These banks ne…
To add to that, there is a difference between personal and professional freedoms. So at work (in some professions) people should have less right to privacy than in personal life. In addition to the examples above: police body cams, communications from politicians, drug tests for pilots or people working heavy machinery...
Those things would be an affront to the average private citizen but are reasonable in some professional contexts.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#85"We are pleased to resolve this matter"
Nobody should ever be "pleased" with knowingly breaking the law. When will we ever get serious about law enforcement for this type of crime?
Re: Banks hit with millions in fines for using Signal and WhatsApp
#86Earlier quoted context omitted.
Also security. WhatsApp end-to-end encryption or even better, Signal where messages can't be replicated to any other device is more reassuring than a custom implementation ... But it looks like this lawsuit is exactly about the opposite, that messages cannot be accessed and reviewed easily. It's also easy to understand why banks prefer using secured applications like Signal when discussing secret deals rather than ta…
I doubt that more than 1% of people using WhatsApp actually care about E2E encryption
Yes, most people are using whatsapp because it was one of the first to use phone number as account handle and to dig into your contacts to find. No risk of mispelling a complicated account name, auto discovery + group chats. The rest is inertia helped by the additions of features like voice messages, video calls, stickers way way way before encryption in order to stay current with the competitions.
If you ask most people how can they be sure that meta is really encrypting end to end, most shrug off saying that meta already knows everything about their lives through FB, Instagram anyway.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#87Ha, 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.
At least in the UK, group messaging over sms was always broken, and sending pictures still costs me extra money. The phone carriers brought it on themselves.
It's not the phone carriers' problem FYI.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#88Earlier quoted context omitted.
I had a problem with including the full headline because only so many characters could be used in the title of the post.
That makes sense. The title character limit seems to be a cause of frequent confusion.
It does and the limit makes it come off as clickbait-y which I don't like.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#89Earlier quoted context omitted.
> WhatsApp end-to-end encryption or even better so they claim… not that fb has ever given us a reason to trust them.
Why risk lying about something like this? It makes no business sense, and I can't imagine the Facebook employees being so loyal as not to spill the beans here.
I am still waiting for someone to explain me why you can forward medias (image or videos) in whatsapp to new recipients without uploading it again completely if those images and videos are encrypted with the public keys of your recipients.
Since the forward is instantaneous and not involve a reupload, it looks to me the files are cached on the servers. If the recipient can see thee files and they are encrypted, it means that the server itself encrypted it using their public cryptographic key. If the server can do that, it means it either: - can decrypt your own files - cache them unencrypted
Correct me if I am wrong.
It is easy to test by sending a large video recording over a crappy connection, then forwarding it to another recipient. First upload can literally take a minute or more, the second action is immediate.
Re: Banks hit with millions in fines for using Signal and WhatsApp
#90What‘s the solution for the banks here? Officially prohibiting those messenger apps but off-the-record recommending them on private phones to dodge regulators?