Canada's leading cryptocurrency exchange company has said it cannot repay $190m (£110m) to clients because its founder died with their passwords. QuadrigaCX's founder Gerald Cotten, 30, died "due to complications with Crohn's disease" while travelling in India to open an orphanage in December, his wife Jennifer Robertson said. Skynews reported Mr Cotten held "sole responsibility for handling the funds and coins" and no other members of the team could access the stored funds, she said in a sworn affidavit as she filed for credit protection on 31 January. Ms Robertson said about $190m (£110m) in both cryptocurrency and normal money is in "cold storage" - where the company, or just Mr Cotten in this case, holds the key, not the client. The founder held "sole responsibil
Truecaller is introducing its own Chat, an instant messaging (IM) service to chat with your Truecaller friends and help avoid the spreading of viral fake news. With the aim to make communication safer and to preventing fake news from circulating, the IM platform will allow people to report spam messages and links, ensuring that fake news is not circulated unchecked by our community. Truecaller has helped erode spam faced by users as phone calls through the Caller ID and has also smoothened the SMS experience by filtering unwanted messages. As a step towards decreasing the spread of fake information, we’re looking to our community to help report fake articles, misinformed blogs, and any type of websites that could pose threats or even cause viruses. Additionally, Truecaller Chat is bu
A United Nations agency and the African Union (AU) are pushing for cross-border mobile money payments to boost electronic trade on the continent. The AU has been piloting the use of a common payment system in the Economic Community of West African States (ECOWAS) region and is scheduled to roll out the same across Africa by the end of this year. The move is intended to facilitate interconnectivity between registered mobile money account owners within Kenya and across the continent, totaling 277 million according to a 2017 report. These represent 140 mobile money schemes across 39 countries. The roll-out of the common payment system will coincide with the commencement of trade under the Continental Free Trade Area expected later this year. The agreement aims to create a single cont...
Investment in fintech sector is seen as an investment hot ticket. While the 2015 edition of the EY FinTech Adoption Index estimated that fintech was still in its infancy, the 2017 edition found that adoption had risen dramatically to one in three. “But while it’s clear that digital start-ups and first round investments in fintech are growing and that the digital revolution in banking is well and truly here, what hasn’t yet been mapped is the impacts on banking’s biggest players,” says Mark Fitzgerald, Director – Government and Enterprise at FaceMe. In its report, Banking disrupted, Deloitte suggests that the future of European retail banks is looking rather grim. Rocked by the wake of the financial crisis and the ongoing shakings of re-regulation, retail bankers face the threat of to
It is time for a new approach to security. Today’s dynamic threat landscape demands a security strategy that focuses on the threat itself more than simply prevention. One that doesn’t continue to simply stick band-aid over band-aid, until a cat’s cradle of fixes and patches becomes a management nightmare. Meanwhile, the organisation’s systems remain vulnerable to new, increasingly smart, attacks. Findings from the recent The Cisco 2018 Security Capabilities Benchmark Study reveal that more than nine out of ten (94%) companies surveyed in the Middle East and Africa have suffered a breach in the last year, with nearly a half (48%) experiencing more than $500,000 (around R6.2 million) in damage. The good news is that companies in the region are taking a progressive approach to tackling