Philippine central bank fines Rizal Bank over Bangladesh
cyber heist failings
The Philippine central bank said on Friday it would fine
Rizal Commercial Banking Corp (RCB.PS)
(RCBC) a record 1 billion pesos ($21 million), after the bank was used by cyber
criminals to channel $81 million stolen from Bangladesh Bank in February.
The central bank said in a
statement that it was the largest amount it has ever approved "as part of
its supervisory enforcement actions" on a bank.
… Unknown
hackers tried to steal nearly $1 billion from the Bangladesh central bank's
account at the Federal Reserve Bank of New York between Feb. 4 and Feb. 5, and
succeeded in transferring $81 million to four accounts at RCBC in Manila.
RCBC earlier on Friday
challenged Bangladesh Bank to take it to court, telling Reuters that the
"Philippine side has done its part" and that the transfers were made
based on authenticated instructions over payments network SWIFT.
… A
Bangladesh central bank team is currently in Manila to try and recover some of
the lost money, but said they were close to getting back only $15 million.
Somehow, I don’t think this will be received well.
Users of hacked bitcoin exchange may be forced to share loss
Hong Kong-based bitcoin exchange Bitfinex is likely to
spread the $68 million loss from Tuesday’s cyber-theft among its clients. This may include users who weren’t directly
affected by the hack.
“We are still working out the details so nothing is
set in stone, however we are leaning towards a socialized loss scenario among
bitcoin balances and active loans to BTCUSD positions,” a spokesperson of
the exchange posted on Reddit.
Niche investing? Are
the local versions of global Apps really worth this much?
KKR, Warburg Pincus Invest in Indonesia Motorcycle-Hailing
App Go-Jek
Investors including KKR & Co. and Warburg Pincus LLC reached
a deal Thursday to invest more than $550 million in Indonesian
motorcycle-hailing app PT Go-Jek, according to a person familiar with the
situation.
… Go-Jek offers
cheap, on-demand motorcycle taxis that can be booked through smartphones. The company’s fixed prices and pickup times
meaning passengers don’t need to haggle over prices at motorbike stands. It has also expanded into on-demand grocery
shopping, delivery services, masseuses and beauticians, and has also ventured
into offering cars and minivans.
(Related) Clones
without a niche? Full on competition?
Startups Seek to Challenge Craigslist in Online Classifieds
An arms race is heating up to replace Craigslist, the
dominant force in online classifieds the past two decades.
Startup companies OfferUp and Letgo are surging in
popularity among people looking to buy and sell everything from used clothes to
used cars through their smartphones. And
deep-pocketed investors are paying up for
stakes in them even though they don’t charge for their services today.
Perspective. Think
of this as another indication that Big Data is really, really big!
Can Twitter Fit Inside the Library of Congress?
In 2010, the Library of Congress and Twitter announced a historic
and incongruous partnership: Together, they would archive and preserve every
tweet ever posted, creating a massive store of short-form thoughts. It was odd: a 210-year-old institution
partnering with a four-year-old startup, cataloging the internet’s ephemeral #brunchtweets.
… Yet, however
dubious the task seemed back then, no one doubted the Library of Congress would
get the work done. If Twitter could
handle a few million tweets a day, surely the largest library in the world
could, too.
But as it turns out, it couldn’t.
… The library has
been handed a Gordian knot, an engineering, cyber, and policy challenge that
grows bigger and more complicated every day—about 500 million tweets a
day more complicated. Will the library
finally untie it—or give in and cut the thing off?
“This is a warning as we start dealing with big data—we
have to be careful what we sign up for,” said Michael Zimmer, a professor at
the University of Wisconsin-Milwaukee who has written on the library’s efforts.
“When
libraries didn’t have the resources to digitize books, only a company the size
of Google was able to put the money and the bodies into it. And that might be where the Library of
Congress is stuck.”
For the student tool kit.
How to Quickly Scan Documents Using Android & Google
Drive
… Get started by
opening the Google Drive app on your
Android phone. Tap the floating +
button in the bottom-right corner and choose Scan. The app will launch your camera and you can
snap a photo of whatever you’d like to scan.
For my students and my peers.
… If you think of
social media as the sole province of vacation selfies and muffin recipes, the
idea of using it for genuine professional development may seem absurd. But there are plenty of ways you can use
social media to build professional skills, knowledge, and relationships,
without getting overwhelmed.
To get real learning value out of social media, ask yourself these three
questions:
What do I want to learn?
When do I have time for learning?
Whom do I want to learn from or with?
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