Our lawyers took part in the training “Fighting fraud – how a digital identifier increases the security of financial services”, organized by the techUK association. The event was attended by specialists from various areas of financial technology, including Elis Thomas from TechUK, Chris Lewis from Synectics Solutions, Laura Barrowcliff from GBG Plc, Adrian Field from OneID Mand Adam Gagen from Revolut.
Technology is changing the face of the financial sector by introducing innovative solutions such as open banking, digital assets and new forms of payment, which makes financial services faster and more accessible. Nevertheless, technological developments go hand in hand with the increasing number of sophisticated online scams. According to research by Synectics Solutions, in the first half of last year, nearly 600 million pounds of fraud was stolen in the UK, most of which were identity fraud. Forecasts indicate that by 2025, this type of fraud may account for up to half of all bank fraud. In the digital world, effective identity verification is key to fraud prevention, and a digital identifier is becoming an indispensable tool in the fight against these threats. Its widespread use can significantly increase the security of online financial services. However, in order to effectively counter fraud, cross-sectoral cooperation is needed, covering both the financial sector and the technology industry.
Deceptive tactics (deceptive patterns) on the Internet are various forms of unfair actions intended to mislead the user.
Deceptive interfaces (also known as “dark patterns”) used on the Internet not only violate consumer rights, but also data protection laws. In recent years, consumer surveillance authorities at national and EU level have been paying particular attention to consumer rights in digital markets and the protection personal data on the Internet. This trend is a consequence of the dynamic growth of e-commerce, the escalation of digitization under the influence of the pandemic and the growing number of violations of consumer rights. A critical area is the design practices of online platforms and manipulation techniques used on them. Inspections carried out by the European Commission and the CPC network (Consumer Protection Cooperation Network), which includes consumer protection authorities from 23 EU member states, Norway and Iceland, showed that as many as 40% of online stores use deceptive interfaces.
Cryptocurrency crime refers to any illegal activity involving the use of cryptocurrencies such as Bitcoin, Ethereum, or others. Some common types of cryptocurrency crime include:
Fraud: This can include scams, Ponzi schemes, and other types of fraudulent activities where criminals use cryptocurrencies to deceive victims and steal their money.
Hacking: Hackers may target cryptocurrency exchanges or individual wallets to steal cryptocurrencies from their owners.
Money laundering: Criminals can use cryptocurrencies to launder money by converting illegal funds into cryptocurrency and then transferring the funds to different accounts.
Ransomware: Ransomware attacks involve encrypting a victim’s computer or files and demanding payment in cryptocurrency in exchange for the decryption key.
Darknet markets: Cryptocurrencies are often used to purchase illegal goods and services on darknet markets, such as drugs, weapons, or stolen personal information.
On October 10, 2024, Karol Wolak, of KG LEGAL Kiełtyka Gładkowski took part in the event “Deciphering the codes of drug discovery: application of machine learning in designing compound libraries” organized by Selvita as part of the cyclical meetings of LifeScience Kraków Cluster.
Crowdfunding is an increasingly popular form of obtaining financing for ventures in which people interested in their success are involved. As part of this method, individual investors have the opportunity to invest money in projects of their choice, which in the future have a chance to bring them profits. Depending on the specific conditions, they can purchase shares in a company or lend the company funds for a specific purpose. At this point, it is worth considering the characteristics of these forms of financing.
