Today In Digital-First Banking: FinCEN Warns FIs About Vaccine Scams; JP Morgan Chase To Buy cxLoyalty’s Rewards Division
In today’s top news in digital-first banking, the Financial Crimes Enforcement Network (FinCEN) has issued a warning about COVID-19 vaccine scams and cybersecurity, while J.P. Morgan Chase has agreed to purchase cxLoyalty Group Holdings’ rewards division. Plus, the U.S. Securities and Exchange Commission’s lawsuit against Ripple has led Coinbase to suspend XRP trading.
FinCEN is asking that financial institutions have increased vigilance regarding cybersecurity as the distribution of the pandemic vaccines keeps rolling out to medical workers and high-risk people. “Already, fraudsters have offered, for a fee, to provide potential victims with the vaccine sooner than permitted under the applicable vaccine distribution plan,” the organization said in a statement.
J.P. Morgan Chase has agreed to buy cxLoyalty Group Holdings’ rewards arm. The price of the deal was not made known, but it is anticipated to be finished this week. Stamford, Connecticut-based cxLoyalty said it serves approximately 70 million individuals throughout 19 nations. cxLoyalty Group Holdings Chief Executive Todd Siegel said in a statement that the deal is “compelling” and will benefit each of the firm’s stakeholders.
A suit filed against blockchain money transfer company Ripple by the SEC has led Coinbase to halt all XRP trading. “The trading suspension will not affect customers’ access to XRP wallets, which will remain available for deposit and withdraw functionality after the trading suspension,” Coinbase Chief Legal Officer Paul Grewal said in a press release.
Cryptocurrencies could make the SWIFT global payments network unnecessary, according to the Central Bank of Russia per a published report. The bank’s first deputy governor, Olga Skorobogatova, said 30 nations are at work on their own national cryptocurrencies, some of which could roll out in five to seven years. SWIFT, for its part, speeds up cross-border payments for 11,000 banks throughout over 200 nations.