Fintech startup Revolut has expanded its open banking feature to Ireland. The feature first launched in the U.K. back in February. Once again, the startup is partnering with TrueLayer to let you add third-party bank accounts to your Revolut account.
The feature launch also marks the launch of TrueLayer in Ireland. For now, Revolut users can only link their Revolut account with AIB, Permanent TSB, Ulster Bank and Bank of Ireland. Revolut and TrueLayer will add support to other banks in the future. Revolut currently has 1 million customers in the Republic of Ireland.
The idea behind open banking is quite simple. Many online services rely on application programming interfaces (APIs) to talk to each other. You can connect with your Facebook account on many online services, you can interact with other services from Slack, etc.
Financial institutions have been lagging behind on this front, but it is changing thanks to new regulation and technical updates. With open banking, your bank account should work more like a traditional internet service.
When you connect your bank account with Revolut, you can view your balance and past transactions from a separate tab that lists all your linked accounts. Users can also take advantage of Revolut’s budgeting features with their bank accounts.
As TechCrunch’s Steve O’Hear noted when he first covered Revolut’s open banking feature, Revolut was originally authorized for Account Information Services (AIS) by the U.K. regulator, the Financial Conduct Authority. It lets you access and display information from other financial institutions.
But the startup now has permission to carry out Payment Initiation Services (PIS). It means that you’ll soon be able to initiate transfers from your bank account directly from Revolut. It should make it much easier to top up your Revolut balance, for instance.
While this feature might seem anecdotal, Revolut wants to build a comprehensive financial hub for all your financial needs — a sort of super app for everything related to money. With open banking, you theoretically no longer have to open your traditional banking app.
Are you set up to run successful campaigns? This guide is designed to not only walk you through set up but ensure you have the necessary assets in place to run successful Google Ads campaigns.
Read more at PPCHero.com
Instagram this morning announced several changes to its moderation policy, the most significant of which is that it will now warn users if their account could become disabled before that actually takes place. This change goes to address a longstanding issue where users would launch Instagram only to find that their account had been shut down without any warning.
While it’s one thing for Instagram to disable accounts for violating its stated guidelines, the service’s automated systems haven’t always gotten things right. The company has come under fire before for banning innocuous photos, like those of mothers breastfeeding their children, for example, or art. (Or, you know, Madonna.)
Now the company says it will introduce a new notification process that will warn users if their account is at risk of becoming disabled. The notification will also allow them to appeal the deleted content in some cases.
For now, users will be able to appeal moderation decisions around Instagram’s nudity and pornography policies, as well as its bullying and harassment, hate speech, drug sales and counter-terrorism policies. Over time, Instagram will expand the appeal capabilities to more categories.
The change means users won’t be caught off guard by Instagram’s enforcement actions. Plus, they’ll be given a chance to appeal a decision directly in the app, instead of only through the Help Center as before.
In addition, Instagram says it will increase its enforcement of bad actors.
Previously, it could remove accounts that had a certain percentage of content in violation of its policies. But now it also will be able to remove accounts that have a certain number of violations within a window of time.
“Similarly to how policies are enforced on Facebook, this change will allow us to enforce our policies more consistently and hold people accountable for what they post on Instagram,” the company says in its announcement.
The changes follow a recent threat of a class-action lawsuit against the photo-sharing network led by the Adult Performers Actors Guild. The organization claimed Instagram was banning the adult performers’ accounts, even when there was no nudity being shown.
“It appears that the accounts were terminated merely because of their status as an adult performer,” James Felton, the Adult Performers Actors Guild legal counsel, told The Guardian in June. “Efforts to learn the reasons behind the termination have been futile,” he said, adding that the Guild was considering legal action.
The Electronic Frontier Foundation (EFF) also this year launched an anti-censorship campaign, TOSSed Out, which aimed to highlight how social media companies unevenly enforce their terms of service. As part of its efforts, the EFF examined the content moderation policies of 16 platforms and app stores, including Facebook, Twitter, the Apple App Store and Instagram.
It found that only four companies — Facebook, Reddit, Apple and GitHub — had committed to actually informing users when their content was censored as to which community guideline violation or legal request had led to that action.
“Providing an appeals process is great for users, but its utility is undermined by the fact that users can’t count on companies to tell them when or why their content is taken down,” said Gennie Gebhart, EFF associate director of research, at the time of the report. “Notifying people when their content has been removed or censored is a challenge when your users number in the millions or billions, but social media platforms should be making investments to provide meaningful notice.”
Instagram’s policy change focused on cracking down on repeat offenders is rolling out now, while the ability to appeal decisions directly within the app will arrive in the coming months.
Flip the “days since last Facebook security incident” back to zero.
The discovery was made in January, said Facebook’s Pedro Canahuati, as part of a routine security review. None of the passwords were visible to anyone outside Facebook, he said. Facebook admitted the security lapse months later, after Krebs said logs were accessible to some 2,000 engineers and developers.
Krebs said the bug dated back to 2012.
“This caught our attention because our login systems are designed to mask passwords using techniques that make them unreadable,” said Canahuati. “We have found no evidence to date that anyone internally abused or improperly accessed them,” but did not say how the company made that conclusion.
Facebook said it will notify “hundreds of millions of Facebook Lite users,” a lighter version of Facebook for users where internet speeds are slow and bandwidth is expensive, and “tens of millions of other Facebook users.” The company also said “tens of thousands of Instagram users” will be notified of the exposure.
Krebs said as many as 600 million users could be affected — about one-fifth of the company’s 2.7 billion users, but Facebook has yet to confirm the figure.
Facebook also didn’t say how the bug came to be. Storing passwords in readable plaintext is an insecure way of storing passwords. Companies, like Facebook, hash and salt passwords — two ways of further scrambling passwords — to store passwords securely. That allows companies to verify a user’s password without knowing what it is.
It’s the latest in a string of embarrassing security issues at the company, prompting congressional inquiries and government investigations. It was reported last week that Facebook’s deals that allowed other tech companies to access account data without consent was under criminal investigation.
It’s not known why Facebook took months to confirm the incident, or if the company informed state or international regulators per U.S. breach notification and European data protection laws. We asked Facebook but a spokesperson did not immediately comment beyond the blog post.
The Irish data protection office, which covers Facebook’s European operations, said the company “informed us of this issue” and the regulator is “currently seeking further information.”
Managing accounts is much more than following a rulebook, template, or guide. In reality, it frequently allows for (and requires) more creativity and flexibility than I anticipated at the outset.
Read more at PPCHero.com
Looking for some advice about how to be a successful Account Manager? PPC Hero offers some unique advice about the mentality needed to succeed!
Read more at PPCHero.com
Explore the recent enhancements that Bing Ads has made to inline download and the Overview tab! Get insights that tell a story of how your account is performing.
Read more at PPCHero.com
- Bracing for election day, Facebook rolls out voting resources to U.S. users
- Tune in tomorrow and watch five startups compete at Pitchers & Pitches
- Why You Should Layer Affinity Audiences on your Google Ads Search Campaigns
- Twitter now lets everyone limit replies to their tweets
- Maybe Netflix and Amazon Should Just Buy Theater Chains