States sharing bank details expose ‘deep pool’ of offshore money, says OECD

Over 90 governments have shared details about 47 million offshore accounts having a combined holding of $5.5 trillion

Governments have uncovered trillions of dollars in offshore funds since they began sharing in bulk bank account details last September, the Organisation for Economic Cooperation said on Friday.

More than 90 governments have shared details about 47 million offshore accounts with other governments since the large-scale exchange of bank details began, the OECD said in a statement.

The information includes balances and transactions on accounts holding a combined 4.9 trillion euros ($5.5 trillion), the Paris-based policy advisory forum said, more than the gross domestic product of Japan.

Also read: A global financial registry to fight tax evasion

Under the OECD’s common standard for reporting account details, participating countries started automatically sharing bank account information in September.

The move was the culmination of a two-decade international clampdown on tax evasion that has all but ended bank secrecy in many financial centres.

“The transparency initiatives we have designed and implemented through the G20 have uncovered a deep pool of offshore funds that can now be effectively taxed by authorities worldwide,” OECD head Angel Gurria said in a statement.

Gurria, who is to present the data to finance ministers of the Group of 20 economic powers at a meeting in Japan this weekend, said tax compliance was already improving.

Tax authorities booked more than $95 billion in extra revenue thanks to voluntary disclosures before automatic information sharing went live in September, the OECD said, raising its estimate by $2 billion from November.

[“source=thehindubusinessline”]

46% of marketers aren’t sharing regular customer insights with sales

Almost half (46%) of marketers only share customer insights, data and feedback with sales teams at most once a month, according to a new study.

New research from experience management company Qualtrics, conducted with 260 in-house marketing professionals, examines the extent to which marketers are working in a silo across many businesses. While integration with sales is lacking, the disconnect with other departments and teams is even more pronounced.

While 54% of marketers regularly share customer insights and feedback with sales, only 50% do so with customer service teams, 29% with the wider workforce, and 27% with the board or C-level executives.

While some marketers may question the need to keep the wider business in touch with customer insights, according to Qualtrics it is only by sharing data that businesses can develop truly effective customer experiences. Leonie Brown, Customer Experience Consultant for Qualtrics EMEA, explains: “Great customer experiences cannot exist in a vacuum. Brands must guarantee that every aspect of the customer journey is delivering a consistent, seamless and high quality experience. To achieve this, everyone involved – from sales staff to delivery drivers to the CEO – must understand how the customer thinks, behaves and what they are looking for.

“Access to data goes a long way to improve each interaction along the customer journey, but information alone isn’t enough. Today the vast amount of data that brands are using look only to the past for insights, reflecting previous shopping habits, purchases and behaviours. By bringing together insights from every customer touchpoint we can unlock “Experience Data” — or X-data — which reveals why consumers behave in the way they do and predicts their next move. That is the real secret to a successful customer experience.”

To find out more about the role of X data in customer experience management, download Qualtrics’ full report here.

Methodology

Qualtrics commissioned a survey with a panel of 260 marketing professionals in July 2017. All respondents worked in-house (rather than agency-side) in UK-based organisations employing at least 50 people and had a minimum of two years’ experience in a marketing role. A second survey of 250 consumers was conducted in August 2017 using the Qualtrics platform.

[“Source-netimperative”]

iOS 11.2.1, tvOS 11.2.1 Updates Now Available to Download, Restore HomeKit Sharing

iOS 11.2.1, tvOS 11.2.1 Updates Now Available to Download, Restore HomeKit Sharing

HIGHLIGHTS

  • Restores HomeKit access for shared users on both platforms
  • iOS 11.2.1 available for iPhone, iPad, and iPod touch
  • tvOS 11.2.1 available for Apple TV 4 and Apple TV 4K

Apple is rolling out iOS 11.2.1 update for eligible iPhone, iPad, and iPod touch devices, as well as tvOS 11.2.1 update for the Apple TV, both of which restore HomeKit sharing after a remote access bug was spotted last week. iOS 11.2.1 is now available to download for iPhone 5s and later, iPad Air and later, and iPod touch 6th generation. tvOS 11.2.1 is available for Apple TV 4 and 4k variants.

The reason for a simultaneous software update is because it restores HomeKit for shared users, a feature that was recently disabled due to a bug that was spotted last week. This bug was responsible for giving unauthorised access in vulnerable circumstances. With the new updates, for both platforms, Apple has promptly restored access for all users. In its release notes, Apple says, “iOS 11.2.1 fixes bugs including an issue that could disable remote access to shared users of the Home app.”

The security bulletin that accompanied the updates reveals that HomeKit bug allowed a remote attacker to unexpectedly alter application state, and that the message handling issue was addressed with improved input validation.

iPhone, iPad, and iPod touch users can download this update by going into Settings > General > Software Update and checking for the update. Once it appears, click on Download and Install; the update will automatically get installed on the device. It is advisable to use a Wi-Fi connection to download the over-the-air update. Also, you should back up your data, and ensure that your device has over 50 percent of charge or connected to a power source before beginning the update process.

On your Apple TV, the update can be installed in a similar manner by going into Settings > System > Software Updates in tvOS. Once downloaded, the update will restart the Apple TV once. Do note that tvOS 11.2.1 is available on the Apple TV 4K over the air only. On the Apple TV 4, although, you can install the update manually by downloading the IPSW file through iTunes.

Just last week, iOS 11.2 was rolled out to all eligible Apple iPhone, iPad, and iPod users. This major update brought new features like support for Apple Pay Cash and faster wireless charging support. tvOS 11.1 was also updated last month but brought minimal upgrades to the Apple TV.

[“Source-gadgets.ndtv”]

WhatsApp Sued for Sharing Data With Facebook by German Consumer Group

WhatsApp Sued for Sharing Data With Facebook by German Consumer Group
HIGHLIGHTS
German consumer group VZBV sues WhatsApp
WhatsApp alleged to transfer data to Facebook without consumer approval
Facebook claimed to use WhatsApp data to improve features on its platform
WhatsApp, the Facebook-owned messaging app, has been sued by a German consumer group for sharing data with the parent company. The Federation of German Consumer Organisations (Verbraucherzentrale Bundesverband) also referred to as VZBV has asked for an injunction in a Berlin court against data sharing between WhatsApp and Facebook.

Notably, the suit challenges the transfer of data between Facebook and WhatsApp. “Our experts brought the misconduct to light. Now we’ll meet in court. Be it Facebook, Google, Amazon or now WhatsApp: we target violations,” said VZBV. The group has alleged WhatsApp transfers private data to Facebook without consumer approval.

Last year, WhatsApp made some changes in its terms of service after which it could start sharing the phone numbers of its users with Facebook. Though, users were able to opt out of the sharing. The move was seen as a subtle but significant shift for WhatsApp, which for long promised to protect the privacy of more than 1 billion users around the world.
ZDNet points out that despite users opting out, WhatsApp still exports the data to Facebook. It also claims that Facebook utilises the phone numbers from WhatsApp to improve its friend suggestion feature on the social platform.

According to Bloomberg, WhatsApp however defends itself and claims that the privacy policy and terms updates comply with the law.

The European Commission in December sent a Statement of Objections to Facebook alleging that it provided incorrect or misleading information during the Commission’s 2014 investigation under the EU Merger Regulation of Facebook’s planned acquisition of WhatsApp. The European Commission had earlier stressed that companies are required to give the Commission accurate information during merger investigations.

Tags: Facebook, Social, WhatsApp, WhatsApp Data Sharing