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Shield - What’s Up with WhatsApp?

Regulatory authorities do not like to be blind to financial transactions and correspondence between a bank and its clients. Watch the infographic or visit us at https://bit.ly/3thkREf

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Shield - What’s Up with WhatsApp?

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  1. WHATSAPP WHAT’S UP WITH WHATSAPP? E-COMMUNICATIONS WHATSAPP AT LEAST HERE IN THE UK, WHATSAPP IS THE UNDISPUTED E-COMMUNICATIONS DARLING. THE E- COMMS PLATFORM HAS SOARED IN POPULARITY FROM ITS DEBUT IN 2011 TO MORE THAN TWO BILLION ACTIVE MONTHLY USERS (75 MILLION OF WHICH RESIDE IN THE USA) TEN YEARS LATER. DEFINITION Regulatory authorities do not like to be blind to financial transactions and correspondence between a bank and its clients. Not only does it create the opportunity for mistrust and impropriety, but it also makes it almost impossible for the authorities to monitor activities for anti- fraud and antitrust violations. In fact, usage of WhatsApp appears to also be compelling to financial firms. Usage behavior by employees of JP Morgan Chase bank has been described as “addicted” and “hooked” given how pervasive communication via the app was amongst the executive team, brokers, and their clients. Facebook, now Meta, was fined back in 2016 for its lack of transparency. The social media giant was fined €100 million by The European Commission for the use of “misleading information.” More specifically, the violations centered around how consumers’ phone numbers would be linked to Facebook identities and friend suggestions. Within the UK, the BBC reported that its residents are losing an average of £4 million daily through scams on WhatsApp. Unsurprisingly, many elderly fall victim to the scam hearing from imposters posing as their grandchild and asking for “quick money” to deal with an urgent situation. HOW DOES A FIRM PROTECT ITSELF FROM RISK GIVEN THE UBIQUITOUS USAGE OF THE APP? HERE ARE A FEW TIPS: Education & Training Attestations Spot-checks Know your Channel Policy Review Recording & Monitoring E-COMMUNICATIONS ARE AN ESSENTIAL AND NOW ROUTINE PART OF OUR LIVES – AND OF ALL FIRM’S FINANCIAL ACTIVITIES. ENSURING THAT THEY ARE MONITORED, RECORDED, AND ANALYZED IN A MANNER THAT IS COMPLIANT WITH ALL LAWS IS NON-NEGOTIABLE. IF YOUR FIRM IS NOT DIALED INTO WHATSAPP AND HOW IT IS BEING USED INTERNALLY, YOUR BUSINESS CONTINUITY AND PROFITABILITY ARE AT RISK. WEBSITE HTTPS://WWW.SHIELDFC.COM

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