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DJ Khaled and Mayweather fined over cryptocurrencies

DJ Khaled and Mayweather fined over cryptocurrencies

Technology
Music producer DJ Khaled and boxer Floyd Mayweather Jr have settled charges in the US after they secretly received payments for promoting cryptocurrencies. According to the US Securities and Exchange Commission (SEC), the pair have been fined without admitting or denying the accusations.Mayweather failed to disclose that he had received promotional payments from three companies which had made Initial Coin Offerings (ICOs) - a controversial method of raising capital by creating coins or tokens using the blockchain technology which underpins Bitcoin.ICOs reference the initial public offering (IPO) of companies which list on publicly traded stock markets, but see companies issue digital coins tied to their own value instead of shares.Both men had taken part in the ICO by a com...
EE and Virgin Media fined £13.3m for overcharging customers

EE and Virgin Media fined £13.3m for overcharging customers

Technology
EE and Virgin Media have been fined £13.3m by Ofcom for leaving customers who quit broadband and phone contracts early "out of pocket".The regulator said about 400,000 EE customers who ended their contracts early were over-billed and paid up to £4.3m too much as a result.Ofcom said about 82,000 Virgin customers were overcharged by almost £2.8m. Virgin said it would appeal.Margot James, Digital Minister, said companies need "to play by the rules".Gaucho Rasmussen, director of investigations and enforcement at Ofcom, said: "EE and Virgin Media broke our rules by overcharging people who ended their contracts early. Those people were left out pocket and the charges amounted to millions of pounds."Fine 'not justified'The fine for Virgin Media...
Will Facebook be fined after hack attack?

Will Facebook be fined after hack attack?

Technology
Following the revelation that up to 50 million Facebook accounts may have been accessed in an attack due to a weakness in the platform's code, many questions remain about the breach.In theory Facebook could be fined if it is found to be in breach of GDPR, Europe's data protection rules.It has not revealed whether other services which people use their Facebook log-ins for - such as Tinder and Spotify - have also been affected.Facebook has now fixed the issue.People potentially affected were logged out of their accounts on Friday and those definitely affected were notified.Facebook says it has identified 50 million accounts which were certainly involved in the breach, with an extra 40 million also warned as a precautionary measure.The Irish Data Protection ...
Tesco Bank fined £16.4m over cyber attack

Tesco Bank fined £16.4m over cyber attack

Technology
Tesco Bank has been fined £16.4m by the City watchdog over a "largely avoidable" cyber attack on the lender, in the first penalty of its kind. The Financial Conduct Authority (FCA) said deficiencies at the bank had left account holders vulnerable to an incident that netted cyber criminals £2.26m.The bank had received a specific warning that was not properly addressed until the attack had started and the response was "too little, too late", the watchdog concluded.It is the first time the FCA has issued a fine for a cyber-related incident.Tesco Bank said that since the incident in November 2016 it had "significantly enhanced" security measures, and apologised to customers.The FCA investigation concluded that the lender failed to exercise due skill, care and dilige...