The world of business is highly dynamic and in a state of flux, especially in the digital age, with digital currencies playing a major role. However, ‘trust and transparency’ still remain the basic pillars of any business organization, large or small, and some enterprises attach great importance to these principles. Ripple is one such organization that values these foundational principles from the sharing of XRP market reports to seeking regulatory clarity across the industry. The company has recently come in the news owing to the lawsuit it has filed against video giant YouTube for alleged scams. The need to maintain the security of customers and sensitive data from perilous online scams and false impersonifications across social media platforms like Facebook, Twitter and YouTube have prompted strict action. 

Ripple believes that taking prompt legal action would set an exemplary standard for industry-wide regulations, behavioral changes, and improved expectations of accountability. This would also send across a warning against such scamsters spread across various platforms as ‘giveaway scams‘ is on the rise.

Giveaway scam is an industry term that relates to attempts to defraud money from unassuming consumers via social media impersonation, by convincing people that if they send money, they will receive more funds in return—typically through airdrop.

A typical characteristic of these scams is the impersonification of individuals or companies through the creation of fake profiles on social media platforms. It is already being anticipated that the world economy has been entering into a deep crisis, where people are worried about losing their livelihoods along with a dire need to protect their health. Such scams add to the anxiety and inconvenience of users and Ripple is making sincere efforts to create awareness by coming up with a guide to identify and spot such giveaway scams and ensure user safety.

The lawsuit has demanded that YouTube has to take a more aggressive stand to spot such scams before they are posted on any public platform. The crisis owing to COVID-19 has given rise to new kinds of scams and the Federal Trade Commission has recently brought out the very many COVID-19 scams in a report. A loss amounting to almost $13 million has been pointed out by consumers due to frauds related to COVID-19 and the number is growing every day. Lack of information is far less harmful than misinformation, which can have serious adverse effects or short term positive effects, whose bubble would soon burst. The Blockchain and Crypto industry are particularly susceptible to misleading information as information plays a decisive role in an innovation-based sector. Such giveaways not only affect a single organization but creates obstacles for the industry as a whole. Thus Ripple has decided to take strong steps to prevent such impediments in the future, and the lawsuit is a necessary step in that direction. 

The company has hired external cybersecurity and digital intelligence vendor to deal with scams specific to Ripple through reporting and taking down. Besides, XRP has come up with its own submission form to help the members of the community to report any unusual activity. However, in the lawsuit against the video platform, Ripple and Garlinghouse have blamed the former for denigrating the company’s image and reputation. They demanded a specific amount of financial compensation and that YouTube should be prohibited from making further profits from the scams and immediately take them down. In such scams the fraudsters ask for small amounts from their targets in return of enormous returns, and later escape with the amount made. To do so, they use the image of important business leaders like Bill Gates and offer “giveaways,” and buy keywords like Ripple and Brad Garlinghouse so that people searching for these can be made easy targets.

Although many search results with such terms have yielded correct information, there are a number of videos that have used Garlinghouse’s image to entrap victims.

In this case, the complaint cites numerous instances where hackers took over the channels of legitimate creators and replaced their videos with ones advertising Ripple-related scams. The scammy Ripple videos often show media interviews with Garlinghouse lifted from reputable sources and overlaid with invitations to participate in “giveaways” of the cryptocurrency XRP.

The complaint also accuses YouTube of allowing such videos to spread and gaining profits from their promotions instead of restricting them. YouTube has responded by saying,

We take abuse of our platform seriously, and take action quickly when we detect violations of our policies, such as scams or impersonation.

The crypto community has come in support of Ripple in increasing numbers, including young entrepreneurs like Nischal Shetty, founder of WazirXIndia, and Crowdfire. Many have condemned social media platforms for accommodating such scams even if they compromise with user safety, as it increases “engagement on their platform.”  Financial Analyst and YouTuber Tone Vays has also tweeted about the scam and asked YouTube to take down all such “scammy” videos. The crypto community is hopeful that this step would serve as a good example, increasing caution among users and social media platforms who are expected to be careful with their content and its purpose.

Amid the ongoing trade war prevailing between the US and China, Taiwanese Apple partner Pegatron has decided to set up its production base in Vietnam, claimed recent reports. The world’s two largest economies are locked in a severe trade war and it has already begun showing an impact on electronic companies.

With this move, Pegatron will emerge as the latest Apple assembly partner to make its presence felt in Vietnam as many companies are striving to diversify beyond China, according to highly placed sources. Due to the current tussle between the two countries, companies are exploring alternatives to China so that they can evade US tariffs.

According to the latest developments, the Taipei listed Pegatron has also rented a base in the Haiphong’s northern city where it is expected to make styluses for Samsung Electronic’s smartphones, claimed people familiar with the matter.

Apart from Pegatron, two separate leading iPhone assemblers, known as Wistron and Hon Hai Precision Industry, have also chalked out plans to develop manufacturing facilities or establishing additional capacity in Vietnam. As of now, all three companies are not making iPhones in Vietnam and there are no forthcoming plans as well, as per finance news today.

It is interesting to note that GoerTek has begun to make AirPods in Vietnam. Meanwhile, two more assembly partners of Apple, known as Compal Electronics and Luxshare Precision Industry, have already made their presence felt in the country.

According to reports, the nearly two-year-long battle in trade between the US and China put a huge dent on the image of China. However, a few days back, Beijing and Washington inked a phase one trade pact but a broadening of the supply chain is important in the long run as labor costs have begun to surge in China.

Leading comparison platform SingSaver has announced that it has secured a brokerage license from Monetary Authority of Singapore (MAS) here on Thursday. Now, after this move it will be able to offer more than 100 insurance policies from 12 providers at its platform.

SingSaver will now provide instant digital comparisons of insurance products in various categories that may include travel, home, and maid. The new broking team of the company will now be able to offer their advice to consumers on insurance.

SingSaver’s new license as an insurance broker is nothing less than a landmark achievement as it will now spread its wings beyond credit cards and personal loans.

Meanwhile, SingSaver.com.sg has been assisting Singaporeans in discovering the correct credit cards, personal loans, along with various other financial products with convenient comparison tools.  It strives to offer the most updated correct data and personal finance guides.

Earlier this year in August, SingSaver’s parent group CompareAsiaGroup secured US$20 million in Series B1 investment. CompareAsiaGroup has the backing of IFC World Bank, Alibaba, Experian, and Goldman Sachs.

Recently, it is announced that Vistara and Lufthansa signed a pact of codeshare to provide benefits to the fliers of both airlines. According to the partnership, they will allow frequent fliers from both airlines to earn points/miles when they travel on each other’s networks.

According to the agreement, Lufthansa will add its designator code ‘LH’ to almost 18 flights by Vistara. It will begin from December 16, 2019, and it will cover ten cities of India, which are Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Pune, Kochi, Bengaluru, Hyderabad, and Goa.

The Chief Strategy Officer at Vistara, Vinod Kannan, said that they aim to provide an international network to their customers by strategic associations. Their codeshare agreement with Lufthansa is an essential step to spread the customer base outside India. The aims of Vistara are due to the rapid growth in the global carrier.

As per the agreement, the passengers are allowed to connect from Vistara domestic flights in India to Lufthansa’s Frankfurt and Munich flights. Customers will get their boarding passes at the first departure point for all the local and international traveling sectors after checking their baggage to the final destination. This agreement is a step forward to the growth of the Vistara airline.