The US Consumer Financial Protection Bureau (CFPB) introduced new rules to boost open banking by giving consumers more control over their financial data. These regulations will allow people to share their information more freely when seeking services, promoting competition between financial technology companies and traditional banks, which have been slow to grant access to customer data. CFPB Director Rohit Chopra likened the move to the system that lets mobile phone users switch providers while keeping their numbers, noting that it could modernise US payment systems.
The rules include strong privacy protections, ensuring companies can only use consumer data for specific services requested and preventing unauthorised use. They will also enable consumers to transfer their financial data between institutions at no cost, borrow on better terms by sharing data with lenders, and make direct payments from bank accounts. Consumers will also be able to revoke access to their data at any time.
The rules were part of the 2010 Wall Street reforms following the 2008 financial crisis. Smaller banks are exempt, while larger fintech firms have until 2026 to comply, and smaller ones have until 2030. These adjustments were made after feedback from industry stakeholders and the public.
The United States Federal Trade Commission (FTC) has introduced a rule banning the creation, purchase, and dissemination of fake online reviews, ensuring that testimonials are genuine and trustworthy. That includes reviews attributed to people who don’t exist, those generated by AI, or individuals with no real experience with the product or service.
The rule empowers the FTC to impose civil penalties on businesses and individuals knowingly engaging in such deceptive practices, holding violators accountable. By cracking down on fake reviews, the FTC protects consumers from being misled and ensures they can make informed purchasing decisions.
That initiative also promotes fair competition by penalising dishonest companies and supporting those operating with integrity, fostering a transparent and competitive marketplace. Additionally, the FTC’s rule goes beyond fake reviews by prohibiting businesses from using manipulative tactics such as unfounded legal threats, physical intimidation, or false accusations to influence their online reputation.
These measures prevent companies from using unethical strategies to control public perception, ensuring that business reputations are based on genuine consumer feedback, not coercion or deceit. The FTC aims to create a market environment that values honesty and fairness through this comprehensive approach.
Russian government spending on iPhones between January and September was four times higher than during the same period last year, according to Vedomosti. Security warnings and restrictions on some officials have not prevented these purchases.
The Federal Security Service (FSB) last year accused the US of using spyware to compromise thousands of iPhones. Although Apple rejected the claim, officials preparing for the 2024 presidential election were instructed to avoid iPhones over espionage concerns.
Contracts for iPhones totalled 6.9 million roubles for the first nine months of 2024, compared to 1.6 million the previous year. Despite the digital ministry banning iPhones for work purposes, officials and institutions continue to procure them.
Demand for the latest iPhone 16 remains strong, with consumers relying on grey-market imports after Apple halted direct exports due to the conflict in Ukraine. Even with higher prices, interest in Apple products across Russia shows no signs of slowing.
Vodafone Greece, in collaboration with the Hellenic Foundation for European and Foreign Policy (ELIAMEP), presented a set of proposed cybersecurity policies to Michalis Bletsas, Governor of the National Cybersecurity Authority. The initiative stems from public opinion surveys conducted by Metron Analysis on the views of Greek citizens and businesses on digital security, and a roundtable discussion at the Delphi Economic Forum’s Center for Cybersecurity.
The project identifies key issues in Greece’s cybersecurity landscape, such as fragmented policies, weak public-private sector collaboration, and a lack of a cybersecurity culture among workers. The proposals aim to improve anticipation, prevention, resilience, and response to cyber threats by reforming Greece’s legislative framework and raising awareness about digital security. Bletsas noted that these proposals align with the European NIS2 Directive, which is currently under public consultation.
Maria Skagou, Vodafone Greece’s Director of Legal and Regulatory Affairs, emphasised the importance of cybersecurity in today’s digital age, stressing the need for risk prevention, staff training, and public awareness to address evolving threats.
A California judge has granted Google’s request to delay a ruling that required overhauling its Play Store by 1 November. The pause allows more time for an appeals court to consider Google’s challenge to the order, which aimed to give users more choice in downloading apps.
The ruling came as part of an antitrust lawsuit from Epic Games, the creator of Fortnite. Google warned that implementing the changes quickly would introduce security risks across the Android ecosystem. The company’s request for a longer pause during the full appeals process was denied.
Epic criticised Google’s argument as fearmongering, stating the court had dismissed the appeal as meritless. The initial order required Google to permit rival app stores within the Play Store and enable third-party payment systems. The ruling also barred Google from incentivising device makers to preinstall its store.
Google has already challenged the antitrust findings and maintains that Play competes directly with Apple’s App Store. The company argued it should not be labelled a monopolist and warned that complying with the injunction would unfairly force it to collaborate with rivals.
The Communications Regulatory Authority (CRA) has introduced a comprehensive Communications Consumer Protection Policy and Regulation to enhance consumer rights and ensure fair practices within Qatar’s telecommunications sector. The policy establishes clear rules that service providers must follow and covers crucial areas such as advertising standards, billing transparency, contract fairness, data privacy, and protection from unsolicited marketing and spam.
Additionally, it guarantees uninterrupted access to emergency services while setting clear procedures for handling consumer complaints and disputes. Moreover, by modernising the regulatory framework, the new policy replaces outdated regulations, including the 2014 Telecommunications Consumer Protection Policy, thus ensuring a more robust protection system. It is also aligned with Qatar’s Vision 2030 and Digital Agenda 2030, ensuring that consumer protection is improved and supports broader national goals.
Furthermore, the CRA’s initiative reflects its proactive approach to safeguarding consumer rights and maintaining a competitive telecommunications environment in Qatar. The CRA significantly strengthens its leadership in consumer protection and innovation by holding service providers to higher standards and ensuring that consumers have access to clear information and reliable services. As a result, this policy not only addresses consumers’ immediate needs but also ensures that Qatar’s telecommunications sector remains at the forefront of technological advancement and regulatory best practices.
Meta’s Oversight Board has opened a public consultation on immigration-related content that may harm immigrants following two controversial cases on Facebook. The board, which operates independently but is funded by Meta, will assess whether the company’s policies sufficiently protect refugees, migrants, immigrants, and asylum seekers from severe hate speech.
The first case concerns a Facebook post made in May by a Polish far-right coalition, which used a racially offensive term. Despite the post accumulating over 150,000 views, 400 shares, and receiving 15 hate speech reports from users, Meta chose to keep it up following a human review. The second case involves a June post from a German Facebook page that included an image expressing hostility toward immigrants. Meta also upheld its decision to leave this post online after review.
Following the Oversight Board’s intervention, Meta’s experts reviewed both cases again but upheld the initial decisions. Helle Thorning-Schmidt, co-chair of the board, stated that these cases are critical in determining if Meta’s policies are effective and sufficient in addressing harmful content on its platform.
The US Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple, though it does not challenge the court’s decision that XRP is not a security. Instead, the SEC’s appeal, submitted on 16 October, questions Ripple’s XRP sales on exchanges and personal sales by its executives, Brad Garlinghouse and Chris Larsen.
Ripple’s chief legal officer, Stuart Alderoty, clarified that the ruling regarding XRP’s status as a non-security remains unchanged. Ripple is set to file its own Form C in response within seven days, and both parties will agree on a briefing schedule for the ongoing case.
The legal process is expected to take up to 90 days, with the SEC required to file its first brief within that period. Ripple’s legal team remains confident as the case progresses.
The Open Markets Institute and Mozilla just published the ‘Stopping Big Tech from Becoming Big AI’ report, that urges global regulators to combat the monopolisation of the AI industry by a few dominant tech giants.
The authors make several points relevant to the global AI discussions. First, as AI becomes integral to the global economy, warning echo of the looming threat of concentrated corporate control, which risks stifling innovation, compromising consumer privacy, and undermining democratic values. To combat it, the authors advocate for a diverse AI market that includes public, private, and non-profit stakeholders to ensure the technology’s benefits are widely distributed.
Second, the report mentions monopolistic risks, through tactics such as exclusive partnerships and control over computing power that allow dominant firms to consolidate power, restricting competition and innovation. Despite often being unseen by consumers, these practices could centralise AI development and inhibit market diversity. As an action point, the authors call on governments to act swiftly using existing regulatory tools, such as blocking mergers and enforcing ex-ante competition policies, to dismantle these barriers and impose fair access rules on essential AI resources.
Finally, international cooperation is one of the key points, particularly the importance of recognising the global nature of AI development. Authors warn against repeating past mistakes of digital market dominance, emphasising the need for a unified approach to AI regulation. Through fostering competition, the report asserts that AI can deliver broader societal benefits, prioritising innovation and privacy over profit maximisation and surveillance.
Why does it matter?
The global community sees the current moment as a pivotal chance to shape AI’s future for the collective good, urging immediate regulatory intervention. Echoing this approach, this report aims to ensure that AI remains a competitive field characterised by transparency and fairness, safeguarding a digital economy that benefits all stakeholders equally.
Starting in December, Britain’s media regulator Ofcom will outline new safety demands for social media platforms, compelling them to take action against illegal content. Under the new guidelines, tech companies will have three months to assess the risks of harmful content or face consequences, including hefty fines or even having their services blocked. These demands stem from the Online Safety Bill passed last year, aiming to protect users, particularly children, from harmful content.
the UK‘s Ofcom’s Chief Executive Melanie Dawes emphasised that the time for discussion is over, and 2025 will be pivotal for making the internet a safer space. Platforms such as Meta, the parent company of Facebook and Instagram, have already introduced changes to limit risks like children being contacted by strangers. However, the regulator has made it clear that any companies failing to meet the new standards will face strict penalties.
