Economic

TikTok Shop faces surge in crypto phishing scams

Cybercriminals are increasingly targeting TikTok Shop users through a phishing and malware campaign known as ‘ClickTok‘. The scheme uses fake Meta ads and AI-generated TikTok videos imitating influencers to lure victims to fraudulent domains resembling real sites.

These domains are used to steal credentials and distribute trojanised applications. More than 10,000 fake sites have been identified, luring shoppers with heavily discounted products and urgency tactics such as countdown timers.

Victims are prompted to make payments in Tether, allowing scammers to exploit the irreversible nature of cryptocurrency transactions. The fraudulent storefronts are designed to appear convincing, encouraging rash purchases.

TikTok Shop affiliate members are also being targeted with advance fee scams. Criminals pose as TikTok affiliates on WhatsApp and Telegram, convincing victims to deposit funds into bogus wallets in exchange for fake commission payments.

The report warns that the younger demographic on TikTok, particularly those aged 18 to 34, may be more vulnerable to such schemes. The trend shows scams shifting from Facebook and X to new e-commerce platforms.

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Jio reports growth as it ramps up 6G and AI strategy

According to its latest annual report, Reliance Jio plans to lead in 6G and AI, aiming to deliver long-term returns for shareholders. With 191 million users, Jio is the world’s second-largest 5G provider after China.

The company is launching JioBrain, a wide-ranging AI platform for network planning, resource optimisation, and customer service. Jio intends to expand this platform beyond telecoms within India and globally.

Jio is also building a satellite communication platform and partnering with SpaceX to bring Starlink broadband to India. The company stated that it will combine its infrastructure and data with global partners to achieve the lowest AI operating costs globally.

Its JioFiber and JioAirFiber services have reached 18 million and 6 million homes, respectively. The goal is to connect 100 million premises through fibre and fixed wireless access technologies.

Jio has filed over 3,341 patents, including 1,654 in FY25, and now holds 485 patents in 5G and 6G, reportedly the most in India. Its digital services revenue reached ₹154,119 crore with an EBITDA of ₹65,001 crore, driven by mobility tariffs, enterprise demand, and platform expansion.

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Autonomous AI coding tool Jules now publicly available from Google

Google has released its autonomous coding agent Jules for free public use, offering AI-powered code generation, debugging, and optimisation. Built on the Gemini 2.5 Pro model, the tool completed a successful beta phase before entering general availability with both free and paid plans.

Jules supports a range of users, from developers to non-technical staff, automating tasks like building features or integrating APIs. The free version allows 15 tasks per day, while the Pro tier significantly raises the limits, providing access to more powerful tools.

Beta testing began in May 2025 and saw Jules process hundreds of thousands of tasks. Its new interface now includes visual explanations and bug fixes, refining usability. Integrated with GitHub and Gemini CLI, Jules can suggest optimisations, write tests, and even provide audio summaries.

Google positions Jules as a step beyond traditional code assistants by enabling autonomy. However, former researchers warn that oversight remains essential to avoid misuse, especially in sensitive systems where AI errors could be costly.

While its free tier may appeal to startups and hobbyists, concerns over code originality and job displacement persist. Nonetheless, Jules could reshape development workflows and lower barriers to coding for a much broader user base.

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UAE strengthen crypto oversight

The United Arab Emirates is moving closer to a unified regulatory framework for cryptocurrencies after the SCA and the Dubai VARA announced a formal partnership. The agreement aims to harmonise crypto oversight nationwide while maintaining robust compliance and security standards.

Mutual recognition of virtual asset service provider (VASP) licences forms the partnership’s core. However, automatic passporting between emirates will not be permitted.

Each VASP licensed by one authority will undergo coordinated regulatory assessments, including Anti-Money Laundering and operational checks, to ensure national standards are upheld.

The collaboration promises more precise regulation, faster market entry, and reduced duplication for crypto firms operating in the UAE. Officials highlight the deal as a milestone that strengthens the country’s position as an innovation-focused and credible crypto hub.

Ongoing talks with regulators like Abu Dhabi Global Markets support the UAE’s broader strategy for regulatory alignment and cross-border cooperation in virtual assets.

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Scientists use AI to teach drones to program themselves

A computer scientist has shown that robots can now write the brains of other robots, thanks to generative AI.

Professor Peter Burke from the University of California, Irvine, has demonstrated a drone capable of creating and hosting its own control system using AI-written code, significantly reducing the time usually needed to build such infrastructure.

The project used several AI models and coding tools to prompt the creation of a real-time, web-based command centre hosted on the drone itself. The final system, which runs on a Raspberry Pi Zero 2 W, allows the drone to operate independently while remaining accessible over the internet.

Unlike traditional systems, where ground control is handled externally, the drone manages its own mission planning and navigation through a built-in AI-generated website.

Burke’s team used tools such as Claude, Gemini, ChatGPT, Cursor, and Windsurf to build the system across several sprints. Despite context limitations in each model, the final version was completed in just over 100 hours, around twenty times faster than a previous project of similar complexity.

The final codebase consisted of 10,000 lines and included everything from flight commands to map-based interaction and GPS tracking.

Although the technology shows promising potential in fields like aerial imagery and spatial AI, experts have raised safety concerns.

While a manual override system was included in the experiment, the ability for robots to self-generate control logic introduces new ethical and operational challenges, especially as such systems evolve to operate in unpredictable environments.

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Trump executive order opens 401(k) plans to crypto

US President Donald Trump signed an executive order to include cryptocurrencies and other alternative assets in 401(k) retirement accounts. The initiative aims to reduce regulatory and legal hurdles that have limited retirees from accessing higher returns and greater asset diversification.

The Secretary of Labour and SEC have been tasked with easing access to alternative investments in defined contribution plans. The order also calls for clarifying or revising existing rules to reduce industry legal uncertainties.

Despite the opportunity for higher returns, critics caution that these investments come with increased risks, less transparency, and higher fees than traditional retirement options.

Recent legislative activity reflects growing US government attention to digital assets. The Senate passed a bill regulating stablecoins, introducing reserve requirements and consumer protections.

Experts highlight that cryptocurrencies have evolved beyond speculative assets. They have become integrated into the global financial system and are sensitive to changes in regulatory and political landscapes.

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Visa boosts cyber defence support for clients

Visa has launched a new Cybersecurity Advisory Practice to support businesses in identifying and countering growing cyber risks. The initiative aims to provide practical insights tailored to clients of all sizes.

The practice will be powered by Visa Consulting & Analytics, which brings together a global team of consultants, product specialists and data scientists. Services include training, threat analysis and cybersecurity maturity assessments.

Jeremiah Dewey, a veteran with over 20 years of experience in the field, has been named global head of cyber products. He will lead product development and build strategic partnerships.

Visa says the goal is to offer scalable solutions to both small businesses and large enterprises, enabling them to stay resilient in an evolving digital threat market.

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Laser Digital first to offer regulated crypto options in Dubai

Laser Digital, a subsidiary of Japan’s Nomura, secured Dubai’s first licence to offer over-the-counter (OTC) crypto options under the Virtual Asset Regulatory Authority’s (VARA) pilot programme. The company is the sole firm authorised to offer regulated OTC crypto derivatives to institutional clients in the city.

Operations will begin with Bitcoin vanilla options, structured according to International Swaps and Derivatives Association (ISDA) contracts. The approach relies on traditional finance legal frameworks to define rights and obligations for each trade.

Laser Digital aims to build trust by starting with simple, medium-term options rather than complex derivatives.

Plans for future services include lending, spot trading, and yield-generating products, but any expansion depends on further regulatory approvals. The company plans to expand its offerings as market demand and regulatory approval permit, though no timeline has been given.

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Colorado’s AI law under review amid budget crisis

Colorado lawmakers face a dual challenge as they return to the State Capitol on 21 August for a special session: closing a $1.2 billion budget shortfall and revisiting a pioneering yet controversial law regulating AI.

Senate Bill 24-205, signed into law in May 2024, aims to reduce bias in AI decision-making affecting areas such as lending, insurance, education, and healthcare. While not due for implementation until February 2026, critics and supporters now expect that deadline to be extended.

Representative Brianna Titone, one of the bill’s sponsors, emphasised the importance of transparency and consumer safeguards, warning of the risks associated with unregulated AI. However, unexpected costs have emerged. State agencies estimate implementation could cost up to $5 million, a far cry from the bill’s original fiscal note.

Governor Polis has called for amendments to prevent excessive financial and administrative burdens on state agencies and businesses. The Judicial Department now expects costs to double from initial projections, requiring supplementary budget requests.

Industry concerns centre on data-sharing requirements and vague regulatory definitions. Critics argue the law could erode competitive advantage and stall innovation in the United States. Developers are urging clarity and more time before compliance is enforced.

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Endex brings AI to Excel with OpenAI Startup Fund support

Endex.ai has secured $14 million in funding to bring AI directly into Microsoft Excel. The funding round was led by the OpenAI Startup Fund, marking a significant moment for traditional tools in the business world.

Founded in 2022 by Tarun Amasa and Kevin Yang, the startup has spent the past year collaborating quietly with financial institutions to refine its product.

Now available to the public through limited invites, the tool embeds itself within Excel and helps users manage tasks like financial modelling, data cleanup, and detailed analysis (without switching applications).

Unlike broader AI tools, Endex has been designed specifically for finance professionals. It understands financial terminology, adapts to user habits, and references trusted data sources such as SEC filings, CapIQ, and earnings reports.

The company describes its product as Excel-native, aiming to enhance rather than replace a tool already deeply integrated into finance work.

With the new funding, Endex plans to expand development and scale its reach. The AI agent already works on both Mac and Windows, and its frictionless interface is proving attractive in a field where saving time and improving accuracy can make a substantial difference.

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