Economic Archives | Page 434 of 708 | Digital Watch Observatory

How scammers are using fake Google Maps listings to target customers

Google has removed 10,000 fake business listings from Google Maps and filed a lawsuit against a scam network accused of creating and selling fraudulent profiles.

The legal action was prompted by a complaint from a Texas locksmith who discovered someone had impersonated their business on the platform. That led Google to uncover a broader scheme involving fake listings for profit.

The company warns that scammers are using increasingly advanced methods to trick users. These fake listings may appear legitimate, leading customers to contact or visit them.

Victims are sometimes overcharged for services or misled into paying upfront for services that are never delivered. Scammers also use fake reviews and manipulated Q&As to make the listings seem trustworthy.

In 2023 alone, Google blocked or removed 12 million fake business profiles, an increase of one million from the previous year.

The company has also been cracking down on businesses using fake engagement tactics, including artificial reviews, to inflate their reputations falsely.

Internationally, Google has begun implementing stricter rules in response to growing regulatory pressure, including in the UK, where it restricts deceptive businesses engaged in review manipulation.

For more information on these topics, visit diplomacy.edu.

New Airbyte connectors support AI and data privacy

San Francisco-based data startup Airbyte has unveiled a new set of enterprise tools aimed at helping companies move and manage data more securely, especially as AI becomes more central to operations. The updates, announced Thursday, include new connectors for apps such as NetSuite, SAP, and ServiceNow, as well as support for extracting unstructured data from platforms like Google Drive and SharePoint.

A key highlight of the release is compatibility with Apache Iceberg, an open-source format that enables businesses to centralise data into a single, AI-compatible “lakehouse.” This allows companies to better control how and where their data flows while preserving the flexibility needed for high-performance analytics and machine learning.

Airbyte co-founder and CEO Michel Tricot stressed the importance of data sovereignty in an AI-driven era. He noted that while AI tools can be powerful, giving away sensitive internal data, like employee compensation or strategic business metrics, to external services is a risk many companies are no longer willing to take. Airbyte’s approach ensures that only the enterprise sees and manages its data pipelines.

Founded in 2020, Airbyte now serves over 7,000 enterprise clients, including names like Invesco and Calendly, and has secured more than $181 million in funding. As businesses continue to prioritise secure, scalable infrastructure for AI, Airbyte’s offerings are positioning it as a go-to partner for data portability without compromise.

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Astroscale eyes Indian market for orbital debris removal

Japanese space company Astroscale has partnered with Indian firms Digantara and Bellatrix Aerospace to develop orbital debris removal and servicing technologies.

The collaboration aims to offer services to Indian clients within the next two years, marking Astroscale’s first major operation in the Asia-Pacific region outside Japan.

India‘s growing space sector and policy shifts towards commercialisation have made it an attractive market for the company.

Digantara specialises in space situational awareness, while Bellatrix Aerospace develops satellite propulsion systems.

The partnership will initially focus on providing services for Indian government clients, with potential expansion into private and international markets. Astroscale is also exploring opportunities in South Korea, Taiwan, Indonesia, and Australia.

India has recently opened its space industry to private players, introducing a ₹10 billion fund to support startups.

Astroscale has already secured contracts with space agencies in Japan, the United States, the Unit ed Kingdom, and France, and is working with JAXA on a commercial debris removal mission set for 2027.

As space activity increases, industry estimates suggest satellite collisions could result in more than $500 million in risk over the next five years.

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Apple accused of misleading AI advertising

Apple is facing a class-action lawsuit in the United States over delays in delivering its much-promoted Apple Intelligence features.

The legal action, filed in a US based San Jose federal court, claims the company misled customers by advertising advanced AI tools that have yet to materialise on supported devices.

The complaint argues that buyers of new iPhones and other Apple products were promised ‘transformative’ AI capabilities at launch, only to find these features were either severely limited or completely absent.

According to the plaintiffs, Apple’s marketing created a “reasonable consumer expectation” that was ultimately not met.

This legal challenge adds to mounting pressure on the company, which has struggled to roll out its next-generation AI tools.

A recent Bloomberg report suggested internal tensions, revealing that CEO Tim Cook has reportedly lost confidence in AI chief John Giannandrea’s ability to deliver on the company’s ambitions.

The case reflects growing scrutiny of tech firms’ promises around AI, especially as consumer trust becomes more closely tied to the reality behind flashy announcements.

For more information on these topics, visit diplomacy.edu.

Chinese AI startup Manus gains recognition in state media

Chinese AI startup Manus has registered its AI assistant for the domestic market and gained state media attention, signalling government support for its expansion.

The company, which recently gained global recognition, was featured on China’s CCTV in a segment comparing its AI agent to the chatbot made by DeepSeek’s chatbot.

Beijing’s growing interest in homegrown AI firms follows the success of DeepSeek, which developed competitive AI models at a lower cost than its United States counterparts.

Manus has made headlines for developing an AI agent capable of making autonomous decisions with minimal prompting, a step beyond traditional chatbots like ChatGPT.

The firm recently announced a partnership with Alibaba’s Qwen AI team, a move that could accelerate its rollout in China. Currently, the AI agent is available only through invite codes, with a waiting list of two million users.

Regulatory approval was also secured for Monica, Manus’ AI assistant, allowing its launch in China. All generative AI applications in the country must comply with strict content regulations to align with Beijing’s policies.

Manus’ growing presence in China highlights the government’s strategy of fostering domestic AI innovations while ensuring regulatory oversight.

For more information on these topics, visit diplomacy.edu.

Downdetector shows sharp decline in Instagram outage reports

Reports of an Instagram outage in the US fell sharply on Thursday evening, indicating that service had been largely restored. According to outage tracking website Downdetector, incidents dropped from a peak of 19,431 to just 429 by 8:34 p.m. ET.

The cause of the disruption remains unclear, and Instagram owner Meta has not yet responded to requests for comment.

Downdetector compiles outage data from user reports, meaning the actual number of affected users may vary.

Many users in the United States had initially reported problems accessing the platform, but the rapid decline in complaints suggests that most issues have been resolved.

Instagram has experienced occasional service disruptions in the past, with similar outages affecting users worldwide.

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Solana futures ETFs launch in the US

Volatility Shares has launched the first Solana futures-based exchange-traded funds (ETFs) in the US, marking a significant milestone in the cryptocurrency sector.

The firm introduced two ETFs, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT), offering investors traditional exposure to Solana (SOL). While SOLZ tracks Solana futures, SOLT offers leveraged exposure at twice the rate of Solana’s price movement.

The expense ratios for the two products are set at 0.95% and 1.85%, respectively.

The launch comes after Volatility Shares’ swift approval from the US Securities and Exchange Commission (SEC) in a matter of months.

The firm’s CEO, Justin Young, sees the timing as favourable, with increasing optimism for cryptocurrency innovation in the US Despite the approval of futures-based Solana ETFs, the SEC has yet to approve a spot Solana ETF.

Analysts suggest futures ETFs often precede the launch of spot ETFs, a trend observed with Bitcoin and Ethereum ETFs.

Although the launch of Solana ETFs is significant, analysts remain cautious about the market’s response. Bloomberg’s ETF analyst Eric Balchunas noted that while Solana is the first altcoin after Ethereum to be approved for futures ETFs, demand might not reach the levels seen with spot Bitcoin ETFs.

On launch day, Solana futures trading volume reached $12.3 million, a smaller figure compared to Bitcoin’s and Ethereum’s futures debuts. Despite this, analysts have pointed out that Solana’s performance aligns well with Bitcoin and Ethereum when adjusted for market capitalisation.

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Coinbase presents proposal for digital asset regulation to US SEC

After a lengthy legal battle, Coinbase has submitted a proposal to the US Securities and Exchange Commission (SEC) for clearer digital asset regulations.

The blueprint, presented by Coinbase Chief Legal Officer Paul Grewal, aims to help the SEC navigate the complex issue of regulating digital securities. The exchange’s suggestions come ahead of the SEC’s Crypto Task Force roundtables, which will address regulatory issues surrounding cryptocurrencies.

Coinbase’s proposal includes four key points: first, the SEC should establish a clear distinction between cryptocurrency commodities and securities. Second, it urges the SEC to confirm that secondary market sales of commodities are not considered securities transactions.

Third, Coinbase recommends that the SEC consult with Congress on ambiguous regulatory areas instead of creating ad-hoc rules. Finally, the blueprint advocates for rules that recognise the potential of Web 3 and tokenized securities, hoping to solidify the US’s leadership in this space.

The SEC has begun to shift its approach toward the cryptocurrency industry following the exit of former Chairman Gary Gensler. The agency, under the guidance of Commissioner Hester Pierce and the new Crypto Task Force, is working towards greater clarity for the industry.

Coinbase has expressed a willingness to collaborate with the SEC but has also filed a FOIA request for more transparency regarding its enforcement actions.

For more information on these topics, visit diplomacy.edu.

AMD vs Intel in the CPU market battle

The competition between AMD and Intel remains intense, despite Intel’s larger market share. In recent years, AMD has emerged as the preferred choice for gamers, often topping sales charts, including Amazon’s CPU best-sellers list.

Just yesterday, AMD dominated the top 15 spots instead of Intel. Surprisingly, the top processor was AMD’s Ryzen 7 9800X3D, a high-end gaming chip, priced at $480, despite its occasional stock shortages.

The top 15 list featured a mix of older and newer AMD processors, such as the Ryzen 5 5500 and Ryzen 5 5600X, indicating that AMD has successfully kept older hardware relevant and in demand.

However, today’s best-seller list paints a slightly different picture, as Intel has managed to secure several spots, with older models like the Alder Lake chips offering more affordable alternatives to current AMD processors.

Interestingly, Intel’s latest Arrow Lake processors did not make it to the top 50 best-sellers on Amazon. This suggests that many customers prefer the more affordable Intel options or turn to AMD, which has shifted the market dynamics significantly in recent years.

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Australian police warn of Binance-themed crypto scam targeting users

Australian authorities have issued warnings about a sophisticated scam in which fraudsters impersonate Binance via SMS, tricking users into transferring their crypto assets.

The Australian Federal Police (AFP) revealed that scammers use sender ID spoofing to make fraudulent messages appear in the same thread as legitimate Binance communications.

Victims are falsely informed of a security breach and urged to move their funds to a ‘trust wallet,’ which is controlled by the scammers.

The AFP has identified at least 130 potential victims and launched a campaign to warn them. Cybercrime officials explained that once funds are transferred to the scammers’ wallets, they are swiftly moved across multiple accounts, making recovery difficult.

Similar scams have also targeted users of Coinbase and Gemini, exploiting pre-generated recovery phrases to seize control of wallets.

Binance Chief Security Officer Jimmy Su advised users to verify official communications through Binance’s security tools and website.

The Australian government is taking steps to combat these scams, planning to launch an SMS Sender ID Register in late 2025. The initiative will require telecom providers to verify brand-name messages, reducing the risk of spoofing.

Investment scams remain a significant issue in Australia, with AU$382 million ($269 million) lost in the past year, nearly half of which was crypto-related.

Authorities continue to urge caution, warning users to be sceptical of unsolicited messages and requests for seed phrases or urgent transfers.

For more information on these topics, visit diplomacy.edu.