The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Sweden’s financial watchdog said on Monday it was investigating payments firm Klarna over a potential breach of banking secrecy laws in connection with an IT incident at the firm in May.
For a 30 minute period on May 27, Klarna customers were shown other users’ data — a digital mishap which the firm, in a statement on June 4, blamed on human error.
“[We] will investigate whether Klarna has violated bank secrecy in connection with an IT incident in May where the bank’s customers were able to access information about each other for a limited time,” Sweden’s Finansinspektionen (Financial Supervisory Authority) said in a statement.
A spokesperson for Klarna told Reuters that the probe, “was very much expected as part of our regular dialogue with the Swedish FSA and as always we approach this with full cooperation and transparency.”
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Customers card details were not part of the information accidentally shown to other users, Klarna said in June.
The watchdog said the issue around bank secrecy would be added to a more general survey it announced in March into Klarna’s processes for handling information and cyber security risks.
By Colm Fulton; Editor: Kirsten Donovan
The algorithms TikTok relies on for its operations are deemed core to ByteDance overall operations, which would make a sale of the app with algorithms highly unlikely.
The app, owned by TikTok parent company ByteDance, has been promising to help emerging US labels get started selling in China at the same time that TikTok stares down a ban by the US for its ties to China.
Zero10 offers digital solutions through AR mirrors, leveraged in-store and in window displays, to brands like Tommy Hilfiger and Coach. Co-founder and CEO George Yashin discusses the latest advancements in AR and how fashion companies can leverage the technology to boost consumer experiences via retail touchpoints and brand experiences.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.