Plus, U.K.’s antitrust watchdog spares Amazon from probe into the e-commerce giant’s investment into AI startup Anthropic. And, Fidelity limits how much certain customers can deposit through its mobile app following online check-fraud scheme. Julie Chang hosts.
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[00:00:22] [SPEAKER_00]: The Telekom 5G network.
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[00:00:31] [SPEAKER_01]: Here's your TNB Tech Minute for Friday, September 27th.
[00:00:35] [SPEAKER_01]: I'm Julie Chang for the Wall Street Journal.
[00:00:37] [SPEAKER_01]: Meta has been fined roughly $100 million by Ireland's data protection watchdog over
[00:00:42] [SPEAKER_01]: password storage.
[00:00:44] [SPEAKER_01]: The Irish Data Protection Commission launched a probe in 2019 after it said Meta told
[00:00:49] [SPEAKER_01]: officials that it had stored passwords of some Facebook users on its internal systems
[00:00:53] [SPEAKER_01]: in plain text without cryptographic protection or encryption.
[00:00:57] [SPEAKER_01]: Irish officials said Meta was in breach of the European Union's strict data privacy and
[00:01:01] [SPEAKER_01]: security law.
[00:01:03] [SPEAKER_01]: A Meta spokesperson said the company took immediate action to address the issue and
[00:01:06] [SPEAKER_01]: that there is no evidence those passwords had been abused or accessed improperly.
[00:01:11] [SPEAKER_01]: A win for Amazon.
[00:01:13] [SPEAKER_01]: UK antitrust officials have backed off a probe of the e-commerce giant's $4 billion
[00:01:17] [SPEAKER_01]: investment into AI startup Anthropic.
[00:01:21] [SPEAKER_01]: The UK's competition and markets authority said the investment didn't qualify for
[00:01:24] [SPEAKER_01]: a formal investigation because Anthropic's revenue in the country didn't meet a threshold
[00:01:29] [SPEAKER_01]: of roughly $94 million and because the combined activities of both Amazon and the startup
[00:01:34] [SPEAKER_01]: didn't meet a certain share of goods or services threshold in the UK.
[00:01:38] [SPEAKER_01]: The announcement comes weeks after Microsoft was also spared a probe over its links
[00:01:42] [SPEAKER_01]: to Inflection AI.
[00:01:44] [SPEAKER_01]: And we exclusively report that Fidelity is limiting the amount certain customers
[00:01:49] [SPEAKER_01]: can mobile deposit into their cash management accounts.
[00:01:52] [SPEAKER_01]: That's according to people familiar with the matter.
[00:01:55] [SPEAKER_01]: Customers can now only deposit up to $1,000 through its mobile app.
[00:01:59] [SPEAKER_01]: That's down from $100,000.
[00:02:02] [SPEAKER_01]: The Boston firm is also subjecting some account holders to a 16 business dayhold on
[00:02:07] [SPEAKER_01]: deposits before they can withdraw.
[00:02:09] [SPEAKER_01]: The move is an effort to combat an online check fraud scheme that targeted Fidelity
[00:02:13] [SPEAKER_01]: earlier this month.
[00:02:14] [SPEAKER_01]: Similar scams have hit JP Morgan Chase and other banks recently in which scammers
[00:02:18] [SPEAKER_01]: deposit fake or doctor checks and then quickly withdraw those funds.
[00:02:23] [SPEAKER_01]: For a deeper dive into what's happening in tech, check out Monday's tech news briefing podcast.