That fleeting Altcoin frenzy probably isn't what you think it was. The next crypto rally won't be like the ones you remember, it's a whole new thing.
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For a fleeting moment, it looked like altcoin season was finally here. Google searches for “altcoins” skyrocketed to record highs, 𝕏 was buzzing, and retail excitement seemed to return in full force. But within a week, that hype fizzled out almost as quickly as it appeared, leaving traders wondering if the long-awaited alt season was just a mirage.
A Spike That Vanished Overnight
Search interest for “altcoin” on Google Trends hit its highest score ever in early August, only to fall back to baseline levels within days. Globally, the same pattern played out, with scores dropping from 100 to just 16 in a week, mimicking a “pump and dump” pattern that you would expect from a memecoin.
Market cap data told the same story. The total value of altcoins (excluding Bitcoin and Ethereum) briefly climbed by $100 billion before giving it all back, leaving investors wondering whether the hype had any real weight behind it.
Naturally, some saw the collapse as proof that the altcoin season had ended before it really began. Others, however, like analyst Cyclop, argue the spike shows something deeper: that “altcoin” has become the mainstream term retail uses today, replacing “crypto” in 2021. In his view, this isn’t the peak. Rather, it’s just the beginning of broader interest.
Why Google Trends Doesn’t Tell the Whole Story
Relying on Google searches to measure retail demand may no longer work the way it used to. With AI tools increasingly replacing traditional search, and with concepts like “altcoins” now part of everyday investor vocabulary, Trends data might not be capturing where and how money is really flowing.
Instead, analysts point to on-chain and trading activity as better indicators of where momentum is building. And in August, that momentum was fragmented.
A Season of Winners and Losers
Data from Artemis showed only a few categories outperforming last month: Ethereum, exchange tokens, and oracles.
Beyond these bright spots, however, most altcoins struggled. The result? A patchwork “mini season” rather than the explosive, across-the-board surge that retail and social media had been hoping for.
Polygon’s co-founder Sandeep put it bluntly: "Retail is searching, but institutions aren't buying the narratives yet. Old altcoin seasons were driven by speculation and promises and narratives and marketing. Institutional money is smarter money. It cares about real utility and cash flows. The next "alt season" won't look like 2017 or 2021. It’ll be fewer tokens with actual usage, not just tokens with better marketing." Sandeep said.
The Road Ahead
That doesn’t mean altcoin season is dead, it probably just means it’s evolving. Coinbase has suggested that the next true wave could arrive as early as September, but that it likely won’t be a full-scale altcoin season.
Bottom line? The altcoin season isn’t gone; it’s just different. It’s maturing. And the next leg up may not belong to every token in the market, but only to the select few proving they can deliver value beyond mere speculation.
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Harnessing a wealth of security strategies, fintechs and banks employ several safeguarding measures to protect your hard-earned money. But, as one might expect, fraudsters continually strive to discover ways to exploit these protections.
In this article, let's delve into the tactics used by criminals to attempt to manipulate you into authorising card transactions inside the Tap app. These aren't transactions that originate from your usual activity, instead, they are crafty attempts at transactions initiated by nefarious individuals looking to exploit your finances.
Stolen card schemes
The initial phase of this deception involves a criminal acquiring credit or debit card details. Such information could either be procured during genuine organisation data breaches or through responding to deceitful texts or emails, which is widely known as phishing or smishing. These messages often pose as credible businesses. In certain cases, they could even resort to physically stealing your card.
There are some preventive measures you can take to safeguard your personal and financial data:
1. Cultivate a healthy scepticism when it comes to text messages or emails containing links, especially those urging for payment details or requesting account login.
2. Instead of immediately clicking on links in messages that appear to be from “reputable companies”, consider an alternative method. Use Google to search for them independently (without using the provided link in their message) to ensure their credibility. Conducting your own research can effectively protect you against possible scams.
Safe account fraud schemes
Scammers get creative to try to trick you out of your money. A common trick is to make you worry about your bank account's safety. They might call you, making it look like it's from a real bank or fintech pretty convincingly — a trick usually known as 'spoofing.'
During such a call, they might ask you to approve a card transfer, suggesting it will move your money to a 'secure place' as protection. To sound convincing, they might even tell you that any payment you can see on your app isn't real and is instead a 'test' of your account's safety.
However, it's crucial to remember that legitimate financial institutions will never prompt you to relocate your finances or process payments to ensure your account's security. Instead, they already have stringent security measures in place to protect your money.
If you receive such a call, take a moment and think. You're better off hanging up and checking things out. Tap support and security team will never call you over the phone. It's always smarter to take a moment to be safe than regret being in a hurry later.
Impersonating refund scams
An additional technique employed to deceive individuals into authorising a card payment through their app involves fraudulent calls wherein the caller pretends to represent an online store. Picture this: You receive a call with the caller claiming an unauthorised purchase has been made using your card.
Naturally, your immediate reaction is denial, because you didn't make that purchase.
But here comes the twist. The tricksters would insist that in order to rectify the error and process your refund, you need to confirm the payment in your app. It sounds counterintuitive, right? That's because it is!
In both instances, the authenticity of these scams lies in the detailed knowledge that the fraudster already possesses your card – they have all the information required to initiate a payment (refer to the previous section named 'Stolen card schemes').
The illusion of their credibility sparks a false sense of security, leading you to authorise the payment. Unfortunately, when you authorise the payment within the application, you're effectively granting permission for the funds to be debited from your account.
How criminals try to bypass security measures
Criminals continually seek ways to evade security measures, particularly those designed to protect online financial transactions. One such protective measure is 3DSecure, deployed to fortify the safety of your online card transactions.
3DSecure functions by prompting the cardholder to authenticate certain transactions using their Tap application. This verification process ensures that the individual carrying out the payment is indeed the card's legitimate owner and not an unauthorised party.
Intriguingly, scammers have constructed a strategy to bypass this safeguard. Their preferred method is a telephonic approach, attempting to manipulate unsuspecting individuals into authorising transactions on their behalf.
What steps can I take to safeguard myself?
When finance meets technology, the world is your oyster - until you encounter a scam. Spotting a scam is your first line of defence. If a random individual approaches you, pressuring you to approve a card payment through your app, hug your inner sceptic. This rings alarm bells for a scam. Should you find yourself in such a pickle, don’t hesitate - hang up, firmly dismiss it, and message the Tap support team to report the incident.
Fortifying your financial fortress is an easier task than before, thanks to the accessibility of financial apps. The Tap app puts the power of financial security in your hands - literally! Located under the 'Cards' tab, you'll find a freeze card toggle. A quick press of this nifty control will lock your card, thus preventing unauthorised transactions.
Just like you wouldn't let a stranger inside your home, it's wise not to accept card payments that you never asked for. This could leave you susceptible to scams, meaning your hard-earned money risks vanishing into thin air.
Despite your best efforts, if you find yourself entangled in a fraudulent scenario - don’t despair. Our customer service team is there for you. Contact them through the Tap app live chat or via email immediately.
Finally, pay a visit to the security section of our blog, where you will find tips to be armed with extra tips for dodging scams as you proceed on your personal finance journey. Remember, stay savvy, stay safe, and keep nurturing your financial know-how.
It’s safe to say that most people using online payment methods are familiar with PayPal. Known for its swift and seamless transactions, the nature of PayPal is appreciated by millions. Taking things one step further, the payment platform has launched a Friends and Family function to make payments even more simple.
In this guide we’re divulging the details of the new function, exploring how it works and the fees they charge. We’ll also take a look at how Tap can help you take this one step further. After all, who doesn’t want to know a more convenient and secure way to send money to your loved ones?
How does the PayPal Friends and Family feature work?
The PayPal Friends and Family feature works by enabling users to send money to their friends and family without any fees.
According to the website, users need to have a PayPal account and select the "Send Money" option when wanting to make use of the function. Then, choose the "Sending to a friend " option, entering the recipient's email or phone number, and the payment amount.
Once confirmed, the funds are transferred securely, and the recipient can receive the money in their PayPal account. It's a straightforward and convenient way to share money with loved ones, making transactions fee-free (if conducted with GBP) and creating a closer connection within your inner circle.
Note that the transactions are only fee-free if they are done without a currency conversion and you use your bank account or PayPal balance. If you execute the transaction using a debit or credit card or to another currency, a fee will be applicable (see below).
PayPal’s Friends and Family vs. Goods and Services
When using PayPal, it's important to know the differences between PayPal's Friends and Family feature and the Goods and Services feature.
Friends and Family is best for casual, non-commercial transactions, like sending money to family or splitting the bill with friends, as it's mostly fee-free. However, it lacks buyer and seller protections.
Goods and Services, on the other hand, is for commercial transactions, offering added security, buyer protection, and seller protection. These payments are subject to a fee, incurred by the seller of the item you’re purchasing.
The pros and cons of using PayPal Friends and Family
The advantages of using the feature
Firstly, fee-free transactions make it an economical choice for sending money to loved ones or splitting expenses with friends. The Friends and Family feature allows users to save on unnecessary fees, maximising the value of their transfers.
Secondly, PayPal ensures enhanced security measures, safeguarding users' transactions through encryption and fraud prevention tools. This instils confidence in users, knowing their funds are protected from unauthorised access.
Lastly, the convenience and speed of PayPal Friends and Family make it an attractive option for quick and seamless money transfers, ensuring that recipients receive the funds promptly.
The limitations of the feature
While PayPal Friends and Family offers numerous benefits, it also has certain limitations and requires responsible use.
Firstly, it's important to be aware of the restrictions on payment types allowed in Friends and Family transactions, as certain purchases, such as for goods or services, should be conducted through the Goods and Services option for added protection. Using PayPal Friends and Family for business-related transactions violates PayPal's terms of service, potentially leading to account limitations.
Secondly, following best practices ensures secure transactions, such as only sending money to people you trust, verifying recipient information, and keeping communication open.
As mentioned above, it’s important to note that when sending funds to friends and family in other currencies there are fees involved. This fee is 5% of the amount being sent (a minimum of £0.99 and a maximum of £2.99). Then, there’s an additional 3% charge on the currency exchange that senders are liable for. We explore these fees in a comparison table below, using a clear example.
Tap’s money transfer solution
Tap is a fully regulated fintech platform, offering a similar money-sending service, streamlining the process of converting currency and sending funds abroad. From the app, these funds can be sent to any bank account, whether an individual, a municipality bill, or a business account.
Whether you’re sending funds to a friend overseas for their birthday or paying an electricity bill from your holiday villa, Tap provides a secure and fool-proof transfer option.
When your transaction involves a change in currency or external bank account, there will be a small charge determined by the account that the sender holds. Note that at Tap there are several tiered accounts, ranging from Essential to Prestige. You can learn more about the Tap accounts and how they work here.
Based on the account options, the following fees will be incurred when sending money to an outside bank account (i.e. a non-Tap user) and completing the currency conversion:
Essential: €2.00 (+ exchange markup of 1.99%)
Plus: €1.50 (+ exchange markup of 1.49%)
Prime: €1.00 (+ exchange markup of 0.99%)
Premier: €0.75 (+ exchange markup of 0.75%)
Platinum: €0.50 (+ exchange markup of 0.5%)
Prestige: €0.25 (+ exchange markup of 0.25%)
Sending money abroad fee comparison: PayPal vs Tap
Taking these fees into account, let’s compare expenses of sending funds from one platform to another friend’s bank account (note that all transactions between Tap users are free, so if your friend has a Tap account you can wave the initial row).
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*Please note that these prices are based on current exchange rates and may differ. The original fee structure is worked out in EUR, so to make this table easier to understand we have converted the fee to GBP for you.
Tap2Tap payment solution
With the Tap2Tap feature, you can enjoy fee-free and limitless money transfers, offering instant and secure transactions without any restrictions. The real-time payment network supports both crypto and fiat currencies, that’s GBP, EUR, USD, and 40+ cryptocurrencies. All you need to do is have a positive balance and the recipient must simply have an account.
For example:
Say you want to send ￡50 to your mom for Mother’s Day. If you both have Tap accounts, this transaction is free of charge. You simply need to have the available balance and execute the transaction using the Tap2Tap feature.
If your mom lived outside the country and required a different currency, Euros for example, you can still send her the money incurring a small fee (mentioned above). This fee structure is determined by the Tap account that you have (outlined above).
How to use the Tap2Tap feature
Making use of Tap’s free transactions is easy. All you need to do is create an account and load the currencies you wish to use. In order to send the instant payments, the recipient of the funds must also have a Tap account.
In order to open a Tap account, you and your recipient will need to:
- Download the Tap app
- Create an account
- Complete the KYC identity verification process
You will then need to load your account with EUR or GBP, or one of the over 40 different cryptocurrencies. Then simply open the wallet you wish to transfer the funds of, select Send, and choose the relevant option.
Final thoughts
In conclusion, PayPal Friends and Family provides a convenient way to send money to loved ones, but it's essential to be aware of the associated fees and limitations. While it offers fee-free transactions within the UK, international transfers and debit/credit card payments incur charges. Additionally, the lack of buyer and seller protections makes it best suited for casual, non-commercial transactions.
To take money transfers to the next level, Tap offers fee-free and limitless transactions within the same currency to other Tap users. It also provides an efficient and cost-effective solution to sending money abroad. By making informed choices and utilising the Tap app, users can enjoy seamless and economical money transfers.
References:
- PayPal: What's the difference between Friends and Family or Goods and Services
- PayPal fees
- Tap Connect Network, please read alongside the Terms and Conditions
- Tap account options
- All of the above is subject to customers’ passing an identity verification process.
In the rapidly evolving landscape of cryptocurrencies, investors are always searching for dependable platforms that provide effortless trading experiences and a diverse array of features. Among the multitude of options available, distinguishing between Tap and traditional crypto exchanges can be challenging. Although both facilitate cryptocurrency trading, they exhibit notable disparities in their offerings and functionalities. In this article, we will delve into five fundamental distinctions that position Tap as a superior choice when compared to traditional crypto exchanges.
All-in-One Platform:
One of the most significant advantages of Tap over traditional crypto exchanges is its all-in-one platform. Tap is not solely a cryptocurrency exchange but a comprehensive financial platform that seamlessly integrates cryptocurrencies with traditional fiat financial services. Users can hold and exchange various cryptocurrencies alongside fiat currencies in a single account. This unique feature provides unparalleled convenience, allowing customers to manage their finances and investments in one place. On the other hand, traditional crypto exchanges usually only support cryptocurrency trading, requiring users to transfer funds back and forth between different accounts for fiat-related transactions.
User-Friendly Interface:
Tap prides itself on its user-friendly interface, designed to cater to both seasoned traders and newcomers to the crypto space. The platform's intuitive design makes it easy for users to navigate, monitor market trends, and execute trades efficiently. Additionally, Tap provides real-time market data, educational resources on its blog, and insights to help users make informed decisions. Conversely, many traditional crypto exchanges can be overwhelming, especially for beginners, with complex interfaces and limited educational support.
Instant Fiat-Crypto Conversion:
Another standout feature of Tap is its instant fiat-crypto conversion. Users can easily convert their fiat currency into a wide range of cryptocurrencies at competitive exchange rates, without the need for additional transactions or fees. This convenience streamlines the trading process and allows users to capitalize on market opportunities swiftly. In contrast, traditional crypto exchanges often require users to deposit funds, wait for approval, and then execute trades, which can take hours or even days to complete.
Broad Range of Cryptocurrencies:
Tap offers an extensive selection of 40+ cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more. With Tap, users have the flexibility to diversify their crypto portfolio easily. Moreover, the platform regularly adds new cryptocurrencies to its offerings, ensuring users have access to the latest and most promising digital assets. In contrast, some traditional crypto exchanges have a limited selection of cryptocurrencies, restricting users' investment options.
Pair Agnostic Trading:
A key advantage that sets Tap apart from traditional crypto exchanges is its pair agnostic trading feature. With Tap, users can seamlessly exchange any crypto asset for any other crypto asset directly on the platform. This eliminates the need for multiple exchanges or restrictions on which assets can be traded against each other. Unlike traditional crypto exchanges that often impose limitations on trading pairs, Tap empowers its users with unmatched flexibility, allowing them to swiftly trade between a vast array of cryptocurrencies or fiat.
Enhanced Security and Regulation:
Tap sets a high standard for security and regulatory compliance. As a regulated financial institution, the platform follows stringent security measures to safeguard users' funds and personal data. Tap employs advanced encryption protocols and two-factor authentication to protect accounts from unauthorized access. Additionally, it complies with regulatory requirements, ensuring a safe and reliable trading environment. On the other hand, traditional crypto exchanges may not always adhere to the same level of regulatory scrutiny, leaving users potentially exposed to security risks and uncertainties.
In conclusion:
In conclusion, Tap stands out as a superior choice compared to traditional crypto exchanges due to its all-in-one platform, user-friendly interface, instant fiat-crypto conversion, broad range of cryptocurrencies, and enhanced security and regulation. Its seamless integration of cryptocurrencies with traditional financial fiat services makes it a one-stop solution for financial management and investment needs. With Tap, users can trade cryptocurrencies with ease and confidence, backed by a robust and secure platform. Whether you are a seasoned crypto investor or a newcomer to the world of digital assets, Tap offers a compelling and competitive solution for your trading and financial needs.
We are delighted to announce the listing and support of Loopring (LRC) on Tap!
LRC is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold LRC for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.
We believe supporting LRC will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.
Addressing the speed and cost concerns associated with the Ethereum platform and decentralized cryptocurrency exchanges, Loopring delivers a new layer to the DeFi space. Describing itself as “an open-source, audited, and non-custodial exchange protocol,” Loopring is bringing something new and innovative to the space.
The Loopring Exchange aims to offer a hybrid platform combining the best features of centralized exchanges and decentralized exchanges, addressing issues like structural limitations and transparency. The platform combines centralized order matching with decentralized blockchain order settlement, using zero-knowledge proofs (ZKPs) for enhanced privacy, reduced costs, and high speeds.
The Loopring cryptocurrency, LRC, plays a crucial role in the operations of the protocol.
To operate a decentralized exchange on Loopring, a minimum of 250,000 LRC needs to be locked up. This allows the exchange operator to utilize on-chain data proofs. Alternatively, an operator can stake 1 million LRC to run an exchange without this feature.
LRC serves as an incentive for the proper utilization of the Loopring network. Exchange operators who deposit LRC may face confiscation of their deposits by the protocol if they operate exchanges poorly. These confiscated funds are then distributed to users who choose to lock up LRC.
Get to know more about Loopring (LRC) in our dedicated article here.
Are you ready to embrace the future of cashless payments? As Europeans increasingly rely on digital payment methods, the European Union is exploring implementing a safe and effective transition. Enter the digital euro, a potential game-changer in the world of virtual money.
In this article, we'll dive into what the digital euro is all about and how it works. Get ready to discover how this innovative currency could streamline transactions, reduce costs, and empower individuals and businesses throughout the Eurozone. It's high time we unlock the possibilities of the digital euro and embrace the convenience of a cashless future.
What is the digital euro?
The digital euro, at its core, is a virtual currency designed for the Eurozone. It operates entirely digitally, making transactions fast, secure, and innovative. As a digital currency, it exists in electronic form, with no physical counterpart like traditional banknotes or coins.
The European Central Bank (ECB) plays a crucial role in issuing and managing the digital euro, ensuring its legal value and guaranteeing its acceptance alongside physical cash. With the ECB's oversight, the digital euro aims to provide a seamless and convenient payment method for businesses and individuals alike, revolutionising the way we handle money in the digital age.
Is the digital euro a cryptocurrency?
No, the digital euro is not considered a cryptocurrency. While both the digital euro and cryptocurrencies are virtual assets, there are key differences between them.
Cryptocurrencies, like Bitcoin, are typically decentralised and operate independently of central banks or public authorities. They are often issued by private individuals and allow for peer-to-peer transactions without the need for intermediaries like central banks.
In contrast, the digital euro will be issued and regulated by the European Central Bank (ECB), making it a central bank digital currency (CBDC). The digital euro will operate on a centralised system and will be managed and regulated using blockchain technology operated by the central bank.
Why do we need a digital euro?
The digital euro has several key objectives aimed at transforming the financial landscape. Firstly, it seeks to enhance financial integration within the Eurozone by providing a common and easily accessible digital payment solution for all member countries.
Secondly, the digital euro aims to bolster security, offering a safe and trusted digital currency that can mitigate risks associated with traditional payment methods. For users, the digital euro promises convenience by enabling fast and seamless transactions, eliminating the need for physical currency.
Additionally, it has the potential to be cost-effective, reducing transaction fees and providing efficient payment options for both businesses and individuals. The digital euro also allows anyone to use the currency without creating a bank account associated with the central bank.
How will the digital euro work?
The virtual currency operates on an innovative framework, known as blockchain technology, revolutionising the way we transact. To use the digital euro, individuals and businesses will need to create a digital wallet, similar to those used for cryptocurrencies.
However, unlike cryptocurrencies, the digital euro will be issued and regulated by the European Central Bank (ECB), ensuring its stability and legal value. Despite it being a digital currency, it is still regarded as central bank money as it is operated by the central bank. Users won't require a traditional bank account, as the digital euro can be deposited directly at the European Central Bank. This empowers individuals to engage in peer-to-peer transactions without relying on commercial banks as intermediaries.
With blockchain technology as its backbone, the digital euro ensures secure, traceable, and efficient transactions, making it a cutting-edge payment method for the modern era while remaining central bank money.
Advantages of implementing the digital euro
The modern payment tool is designed to empower all private citizens and businesses in the Eurozone. Once approved, the digital euro will revolutionise transactions with its simplicity and immediacy. Here's what it brings:
Streamlined processes
The digitization of payments will make purchases and money transactions simpler and faster.
Cost savings
The digital euro significantly reduces costs associated with payment systems, putting more money back in your pocket.
Environmental benefits
By embracing the digital euro project, we contribute to a drastic reduction in the ecological footprint associated with monetary and payment systems within the financial sector.
Instant support
In times of need, governments can swiftly provide economic aid to citizens, thanks to the digital euro.
Anti-money laundering
With transaction registration, we can effectively combat money laundering and tax evasion.
Financial inclusion
The digital euro ensures everyone, even those without a bank account, can enjoy the simplicity and security of digital payments within the financial system.
Risks associated with the digital euro
While the digital euro brings numerous benefits, it's important to be aware of potential risks. Here are a few considerations:
Privacy
The digital euro complements physical cash, known for its anonymity. While it aids in anti-money laundering, tracking payments could limit citizen privacy to some extent.
Impact on banks
As the digital euro gains popularity, deposits in credit institutions may decrease, potentially affecting loan availability. Credit institutions and payment intermediaries, and even national central banks, may need to revise their business models to adapt to the digital euro ecosystem and safeguard financial stability within the greater financial system.
Traditional euro vs the digital euro
When comparing the digital euro to traditional currency, there are both similarities and differences to consider. In terms of similarities, both the digital euro and physical currency share the fundamental purpose of facilitating transactions and serving as a medium of exchange. While the digital euro operates in the digital realm, central banks physical banknotes and coins continue to play a significant role in everyday transactions alongside the digital euro. It's important to note that both are central bank money.
However, key differences set the digital euro apart. The digital euro offers advantages such as faster transactions, as it eliminates the need for physical exchange and reduces processing times.
Additionally, the digital euro promotes financial inclusion by enabling individuals without a bank account to participate in the digital economy, expanding access to secure and convenient payment methods. The digital euro is not designed to replace the traditional currency, but rather coexist alongside it.
It is, however, poised to shape the future of currency.
The current landscape of CBDCs
While the digital euro is expected to take 5 years to implement, other countries around the world are also in the running to release a central bank digital currency of their own. In fact, approximately 50 central banks around the world are actively researching or experimenting with central bank digital currencies, confirming that the race to embrace digital currencies and central bank money is on.
The Bahamas lead the pack with their Sand Dollar, a digital version of the Bahamian dollar launched in October 2020. The dollar offers users free mobile transactions and a safer option than carrying cash. Other noteworthy initiatives include China with the digital renminbi (e-CNY) already in testing and Sweden’s e-krona, and now, the digital euro project.
This thriving landscape in the financial system signifies the growing acceptance of digital currencies by central banks. As financial inclusion, individual financial stability, streamlined payment systems, and the emergence of private cryptocurrencies take centre stage, the exploration of CBDCs empowers nations and central banks to shape the future of money and unlock new possibilities for a digitally empowered society.
Final thoughts
In conclusion, the digital euro represents a transformative leap toward a cashless future. With its aim of enhancing financial integration, strengthening security, and providing convenient payment options, the digital euro has the potential to revolutionise the way we handle money in the Eurozone.
Operating on blockchain technology and regulated by the European Central Bank, the digital euro offers fast, secure, and efficient transactions, empowering individuals and businesses alike. While the digital euro coexists with physical currency, its advantages, such as faster transactions and increased financial inclusion, make it a promising addition to the financial landscape.
As countries worldwide explore the potential of central bank digital currencies, including the Sand Dollar, the future of digital currencies appears bright, heralding a new era of financial empowerment. Keep an eye out for the digital euro in months to come.
Tap experienced a significant growth in our user base during Q1 2023. While this was a cause for celebration, it also attracted the unwanted attention of fraudsters. Lured by our platform's quick onboarding and seamless fiat and crypto transactions, these fraudsters exploited remote access tools like Teamviewer and Anydesk to abuse vulnerable individuals . In response, we felt compelled to implement a robust and necessary Anti-Scam Protection Feature.
This feature, while stringent and non-negotiable, is not designed to control our users' app preferences. Instead, it is a forceful, yet crucial measure to ensure their safety and protect the integrity of our platform.
Regulatory Responsibility: As a regulated financial entity, we're duty-bound to shield our users from potential threats and foster safe digital practices. Our Anti-Scam Protection Feature stands as testament to this commitment. It doesn't merely warn users about potentially risky apps; it mandates their removal to ensure the secure use of our services.
Proactive Measures: Scams utilizing remote access tools can be highly sophisticated and often slip past even the most vigilant defenses. Our feature is a stringent proactive measure, akin to a car's seatbelt, designed to preemptively avert such situations.
User Autonomy: At Tap, we deeply value our users' autonomy and their ability to manage their digital safety. However, we also acknowledge that scammers' tactics can be complex and deceptive. The Anti-Scam Protection Feature is our firm stand against such threats, ensuring all users can safely navigate the digital banking landscape.
At Tap, we go beyond secure transactions. Our vision is to create a 'super app' that caters to everyone's needs. We prioritize the protection and well-being of all our customers, including our beloved pops and nans. Understanding the older generation's vulnerability to scams, we are committed to making digital banking accessible and safe for people of all ages. This feature is a significant step towards that vision.
Now, it's crucial to understand an often-overlooked concept outside the payments industry – the "fraud threshold." This measure ensures that financial platforms don't profit from fraudulent transactions. While a high fraud rate may inflate revenues temporarily, it risks losing critical payment services like GBP - Faster Payments and Euro SEPA transfers over time.
Weighing the pros and cons of our Anti-Scam Protection Feature provides a clearer perspective:
CONS:
- Potential displeasure amongst users of apps like Teamviewer, Anydesk, and others.
- Possible loss of a few users.
PROS:
- Protection of user life savings.
- Deterrence of scammers.
- Preservation of crucial payment relationships.
- Ensuring availability of payment rails for all our users.
The Anti-Scam Protection Feature is an assertive measure, and we understand it may cause some inconvenience. But it's an essential step in our commitment to providing a safe, secure, and accessible digital banking environment for everyone.