4 ms·

sigh - the "lesson" finance industry folks are learning, is to communicate by encrypted personal apps.

• bushbaba 3y ago
  Lesson is to not put incriminating statements over logged (electronic) mediums. That’s the type of comment you state f2f.
• pjc50 3y ago
  The relationship between encrypted personal apps and legal discovery is .. interesting. The UK government seems to have taken to using Whatsapp for this purpose, along with conveniently "losing" or factory resetting phones that might have evidence that would be relevant to a public inquiry.
  • weinzierl 3y ago
    "losing" or factory resetting phones that might have evidence Only beat by the latest: "I still have the phone but I've been told to never switch it on again ever to not compromise national security".
  • blitzar 3y ago
    As per the legislation of the UK, if you did in a Bank what the UK government does in Government (with whatsapp), you would be in jail.
• hef19898 3y ago
  Regulated finance is already in hot water for the simple fact of using encrypted personal appsnfor communication, even if that communication isn't hinting at crimes. Traditional finance already knows what not to put in writing at all. Some crypto bro amateurs just gave their compliance training people a ton of funny quotes to work with.
• bee_rider 3y ago
  This would be an awesome lesson for them to learn, if they get confident in their encrypted comms, they might start writing what they really say behind closed doors. Then, when the prosecution flips one, we’ll get some real juicy stuff.
• snake_doc 3y ago
  Eh no? There’s increasing SEC enforcement discretion to require record keeping for all communications, including encrypted apps. To the tune of billions of dollars of fines… https://www.bloomberg.com/news/articles/2022-09-27/wall-street-whatsapp-probe-poised-to-result-in-historic-fine https://www.bloomberg.com/news/articles/2022-09-27/wall-stre...
• kasey_junk 3y ago
  One of the first lessons you learn in finance is that if you get caught using personal apps (encrypted or not) for work product, you are at best fired but also potentially prosecuted. It turns out finance regulators have heard about WhatsApp and will take it out on your firm if you use it. https://www.computerworld.com/article/3675289/16-wall-street-firms-fined-18b-for-using-private-text-apps-lying-about-it.amp.html https://www.computerworld.com/article/3675289/16-wall-street...
• compiler-guy 3y ago
  Encrypted data is just as easily subpoened as unencrypted data. Subpoenas come in the form of "give us everything related to X." In case of highly-relevant info mixed with other non-relevant, but highly-confidential information, some courts allow a trusted third-party to see the documents and use their judgement what to submit to the court as part of the subpoena. "But courts won't know what is in the encrypted info, so can't subpoena it, and you can't get in trouble over that." doesn't work. They order you to hand everything over. If you decline, and the opposing party convinces someone on your side to cooperate, you are in trouble. If you decide not to turn something over, you get a nice stint in contempt-of-court land, which may include some all-expense paid nights at a not-so-nice hotel.
• rchaud 3y ago
  Blackberries weren't called Crackberries because people were sending each other funny emails. they were sending encrypted chat via BBM years before iMessage took off.
• lost_tourist 3y ago
  probably want to set those convos to expire after a week (or even 24hrs) or so, no?