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Paycheck-to-Paycheck Living Extends to Higher-Income US Households, According to Bank of America Analysis

Living paycheck to paycheck might typically bring to mind lower-income households, yet recent data shows that around 20% of US households earning over $150,000 a year are also in this position. This finding comes from a new Bank of America analysis, which examined anonymized banking accounts and spending habits of US customers.

In the analysis, paycheck-to-paycheck living is defined as households allocating more than 95% of their income to essential costs like gas, food, utilities, internet, public transportation, child care, and housing. While lower-income households saw the highest proportion—approximately 35% of those earning below $50,000 annually—experiencing this strain, even at income levels above $150,000, the share remains significant.

It’s typically assumed that higher-income households would have more disposable income, yet several factors counter this expectation. According to the analysis, many higher-income earners may have purchased larger homes with substantial mortgages, leading to higher insurance, property tax, and utility expenses. Bank of America Institute’s senior economist David Tinsley also noted that some may take on larger mortgages in anticipation of future raises or promotions, while others with young children may face temporary spikes in essential spending, such as child care, that may decrease as children age.

Tinsley’s team noted that all spending toward child care was classified as a necessity, regardless of whether the spending went to a standard or elite preschool. The analysis reflects the financial pressures inflation continues to place across income brackets, even as the pace of price increases has eased over the past two years. Still, Americans are now paying approximately 20% more than before the pandemic in early 2020.

Simultaneously, wage growth has decelerated. Data from the Labor Department show that while average hourly wages rose 4% year-over-year in September, this rate was lower than two years prior when wage increases exceeded 5%.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
United States Washington D.C. Joe Biden Joe Biden 26,949,643 80,412 27,970,000 80,412

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CEOWORLD magazineLatestSpecial ReportsPaycheck-to-Paycheck Living Extends to Higher-Income US Households, According to Bank of America Analysis


AI and Innovation: Google CEO Sundar Pichai Praises PM Modi’s Vision for India’s Tech Future

Sundar Pichai, CEO of Google, was among several prominent tech leaders who met with Prime Minister Narendra Modi during a roundtable in New York, where the Indian leader emphasized the importance of ensuring that Artificial Intelligence (AI) benefits the Indian population. Pichai, reflecting on the discussions, highlighted that Prime Minister Modi is focused on leveraging AI to transform key sectors such as healthcare, education, and agriculture. He remarked that the Prime Minister continues to push global tech companies to invest more in India’s technological future.

Pichai noted that Modi’s Digital India vision has been a driving force behind Google’s increased commitment to India, including the local manufacturing of Pixel phones. Modi, he said, is not only focused on AI but also on strengthening India’s infrastructure, from data centers to energy and power systems, to support the nation’s digital transformation. Pichai underscored Google’s ongoing investments in AI in India, mentioning existing collaborations with India’s Ministry of Electronics and Information Technology (MeitY), as well as partnerships with various state and central government bodies in the areas of agriculture and health.

The Google CEO shared that Modi has consistently challenged the tech industry to think bigger and do more for India, particularly when it comes to AI. Modi, according to Pichai, has a clear vision for AI’s potential in India and wants to ensure that the technology ultimately serves the broader population.

Pichai was one of several tech CEOs in attendance at the roundtable, which was hosted by the Massachusetts Institute of Technology (MIT) School of Engineering. Other participants included Nvidia CEO Jensen Huang, Adobe’s Shantanu Narayen, AMD’s Lisa Su, HP’s Enrique Lores, IBM’s Arvind Krishna, and Accenture’s Julie Sweet. Jensen Huang praised Prime Minister Modi as an “incredible student” of technology, noting Modi’s eagerness to learn more about AI and expressing his enthusiasm for Nvidia’s growing collaborations with Indian companies, start-ups, and institutes like the Indian Institutes of Technology (IITs).

Following the event, Prime Minister Modi shared on social media that the roundtable had been highly productive, covering topics related to technology, innovation, and India’s strides in these fields. He highlighted the optimism surrounding India’s tech landscape and emphasized the progress the country has made in AI, quantum computing, biotechnology, and semiconductors.

According to the Ministry of External Affairs, discussions during the roundtable focused on emerging technologies, including AI, quantum computing, biotechnology, and semiconductor manufacturing. Modi underscored India’s ongoing economic transformation, particularly in electronics and IT manufacturing, semiconductors, and biotech, and reiterated his government’s commitment to positioning India as a global hub for semiconductor production. He also mentioned India’s BIO E3 policy, aimed at developing the country into a biotechnology powerhouse.

The tech CEOs in attendance expressed strong interest in further investment and collaboration with India, acknowledging the nation’s growing prominence as a global technology hub fueled by innovation-friendly policies and significant market opportunities.

 

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CEOWORLD magazineLatestTech and InnovationAI and Innovation: Google CEO Sundar Pichai Praises PM Modi’s Vision for India’s Tech Future


Oxfam Urges Climate Accountability for World’s Wealthiest in Stark Emissions Report

Oxfam has raised urgent concerns regarding the carbon emissions produced by the world’s wealthiest individuals, drawing attention to significant disparities in emission levels and suggesting that the ultra-wealthy’s climate actions could encourage broader societal acceptance of essential climate reforms.

In its October 28 report, Oxfam emphasized that if global carbon emissions mirrored those from the luxury transport of the 50 wealthiest billionaires, the remaining global carbon budget would deplete in just two days. Oxfam, an organization committed to combating inequality and poverty, identified these top billionaires as major contributors to the climate crisis. According to the report, a single billionaire among this elite group emits approximately 7,746 tons of CO₂ annually from private jet and yacht usage, while an individual from the world’s poorest 50% emits just 1.01 tons each year.

The findings are detailed in the report, Carbon Inequality Kills: Why Curbing the Excessive Emissions of an Elite Few Can Create a Sustainable Planet for All, which relies on data from researchers at Concordia University, Dartmouth College, Stanford University, and the Stockholm Environment Institute. The referenced “carbon budget” outlines the maximum CO₂ equivalent that can be released without surpassing a 1.5°C increase in global temperatures.

Oxfam’s report highlighted specific carbon footprints of prominent billionaires, estimating Elon Musk’s emissions at 5,947 tons of CO₂ annually—equivalent to 834 years of emissions for the global average individual or 5,437 years for someone in the lowest 50% income bracket.

Climate activists have long monitored billionaires’ private travel habits to estimate associated emissions. Bernard Arnault, chairman of luxury conglomerate LVMH, notably faced scrutiny when his jet was tracked by the Instagram account @laviondebernard, prompting him to sell it in 2022. Arnault then stated that he now rents private jets, which Oxfam criticized as a strategy to “evade accountability for climate impact.”

Superyachts also featured prominently in the report, with Oxfam noting that these high-emission vessels receive less attention than private jets. The number of superyachts has doubled since 2000, with approximately 150 launched each year. Oxfam calculated that a single superyacht emits an average of 5,672 tons of CO₂ per year, more than triple the emissions of a billionaire’s private jet.

The report called for a reduction in the disparity between the wealthiest and the rest of the world, arguing that substantial and sustained changes could address both climate change and social justice. Oxfam urged governments to set a global goal to significantly reduce inequalities between the Global North and South, stating that although cutting emissions from billionaires alone won’t fully resolve climate change, such efforts could support widespread public endorsement of comprehensive reforms.

 

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CEOWORLD magazineLatestSpecial ReportsOxfam Urges Climate Accountability for World’s Wealthiest in Stark Emissions Report


ByteDance Founder Zhang Yiming, with a Net Worth of $49.3 Billion, is Crowned China’s Richest, Overtaking Zhong Shanshan

For the first time, ByteDance founder Zhang Yiming has taken the top spot as China’s richest individual. Zhang’s net worth surged to $49.3 billion, putting him ahead of former leader Zhong Shanshan, the chairperson of Nongfu Spring, whose wealth declined by 24% to $47.9 billion after facing a public backlash earlier this year. Zhang, who held fifth place in the previous ranking, has now overtaken Zhong, who dominated the list for three years straight.

ByteDance, known for its globally successful app TikTok, saw a 30% increase in profits last year, Hurun reported. The wealth of other tech magnates also shifted this year: Tencent CEO Pony Ma Huateng dropped to third place despite his fortune climbing 13% to $44.4 billion due to Tencent’s impressive gains in revenue and profits. E-commerce visionary Colin Huang, founder of Pinduoduo, ranked fourth after a 9% decline in his wealth, followed by Midea’s He Xiangjian and CATL’s Zeng Yuqun in fifth and sixth places, respectively.

China’s number of ultra-wealthy individuals has shrunk, with 1,094 people holding over $700 million in assets, marking a decrease of 147 from last year. Combined wealth among these individuals stands at an estimated $3 trillion, representing a 10% year-over-year drop. The billionaire count also fell by 142 to 753, a sharp decline from its 2021 high of 1,185.

Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, attributed this decline to a tough year for China’s economy and stock markets, noting that the Hurun China Rich List has now shrunk for a record third year in a row. The tech, consumer electronics, and new energy sectors now dominate the list, whereas it was once led by real estate developers, reflecting changing economic trends in the country.

Hoogewerf further observed that today’s generation of Chinese entrepreneurs has a more global outlook than past generations. He highlighted Zhang Yiming’s international expansion with TikTok and Colin Huang’s creation of Temu as an e-commerce force worldwide, marking a shift toward a global approach among China’s wealthiest innovators.

GDP (nominal) Capital Head of State Head of Government GDP (nominal) per capita GDP (PPP) GDP (PPP) GDP (PPP) per capita
China Beijing Xi Jinping Li Qiang 17.700.899 12.541 35.004.000 23.309

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CEOWORLD magazineLatestMoney and WealthByteDance Founder Zhang Yiming, with a Net Worth of $49.3 Billion, is Crowned China’s Richest, Overtaking Zhong Shanshan


Washington D.C. Emerges as a Thriving Tech with Substantial Economic Growth

Washington, D.C. has long faced criticism as a potential tech hub, dismissed as too steeped in government culture—risk-averse, slow-paced, and lacking a focus on profitability. However, over the past 15 years, the city’s landscape has shifted as technology innovation spread beyond Silicon Valley, and D.C.’s economy experienced substantial growth.

Today, the D.C. metro area boasts four of the ten wealthiest counties in the United States, including the top two, Falls Church and Loudoun County. Meanwhile, government influence has evolved: while the democratic system has weakened, regulatory power controlled by large corporations has intensified. Examining Washington D.C.’s ecosystem, part of a broader series on legacy and second-tier cities reveals a growing tech scene fueled by suburban affluence and shaped by this new regulatory landscape.

Recent data from Pitchbook ranks Washington, D.C., as the fifth most significant startup hub in the U.S., surpassing Austin and Seattle but trailing Silicon Valley, New York, Los Angeles, and Boston. D.C.’s notable tech unicorns include ID.me and Rebellion Defense, a military software provider, underscoring the city’s unique industry focus.

Venture firm K Street Capital has contributed to this growth, managing a $15 million venture fund and a $25 million fund of funds, with investments in companies like ID.me. Managing Partner Paige Soya, a former founder turned investor, notes an ongoing debate over whether D.C. has achieved “tier-one” city status while acknowledging the city’s clear upward trajectory.

Soya observed that the government plays an increasingly pivotal role in multiple sectors. K Street Capital’s strength lies in assisting smaller firms in gaining traction within heavily regulated fields often dominated by large corporations. She highlighted national security, finance, and public affairs as industries where proximity to D.C. or strong connections to the city offer significant advantages for startups navigating complex regulatory landscapes.

 

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CEOWORLD magazineLatestTech and InnovationWashington D.C. Emerges as a Thriving Tech with Substantial Economic Growth


Global Blue Economy Contributes Around $1.5 Trillion Annually – Projections to Reach $3 Trillion by 2030

The economic future may rest in the ocean, where a range of profitable opportunities, from tourism to energy, are emerging. However, the blue economy and the ocean itself are increasingly threatened by climate change, and without strong government intervention, these issues may intensify. At the same time, the ocean could be a vital factor in combating the climate crisis, provided effective conservation practices are established.

The World Bank defines the blue economy as “the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.” According to the Grantham Research Institute at the London School of Economics, it encompasses industries such as maritime shipping, fishing, aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed mining, and marine biotechnology. The United Nations Environment Programme estimates that the global blue economy currently contributes around $1.5 trillion annually and supports over 30 million jobs, with projections to reach $3 trillion by 2030.

In the United States, the blue economy contributed $476 billion to the nation’s GDP in 2022, equating to nearly 2% of the economy, according to the National Oceanic and Atmospheric Administration (NOAA). It generated $777 billion in sales and supported 2.4 million jobs, underscoring its importance, especially in coastal communities where 127 million people—or 40% of the U.S. population—reside. The U.S. blue economy is driven by three core pillars: the ocean’s economic contributions, environmental sustainability, and growth potential for all economies. Governments, including the U.S., are therefore keen to leverage the ocean for economic purposes while also safeguarding it from climate-related threats.

Ocean governance presents its own complexities. The Grantham Research Institute described the governance of the ocean and blue economy as both intricate and challenging to implement, leading to fragmented approaches among nations in sharing marine resources and assessing the environmental impacts of ocean-based industries. The United Nations emphasized that a sustainable blue economy must prioritize human well-being and justice. Many of those most affected by unsustainable ocean practices lack representation to voice their needs and rights and are unable to contribute directly to solutions.

With climate change raising ocean temperatures, protective measures are increasingly urgent. One of the most significant advancements in ocean governance is the U.N. High Seas Treaty, passed in 2023, which established cross-border conservation goals.

In the U.S., the New Blue Economy initiative aims to advance data collection to support sustainable blue economy growth. According to NOAA, this initiative seeks to enhance economic development, protect ocean health, and address societal challenges by improving ocean-derived data collection, analysis, and dissemination, while ensuring social equity.

For the blue economy to remain viable, a balance must be struck. The ocean is one of the world’s largest carbon sinks, capturing significant amounts of atmospheric carbon. However, industries such as seabed and deep-sea mining can harm the ocean’s carbon absorption capacity, exacerbating climate change. Enhancing the blue economy will thus require balancing economic growth with environmental protection.

The Grantham Research Institute highlighted the ocean’s critical role in regulating Earth’s temperature, absorbing carbon dioxide, and supporting biodiversity and livelihoods. However, it noted that only recently has the broader impact of the blue economy on climate change come into full view.

 

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CEOWORLD magazineLatestSpecial ReportsGlobal Blue Economy Contributes Around $1.5 Trillion Annually – Projections to Reach $3 Trillion by 2030


Nvidia’s AI Revolution Sparks Unstoppable Demand, Jensen Huang Says

Nvidia’s artificial intelligence (AI) chips are seeing unprecedented demand, according to CEO Jensen Huang, who characterized the surge as overwhelming during a recent televised appearance.

Huang’s remarks came during an interview, where he discussed Nvidia’s extended collaboration with IT consulting giant Accenture. The two companies announced a joint effort to enable businesses to harness AI technologies more effectively.

Nvidia’s stock, which finished Wednesday up by 1.6%, has experienced a meteoric rise, more than doubling in value this year, as enterprises scramble to secure its cutting-edge AI hardware to enhance their infrastructures. Accenture, whose shares rose 1.2% the same day, has posted a 1.5% gain so far in 2024.

The new agreement will see Accenture establish a specialized business unit, equipping consultants with the expertise to develop AI solutions tailored to clients’ needs using Nvidia’s technology and Meta’s open-source Llama AI models.

Huang emphasized the partnership’s vast potential, suggesting it would position the companies to address global AI demand, which he described as the dawn of a new era for enterprise AI.

Industry analyst Dan Ives of Wedbush drew parallels between Nvidia’s growing network of strategic partners and the ecosystems built by tech powerhouses like Microsoft and Oracle, predicting it could solidify Nvidia’s dominance in the sector.

 

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CEOWORLD magazineLatestTech and InnovationNvidia’s AI Revolution Sparks Unstoppable Demand, Jensen Huang Says


Aliko Dangote’s Wealth Dips by $35.8 Million Amid Market Shifts

Aliko Dangote, Africa’s wealthiest individual and a prominent industrialist, experienced a $35.8 million decrease in his net worth on Wednesday following the U.S. presidential election, bringing his total wealth to $27.7 billion as of Thursday. This change placed him 64th on the global list of the wealthiest individuals. Dangote’s fortune largely stems from his Lagos-based conglomerate, Dangote Group, which manages a range of industrial assets.

The most valuable asset in his portfolio is the Dangote Oil Refinery, Africa’s largest oil refinery, which commenced operations in early 2024. Dangote holds a 92.3% ownership stake in this $20 billion facility, valued according to its construction cost. Additionally, he owns a substantial fertilizer plant with an annual production capacity of 2.8 million tonnes of urea, appraised using a net present value calculation based on a 50% utilization rate.

Several Dangote Group companies are publicly listed on the Nigerian Stock Exchange. Dangote’s holdings include an 86% stake in Dangote Cement, Nigeria’s largest cement producer, as well as investments in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa. These shares are managed directly and through Dangote Industries, a core subsidiary of his Group. Dangote’s business interests also encompass privately held companies in sectors such as food manufacturing, agriculture, and packaging, which are valued based on their investment costs according to the Group’s 2023 audited financial statements.

The industrialist owns six residential and commercial properties in Lagos, valued using the capitalization method based on rental income estimates provided by his spokesman, Anthony Chiejina, and capitalization rates from CBRE Broll Nigeria.

The valuation of his cash reserves, held in both naira and U.S. dollars, is based on financial information disclosed by the Group in 2024.

 

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CEOWORLD magazineLatestMoney and WealthAliko Dangote’s Wealth Dips by $35.8 Million Amid Market Shifts


Peru Hosts 2024 APEC Economic Leaders’ Week, Aiming to Drive Inclusive and Sustainable Growth

As the 2024 APEC Economic Leaders’ Week begins, global attention centers on Peru, where President Dina Boluarte is set to welcome leaders from APEC’s 21 member economies in Lima. Under the theme “Empower. Include. Grow,” senior officials, ministers, and heads of state will address critical challenges affecting the Asia-Pacific region, including climate change, sustainable energy, digital economic transitions, and trade facilitation. These discussions aim to identify policies that will not only address current issues but also foster innovation and inclusivity across the region.

The forum’s primary focus areas include:

  1. Trade and Investment for Inclusive Growth: Creating conditions to make trade more open, equitable, transparent, and inclusive, fostering interconnected growth.
  2. Innovation and Digitalization for a Global Economy: Leveraging digital tools to support vulnerable groups as they transition from informal to formal economic participation.
  3. Sustainable Growth for Resilient Development: Promoting a fair energy transition by advancing renewable energy initiatives and strengthening food security.

Ambassador Carlos Vasquez, Chair of the 2024 APEC Senior Officials, emphasized Peru’s unique role as host in steering the dialogue toward sustainability, resilience, and digital inclusion. He highlighted that hosting APEC reaffirms Peru’s dedication to enhancing multilateral partnerships and positions the nation as a key influence in the Asia-Pacific’s agenda-setting.

Vasquez noted that APEC’s work in promoting both trade and investment and in pushing a growth-focused agenda is gaining momentum. He observed that APEC member economies are increasingly aligning on new economic norms and policies to drive inclusiveness and support impactful programs that address the region’s needs.

APEC’s collaborative focus on resilience and sustainable growth paves the way for meaningful outcomes set to benefit the Asia-Pacific’s three billion residents. Dr. Rebecca Sta Maria, executive director of the APEC Secretariat, underscored the need for a comprehensive approach, reminding that the interconnected nature of APEC economies requires holistic attention to each aspect of their economic frameworks.

Under President Boluarte’s leadership, the week will culminate in the APEC Economic Leaders’ Meeting on November 15-16, where member economies will establish guidelines for future cooperation. This meeting follows the APEC Ministerial Meeting on November 14, co-chaired by Foreign Affairs Minister Elmer Schialer and Foreign Trade and Tourism Minister Desilú León.

Indigenous perspectives will also play a role, with ministers scheduled to meet with Indigenous representatives on November 13 to discuss inclusive growth and economic empowerment. Meanwhile, APEC senior officials will convene on November 11-12 to finalize initiatives for trade and growth and to outline a framework for joint policy development. The APEC Policy Support Unit will release its latest Regional Trends Analysis report on November 12, which will provide the foundation for the week’s discussions.

The business sector is actively involved as well. The 2024 APEC CEO Summit, organized by the private sector, will facilitate open dialogue between regional leaders and business executives on November 14-15. Additionally, the APEC Business Advisory Council will meet from November 10-12 and will hold a session with APEC leaders on November 15. The APEC Small and Medium Enterprise Summit on November 13 will focus on addressing the unique challenges and opportunities faced by SMEs.

Hosting APEC for the third time, following 2008 and 2016, Peru has organized over 270 working meetings throughout 2024 in cities including Lima, Arequipa, Pucallpa, Trujillo, and Urubamba. Each meeting has contributed deliverables or key documents that reflect a consensus among APEC’s 21 member economies and help establish the framework for the forum’s ongoing agenda.

 

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CEOWORLD magazineLatestSpecial ReportsPeru Hosts 2024 APEC Economic Leaders’ Week, Aiming to Drive Inclusive and Sustainable Growth


Criipto CEO Highlights the Real Threats in Digital Identity and Security at Authenticate 2024: Phishing Over Data Center Security

Niels Flensted-Jensen, CEO of Copenhagen-based Criipto, recently acquired by BankAxept AS, parent company of Norwegian BankID, offered a broad perspective on digital security during his talk at Authenticate 2024. Drawing on his experiences, he discussed the critical differences between securing data centers and ensuring the safety of a wider population, referencing topics such as Romanian cybercrime, personal phishing incidents, sports betting, and even the limitations of security in transportation.

Flensted-Jensen’s primary argument centered on the growing threat of phishing, pointing out that too much focus has been placed on backend cybersecurity while neglecting phishing, which remains a major issue. He remarked that regulators and frequent attacks have diverted attention from the more pressing threat of phishing, adding that hackers are no longer breaking into data centers but instead deceiving users to steal their money.

As part of his talk, he described a Norwegian phishing (or “smishing”) case involving Romanian criminal groups who sent fraudulent SMS messages posing as Norway’s department of motor vehicles, tricking victims into revealing their digital identities. He followed this with a personal story of how his wife, an art historian, was also deceived by a phishing scam disguised as a Norwegian bank.

Flensted-Jensen highlighted the widespread use of digital IDs in Scandinavian countries, pointing out that while the standardization of digital identity, as seen in Denmark, is often ideal, it also leaves verification systems vulnerable to fraud. He argued that digital identities, which are designed to work uniformly across platforms, make them particularly susceptible to phishing attacks. He proposed FIDO passkeys as a potential solution to this problem.

As he delved deeper into security issues, Flensted-Jensen contrasted the benefits of providing good security for many versus great security for only a few, typically those who can afford it. He criticized the tendency of legislators to favor higher levels of security without considering the broader impact, likening this to a scenario where transportation security measures would result in cars made of cast iron traveling at very slow speeds.

He also discussed the evolving landscape of biometrics, mobile identity, and client-side cryptography, noting that many tasks that once required data centers can now be handled by personal devices. He referred to decentralized identity wallets, which can store verifiable credentials from trusted sources and be presented to relying parties. However, he noted that regulatory challenges remain, such as issues with cloud-synced passkeys and attestation.

Flensted-Jensen pointed out that usability is the key to adoption for web wallets. However, beyond usability, economic incentives are essential, particularly in industries where high-frequency use justifies the cost. He provided the example of online sports betting, where repeated logins are common due to the addictive nature of the activity. He noted that users in such environments sign in frequently, sometimes multiple times a day, to check game results, which makes authentication systems highly relevant.

In summarizing his arguments, Flensted-Jensen emphasized the need for regulators to address phishing more aggressively, to prioritize building solutions for the masses, and to focus on user experience. He also expressed a preference for staying within browsers and avoiding the restrictive environments of app stores.

The acquisition of Criipto by BankAxept in September 2024 was driven by interest in Criipto’s developer-friendly integration platform, according to Øyvind Westby Brekke, CEO of BankID BankAxept.

 

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CEOWORLD magazineLatestTech and InnovationCriipto CEO Highlights the Real Threats in Digital Identity and Security at Authenticate 2024: Phishing Over Data Center Security