RBS buries toxic credit crunch past with NatWest Group rebrand- Tempemail – Blog – 10 minute

Royal Bank of Scotland (RBS) has confirmed it is to change its name to NatWest Group later this year as the financial institution seeks to bury a toxic history associated with the once well-regarded brand.
The nameplate swap comes amid a change in leadership with new chief executive Alison Rose seeking to give the bank a social conscious by announcing ‘climate positive’ targets and support for ethnic minority entrepreneurs.
In tandem with these changes, it is reported that chief marketing officer David Wheldon, credited with spearheading efforts to bring more of the group’s media buying in-house, is to retire – clearing the way for a fresh direction.
RBS insists the move is one of practicality, pointing out that over 80% of its customer base falls under the NatWest name but that existing RBS branches will continue to carry their existing branding.
Rose characterises the changes as the first steps towards forming a ‘purpose-led bank’, stating: “Today marks the start of a new era for our bank as we announce our new purpose – to champion potential, helping people, families and businesses to thrive.
“The way people live their lives has changed. And their expectations of companies are changing too; looking for us to deliver not only financial performance but a positive contribution to society; benefiting customers and communities as well as shareholders.”
In 2019 RBS heralded a return to health with profits of £3.1bn for the year, double the £1.6bn figure reported a year prior.
The UK government still holds a majority 62% stake in the business after being forced to bail the bank out to the tune of £45.5bn in 2008.
A new corporate identity has been on the cards for RBS since 2018 when the bank declared it would pursue a ‘blank slate’ approach to its future.

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Valentine credit data crackdown delivers kiss of death for online fraud – Finance – Networking – Security- Tempemail – Blog – 10 minute

It might be Valentine’s Day, but there will be no bouquets for debt collectors and online payment card fraudsters hoarding personal details, all thanks to a small but lethal tweak quietly delivered by the Office of the Australian Information Commissioner.
From today, credit information providers across Australia will be legally required to share information, between themselves, on when a consumer has asked for a ban on new credit applications – the ground floor door for online fraudsters establishing bogus credit cards and loans.
It’s a small, common sense and incremental change that flies in the face of all the fear and loathing peddled by cyber security vendors and will require no big spend on new detection systems, software and widely loathed PCI-DSS upgrades that can cost more than they save.
But it’s set to have a big effect, because it closes a yawning hole scammers have been exploiting for decades thanks to the opaque nature of consumer credit hygiene reporting used by banks, credit cards utilities and telcos.
The crackdown comes in the form of amendments to the Credit Reporting Code 2014 overseen by the OAIC and requires agencies that check your credit score to now ping each other to check if you’ve requested an active stop on fresh credit being issued in your name.
What that means is that if you’ve been a victim of identity fraud, or had your card or accounts compromised, crooks will find it a lot harder to just keep signing you up for new products that are then looted, leaving consumers to clean up the mess.
The OAIC’s small step is also important because once it bites, it’s likely to lessen the utility and dark market resale value of stolen Australian credentials used by fraudsters to impersonate legitimate customers.
Credit cards are the big prize for ID fraudsters, because once bogus accounts are set up across multiple issuing banks it can be between 50 days to three months before a sting is discovered, often when bills aren’t paid and are sent through to ‘collection’ – or the debt collectors.
And it’s those defaults that then wind up on a customer’s credit file, with the victim often only finding out when debt collectors come calling with threats of legal action, triggering a long and painful disputation process.
It’s a regulatory loophole the credit fraudsters have driven a truck through for years.
Amazingly, until now, there has been no formal requirement for credit bureaus to share consumer requests for new credit stops between themselves, resulting in identity theft victims being forced to go agency by agency to prevent their stolen credentials from being repeatedly misused.
We’ll get to the important and ignominious relationship between debt collectors and credit agencies in a moment, because there’s a track record of poor, often illegal behaviour and fraud victim exploitation
The challenge for ID fraud victims, especially in the age of digital onboarding and screen scraping, is that it’s not just loans or credit cards that get maxed-out by fraudsters. In the main, banks are vigilant to fraud and can and do act quickly upon detection.
The real consumer sting is for phone services, gas, electricity, cable television packages and now increasingly buy-now pay-later and merchant credit facilities (think tech, tools and tradies) that are used to milk out value.
The typologies are not that sophisticated, but they are effective. Sign-up for a two year mobile phone plan on a stolen card and and credentials, shift the phone.
Take the poor value (but easy to get) monthly instalment plan for a high-end gaming laptop. The list goes on.
Enter the debt collectors and the credit bureaus, who for the most part are joined at the hip.
Once the payments made using stolen credentials or instruments stop and the bills mount up (remember the 50-day interest free period), the fraud victim usually only finds out when they get a menacing phone call to pay.
As previously reported by iTnews, not all debt collectors are empathetic to the plight of fraud victims. 
They and can, and do, sometimes harass and threaten fraud victims to get the money allegedly owed, irrespective of the evidence, abusing their substantial powers and aggravating the harm to victims.
Queensland based debt collector Panthera is currently being prosecuted by the Australian Competition and Consumer Commission (ACCC) for multiple instances of unconscionable conduct that all revolve around the alleged hounding of fraud victims to pay debts they did not incur.
The key allegation in the ACCC case is that Panthera broke the law because it used “undue harassment” stemming from “repeatedly pursuing payment from each of the consumers, and continuing to require onerous documentation from each consumer after they had informed Panthera of the basis on which they were not in fact liable for the debt being pursued”. 
In one of the incidents alleged by the ACCC in the Panthera case, the debt collector extracted $100 from a victim who had a Telstra Mobile Broadband account fraudulently taken out in their name under the pretext of a credit default being removed (it wasn’t, despite the money being paid).
Put that behaviour in the context of credit bureaus not telling each other when a stop on new credit has been requested and it’s not hard to see how criminals milk the same victim multiple times over.
“These changes make it easier for people to prevent identity and credit fraud. Consumers can ask credit reporting bodies to notify each other about the consumer’s request to place a ban period on credit applications, OAIC Commissioner Angelena Falk said back in December when the changes were flagged.
The amendments will also set strict timeframes “for processing corrections to consumer credit reports” as well as limiting what information can be kept on credit files.
The seamy end of the credit and debt collection industry will never smell of roses, but from today it will stink that little bit less.

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People’s Choice Credit Union hits stride on digital transformation – Finance – Cloud- Tempemail – Blog – 10 minute

People’s Choice Credit Union is two years into a digital transformation that sees it re-platforming on the cloud and adopting agile ways of work in pursuit of a more “member-centric target operating model”.
The credit union – headquartered in Adelaide with a presence in five states and territories and over 375,000 members – had its transformation strategy “endorsed through the levels of our organisation in the first half of 2018,” head of digital and transformation Sean Cummins told a recent Salesforce event.
“We commenced initiation of some of the core foundational elements … in the second half of that calendar year,” Cummins said.
“In 2019, we focused on initiation and really starting to work across our partners that we would require based on our desired architecture and our member-centric target operating model that were important for us to truly transform. 
“For People’s Choice, we see ourselves more as an orchestrator of key partners that can help us to deliver, both at a program level and ongoing, and so that was a very key foundational element of what we needed to achieve. 
“[In] the second half of 2019, [we] focused on setting ourselves up for success from a delivery perspective.”
Part of setting itself up for success was shifting internal ways of working to an agile structure. 
The credit union wanted to “break down silos” and “create very clear lines of ownership and accountability” to keep internal teams focused on the end goals of the transformation: creating member-centric and ultimately omnichannel experiences.
“Our transformation strategy was about our … desire to form a member-centric target operating model, and as part of that we have a very strong focus on omnichannel,” Cummins said.
“With omnichannel, we’ve really taken a good look at ourselves and really started to understand what is it that we do today. 
“Certainly, we could have been optimistic about self-assessment and said that we do do some components of omnichannel, but in reality we were much more of a multi-channel organisation. 
“That is, we provided some really effective services and products to our membership and to our community, but there was low levels of integration across the board.”
Integration is both a cultural and technical problem. 
While the cultural element is largely being addressed with agile, the technical aspects of integration are still being put together.
“With our platform architecture we did look to start to effectively build the foundations of our architecture, looking at platforms, how they enabled omnichannel, how they enabled member experience or our desired experience, and how we could keep pace with what the market is doing,” Cummins said.
One of its recently-adopted platforms is Salesforce, with the credit union consuming the vendor’s financial services cloud, marketing cloud, Einstein AI and MuleSoft enterprise service bus platforms.
However, there is a large amount of re-platforming work ahead, as evidenced by an architectural diagram of the work.

“This is just to give you a view of some of the scale of the change that People’s Choice is undertaking,” Cummins said.
“The boxes in a grey colour are where we’re upgrading or we’re going to new systems. The green boxes are where with Salesforce one of our core platforms that we’ve put in place.”
Cummins noted that People’s Choice is factoring out-of-the-box integrations that different technology platforms come with into its architectural decisions.
Open banking PoC
Cummins said that People’s Choice is currently “in the process of creating some proof of concepts for open banking.”
“Certainly we know we’ve got to be compliant, but where you take open banking from an experience perspective is something where we’re looking at,” he said.
“The starting point is a design principle. We want to ensure that all the new technologies we build are built to scale for an open banking world.”
Cummins said that Salesforce, MuleSoft and Cuscal would all contribute to People’s Choice’s open banking implementation.
“We’ve encouraged all of our providers to come in and discuss openly with us what the opportunities are,” he said.
“We feel that [with] a lot of decisions we’ve made around the architecture that we should have hopefully what we need from a component perspective, but we’re really asking for best practice from our partners. 
“We’re in the process of that right now and we’re looking for – ideally, by the end of March – to really work through that, and develop a very clear plan for the way forward.”

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CBA triples its equity stake in credit card killer Klarna to US$300m – Finance – Cloud – Networking – Software- Tempemail – Blog – 10 minute

The Commonwealth Bank of Australia has moved swiftly to stem the encroachment of digital buy-now pay-later platforms (BNPL) like Afterpay and Zip onto its unsecured lending book, launching Swedish fintech darling Klarna in Australia overnight and upping its equity stake to US$300 million.
The move, which was telegraphed at last year’s financial results, will up the CBA’s stake in the 15 year-old company to 5.5 percent, with equity in the local venture being 50 percent split.
CBA customers can access Klarna via the CBA app, but the service is also being made available to non-CBA customers who can then presumably be lured across to Australia’s biggest bank from rivals.
The equity boost also puts the CBA in the esteemed company of other Klarna investors like hip-hop impresario Snoop Dogg whose flamboyant lifestyle is featured in Klarna’s video ads.

The CBA is using the Klarna play as a backstop to hedge an accelerating migration away from the ebbing credit card market which is being increasingly shunned by millennials in favour of debit products because of high interest rates and the fragmentation of loyalty schemes.
“Our partnership with Klarna will further enhance the customer experience in our leading banking app and address the rapidly growing demand among consumers for new payment options,” CBA chief executive Matt Comyn said.
“In particular, it allows us to build on our leading technology to deliver the very best payment services for our customers and merchants in Australia, on platforms which are safe, secure, and easy to use.
The giddy growth rates of BNPL plays, coupled with strict new responsible checks for credit products, are a major headache not just for the CBA but other retail banks because the suck out lucrative interest payments and interchange fees as well as hoarding customer data.
The standard operating model for BNPL offerings is to shunt costs over to the merchant in exchange for access to customers that may not otherwise purchase products under what amounts to a glorified lay-by service.
While shopkeepers feel a bigger sting on transactions, this is mollified by BNPL by carrying the credit risk for transaction allowing the merchant to get the cash up front.
The big problem for banks is that the goldmine of consumer spending data that used to be reaped from credit cards and their loyalty schemes – data used by banks to sell products – essentially vests with the BNPL, giving the schemes the whip hand on customer intelligence.
While NAB and Westpac have all toed the BNPL market through their venture funds, the CBA’s move to directly invest in a sizeable chunk Klarna is a more strategic move to gain access to the Swedish firm’s tech stack and integrate it with the bank’s systems to create a rival play to credit cards.
The move also largely follows CBA chief executive Matt Comyn’s previous logic that attempts by the big four banks to shut out rival products like ApplePay – which simply crushes bank interchange revenue – is pointless in the long term because it leaves banks as legacy laggards.
Instead of holding out against new competitors, the CBA is buying its way in at scale to rebuild a payments and credit tech ecosystem that was largely built on tightly coupled mainframe technology, unhitching itself from the Mastercard / Visa duopoly in the process.
“By partnering with Klarna, we are bringing together our market leading digital technology, merchant relationships and strong customer network with Klarna’s innovative payments technology and integrated shopping experience for the benefit of CBA customers and many more Australian consumers,” Comyn said.
CBA was widely expected to launch Klarna this month after it was revealed the fintech’s chief executive, Sebastian Siemiatkowski, was flying into Australia this week.
“This is an exciting day for Klarna, CBA and Australia as a whole. We have already developed a strong working relationship with CBA and we look forward to providing even more opportunities together for our customers in the coming months and years,” Siemiatkowski said.
The big question now is whether Snoop Dogg will front a local campaign for Klarna and CBA in Australia. iTnews will put the question to the powers that be later today.

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CBA doubles its equity stake in credit card killer Klarna to US$300m – Finance – Cloud – Networking – Software- Tempemail – Blog – 10 minute

The Commonwealth Bank of Australia has moved swiftly to stem the encroachment of digital buy-now pay-later platforms (BNPL) like Afterpay and Zip onto its unsecured lending book, launching Swedish fintech darling Klarna in Australia overnight and upping its equity stake to US$300 million.
The move, which was telegraphed at last year’s financial results, will up the CBA’s stake in the 15 year-old company to 5.5 percent, with equity in the local venture being 50 percent split.
CBA customers can access Klarna via the CBA app, but the service is also being made available to non-CBA customers who can then presumably be lured across to Australia’s biggest bank from rivals.
The equity boost also puts the CBA in the esteemed company of other Klarna investors like hip-hop impresario Snoop Dogg whose flamboyant lifestyle is featured in Klarna’s video ads.

 
The CBA is using the Klarna play as a backstop to hedge an accelerating migration away from the ebbing credit card market which is being increasingly shunned by millennials in favour of debit products because of high interest rates and the fragmentation of loyalty schemes.
“Our partnership with Klarna will further enhance the customer experience in our leading banking app and address the rapidly growing demand among consumers for new payment options,” CBA chief executive Matt Comyn said.
“In particular, it allows us to build on our leading technology to deliver the very best payment services for our customers and merchants in Australia, on platforms which are safe, secure, and easy to use.
The giddy growth rates of BNPL plays, coupled with strict new responsible checks for credit products, are a major headache not just for the CBA but other retail banks because the suck out lucrative interest payments and interchange fees as well as hoarding customer data.
The standard operating model for BNPL offerings is to shunt costs over to the merchant in exchange for access to customers that may not otherwise purchase products under what amounts to a glorified lay-by service.
While shopkeepers feel a bigger sting on transactions, this is mollified by BNPL by carrying the credit risk for transaction allowing the merchant to get the cash up front.
The big problem for banks is that the goldmine of consumer spending data that used to be reaped from credit cards and their loyalty schemes – data used by banks to sell products – essentially vests with the BNPL, giving the schemes the whip hand on customer intelligence.
While NAB and Westpac have all toed the BNPL market through their venture funds, the CBA’s move to directly invest in a sizeable chunk Klarna is a more strategic move to gain access to the Swedish firm’s tech stack and integrate it with the bank’s systems to create a rival play to credit cards.
The move also largely follows CBA chief executive Matt Comyn’s previous logic that attempts by the big four banks to shut out rival products like ApplePay – which simply crushes bank interchange revenue – is pointless in the long term because it leaves banks as legacy laggards.
Instead of holding out against new competitors, the CBA is buying its way in at scale to rebuild a payments and credit tech ecosystem that was largely built on tightly coupled mainframe technology, unhitching itself from the Mastercard / Visa duopoly in the process.
“By partnering with Klarna, we are bringing together our market leading digital technology, merchant relationships and strong customer network with Klarna’s innovative payments technology and integrated shopping experience for the benefit of CBA customers and many more Australian consumers,” Comyn said.
CBA was widely expected to launch Klarna this month after it was revealed the fintech’s chief executive, Sebastian Siemiatkowski, was flying into Australia this week.
“This is an exciting day for Klarna, CBA and Australia as a whole. We have already developed a strong working relationship with CBA and we look forward to providing even more opportunities together for our customers in the coming months and years,” Siemiatkowski said.
The big question now is whether Snoop Dogg will front a local campaign for Klarna and CBA in Australia. iTnews will put the question to the powers that be later today.

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Credit Saison and Capital Float join hands to offer digital financing to SMEs- Tempemail – Blog – 10 minute

Credit Saison, one of Japan’s largest financial institutions, has partnered with Capital Float, India’s leading fintech NBFC, to deliver working capital financing to Micro, Small & Medium Enterprises (MSMEs) across India. The two companies have jointly developed a unique co-origination model through which they will both contribute capital to deliver last-mile credit to MSMEs across the country. MSMEs will be able to apply for these loans online and receive approvals within a fast turnaround time in the industry, powered by Capital Float’s technology and credit underwriting platform integrated with Credit Saison’s systems.
Kosuke Mori, Managing Director, Credit Saison Asia Pacific, said, “Credit Saison plans to invest significantly in India and build a loan book of US$1 billion in India over the next few years, a significant part of which will flow into the MSME sector. Our alliance with Capital Float – Credit Saison’s first SME-focused partnership in India – will be a formidable enabler for both entities to deploy a large portion of this capital towards the sector. We have also integrated closely at a technology stack and API level, enabling a seamless experience for the end-borrower.”
The partnership is also unique in that it will operate through a co-origination model. Co-lending of SME loans was pioneered by Capital Float, and has been encouraged by the Hon’ble Finance Minister as a game-changer for scaling up MSME lending. This partnership will be the first instance of a global lender teaming up with an Indian player to address this gap. Capital Float today manages the largest co-origination ecosystem in India.
Sashank Rishyasringa, Co-Founder, Capital Float, said, “Capital Float has already lent INR 8,500 Crore in digital credit across India; we plan to further lend INR 1,500 Crore to MSMEs in the next year, supported by this partnership. Together with Credit Saison, we continue to double-down on MSME segments where credit demand is severely underserved, with a particular focus on Tier 2 & 3 cities. Our focus will be on providing credit to small manufacturing & services firms, followed by small retailers using digital payment modes.”

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Interpol Arrests 3 Indonesian Credit Card Hackers for Magecart Attacks – Tempemail – Blog – 10 minute

The Indonesian Tempemail Police in a joint press conference with Interpol earlier today announced the arrest of three Magecart-style Indonesian hackers who had compromised hundreds of international e-commerce websites and stolen payment card details of their online shoppers.
Dubbed ‘Operation Night Fury,’ the investigation was led by Interpol’s ASEAN Cyber Capability Desk, a joint initiative by law enforcement agencies of Southeast Asian countries to combat cybercrime.

According to the press conference, all three accused (23, 26, and 35 years old) were arrested last year in December from Jakarta and Yogyakarta and charged with criminal laws related to the data theft, fraud, and unauthorized access.
Just like most of the other widespread Magecart attacks, the modus operandi behind this series of attacks also involved exploiting unpatched vulnerabilities in e-commerce websites powered by Magento and WordPress content management platforms.

Hackers then secretly implanted digital credit card skimming code—also known as web skimming or JS sniffers—on those compromised websites to intercept users’ inputs in real-time and steal their payment card numbers, names, addresses and login details as well.
Though Indonesian police claim these hackers had compromised 12 e-commerce websites, experts at cybersecurity firm Sanguine Security believe the same group is behind the credit card theft at more than 571 online stores.

“These hacks could be attributed because of an odd message that was left in all of the skimming code,” Sanguine Security said.
“http://thehackernews.com/”Success gan’ translates to ‘Success bro’ in Indonesian and has been present for years on all of their skimming infrastructures.’
The police revealed that the suspects used stolen credit cards to buy electronic goods and other luxury items, and then also attempted to resell some of them at a relatively low price through local e-commerce websites in Indonesia.

On an Indonesian news channel, one of the accused even admitted to hacking e-commerce websites and injecting web skimmers since 2017.
Moreover, experts also observed similar cyberattacks linked to the same online infrastructure even after the arrest of three people, and thus believes that there are more members of this hacking group who are still at large.

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Russian Pleads Guilty to Running ‘CardPlanet’ to Sell Stolen Credit Cards – Tempemail – Blog – 10 minute

Image credit: Times of Israel.
Aleksei Burkov, a 29-year-old Russian hacker, on Thursday pleaded guilty to multiple criminal charges for running two illegal websites that helped cyber criminals commit more than $20 million in credit card fraud.
The first website Burkov operated was an online marketplace for buying and selling stolen credit card and debit card numbers—called Cardplanet—which roughly hosted 150,000 payment card details between the years 2009 and 2013.
Cardplanet marketplace offered stolen payment card details for anywhere between $2.50 and $10 a card, depending on the card type, country of origin, and the availability of card owner information.

The carding website even offered a paid service that allowed buyers to instantly verify if a stolen payment card were still valid.
“Many of the cards offered for sale belonged to U.S. citizens. The stolen credit card data from more than 150,000 compromised payment cards was allegedly sold on Burkov’s site and has resulted in over $20 million in fraudulent purchases made on U.S. credit cards,” the Department of Justice said in an old press release.
The majority of such stolen credit cards are obtained using illegal means such as phishing and the use of banking malware, malicious software implanted into cash registers at the stores, leaked databases, and hacked financial account passwords.
Besides Cardplanet, Burkov also masterminded a separate invite-only forum website for elite cybercriminals where they advertised stolen personal identity information, malicious software, and other illegal services, like money laundering and hacking services.
“To obtain membership in Burkov’s cybercrime forum, prospective members needed three existing members to “vouch” for their good reputation among cybercriminals and to provide a sum of money, normally $5,000, as insurance,” the Department of Justice said on Thursday.
“These measures were designed to keep law enforcement from accessing Burkov’s cybercrime forum and to ensure that members of the forum honored any deals made while conducting business on the forum.”

Burkov was arrested at Israel’s Ben-Gurion Airport in late 2015 and extradited to the United States in November 2019 after he lost his appeal against extradition in the Israeli Supreme Court and the Israeli High Court of Justice.
According to local media, Russia last year offered Israel to release one of its citizens Naama Issachar, who was sentenced in Russia for drug offenses, in exchange for Burkov’s release, but Israel turned down that offer and allowed his extradition to the United States.
On admitted charges of access device fraud and conspiracy to commit computer intrusion, identity theft, wire, and access device fraud and money laundering, Burkov is facing a prison sentence of up to 15 years, which will be announced by the federal court in Alexandria on 8th May 2020.

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Xiaomi’s Mi Credit disbursed loans worth over Rs 125 crore in India- Tempemail – Blog – 10 minute

Chinese handset maker Xiaomi has announced that over Rs 125 crore worth loans were disbursed via its digital lending solution Mi Credit in India till December 2019. Initially launched in May 2018 and then relaunched on December 3 last year, Mi Credit is an online curated marketplace for lending, to offer personal loans to Mi Fans.
According to the company, 50 per cent of loans were disbursed to non-Xiaomi Android smartphone users. Xiaomi’s current lending partners are primarily non-bank financial institution (NBFCs) or fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya.
This is Xiaomi’s second Mi Finance solution after Mi Pay in the country. Mi Fans can check their credit score instantly on the app for free.
“Till December 2019 end, over one million users have availed this service within the Mi Credit app,” said Xiaomi.
According to the company, it disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the pilot phase which ran though November 2019.
This is how it works:

Mi Credit provides an easy application process for securing loans, with an intuitive interface.
First-time users can complete the digital application form within five minutes, and repeat customers can avail a loan with one click disbursement.
Once the loan is approved, the consumer has the option to choose the amount and the tenure of the loan.
Xiaomi’s Mi Finance business started four years ago in China. Today, the company has over 300 million Mi Fans in its global community.

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