Cybercrime is an ever-increasing threat from which manufacturers are not immune. Although reliable statistics are not available, one particular type of scheme that seems to be on the rise is vendor payment fraud. In cases of vendor payment fraud, the fraudster poses as an existing supplier and provides the manufacturer with seemingly legitimate instructions changing the account payment information. The exact means by which vendor payment fraud schemes are perpetrated can take many forms. However, the most sophisticated and hardest to detect schemes often involve “hacking” into the vendor’s systems and sending a seemingly legitimate email or other instruction directing the change.
In our May 31 article, “Scooters – The Next Mobility Wave”, we talked about how electric scooters such as Lime, Bird, and Spin have been taking cities by storm. We noted how they are many times met with enthusiasm by the younger and more adventurous residents who can easily find a scooter using an app on their phone, unlock it by scanning a code on the handle, and off they go. On the other hand, cities and municipalities, are cautious to embrace the new technology (sound familiar?), frequently at the behest of the older or less technologically adept residents. Often, these cities cite a host of problems, including pedestrian injuries, people riding on sidewalks, riders not wearing helmets and unused scooters blocking walkways and critical access to curb space. Across the country, cities’ approaches to handing these new forms of transit have been mixed, at best, and convoluted at worst.
Additive manufacturing (aka 3D printing) has long been a growing part of the auto industry. Companies started out using 3D printing for prototypes and small batch production. As technology advanced, the role of 3D printing is rapidly increasing. This week, several major players in the auto industry announced new developments for the role of 3D printing in the industry. HP unveiled its “Metal Jet” 3D printers, which it describes as 50 times more productive, with lower operating and purchase costs than existing technology. HP has already partnered with suppliers in the auto industry on the technology, and GKN Powder Metallurgy is already using the printers in its factories.
While there is time before the California Consumer Privacy Act of 2018 comes into effect, which is January 1, 2020, businesses need to start planning now for compliance. The CCPA provides California consumers with significantly expanded rights as to the collection and use of their personal information by businesses. It covers any business meeting revenue or data collection volume triggers and that collects or sells information about California residents.
One of the key themes to emerge from Foley’s 2018 Cryptocurrency Survey was that investors and executives see the value of thoughtful regulation and are looking for more legal certainty as the industry matures.