Secure Chat
Blockchain based compliant chat application
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Immutable Communications
Compliant, Encrypted, Archived
What is the problem?
Firms and individuals who work for FINRA regulated broker dealers have regulatory compliance burdens to monitor and record all customer communications. Registered Reps using Whats App are getting fined.
JPMorgan's $200m in fines to the US banking regulator for failing to keep track of workers' use of personal messaging apps are a sign that banks won't get a free pass in keeping tabs on workers during the pandemic.
The development highlights the risk for firms when traders, bankers and salespeople — subject to strict rules around the recording and reporting of conversations and transactions — are able to work from their kitchens and bedrooms, and out of eyesight of bosses. While JPMorgan’s policies prohibit the use of apps like WhatsApp for work-related communications, Securities and Exchange Commission officials said the bank didn’t adequately supervise employees.
It's not just a US problem. A UK regulatory lawyer warned Financial News last year of a boom in “market-abuse cases as a result of home working during the pandemic. There will be more scrutiny on this area than ever.”
Since the start of the pandemic, FN has chronicled the compliance headaches at banks and finance firms trying to keep tabs on remote-working traders.
Read more below:
October 13 Wall Street watchdog scrutinises banks over traders’ private texts and emails
June 10 More than a third of UK remote workers fear bosses’ spyware
April 13 Finance firms ramp up staff spying to track emotional state: ‘Intrusive as they want to be’
March 29 FCA to City: Use of WhatsApp, Signal or Telegram at work is ‘suspicious’
February 19 Signal sees ‘record pace’ of new users as WhatsApp goes ahead with controversial privacy update
February 9 Fidelity International turns to new surveillance tech to track staff communications
January 25 Banks rush to spy on traders’ Signal chats amid WhatsApp exodus
January 18 Trader exodus from WhatsApp to Signal creates surveillance blind spot for City firms
January 14 What’s up with WhatsApp? Everything you need to know about the shift to Signal
December 16, 2020 Wanted: Compliance hires as finance firms ramp up spying on staff
November 25, 2020 Credit Suisse launches WhatsApp rival for staff as banks grapple with text tracking
November 3, 2020 Bosses rethink WhatsApp bans in lockdown: ‘You’re setting your employees up to fail’
October 30, 2020 City workers fired for WhatsApp say firms need to reconsider bans
October 23, 2020 Symphony doubles hiring plans after 300% user surge among home-bound bankers
October 21, 2020 Traders face ‘more scrutiny than ever’ after Morgan Stanley’s WhatsApp oustings
September 25, 2020 Lisa Osofsky on SFO’s dwindling caseload, UK’s ‘antiquated’ fraud laws and hiring in a pandemic
June 25, 2020 Deutsche Bank to monitor staff WhatsApp messages
May 18, 2020 Bankers beware: Finance giants to monitor staff WhatsApp messages
March 30, 2020 Bank comms provider Symphony plans hiring spree as messaging demand spikes
Firms are being fined left and right, big and small...
What is the Solution?
INTRODUCING "Secure Chat"
Secure Chat is compliant with FINRA recordkeeping rules for registered representatives. It is also appropriate for corporate governance where communications can be material evidence. Records on the Blockchain cannot be deleted or modified, so managers can have a clear picture of what is going on - unadultered real time auditing.
Blockchain based encryption
Share files, chat, call, and more
Compliant Communications
Secured on the Blockchain
Immutable communications
Integrated Vendors & Technologies
Global Communications Compliance
24/7 Real Time Immutable communications records
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Secure Chat Features
Record and archive
Monitor your employees in real time, and generate reports
Consumer is free
The consumer app will always be free for use.
Mobile and Web
Chat application works on Mobile platforms, manager works on web.
Privacy and Encryption
Secure Chat is designed to have your organization listen to you, and no one else.
Blockchain
The database of communications happens on Blockchain
Paid vs. Free
The paid Secure Chat platform is not monetizing your data.
Secure Chat by Crediblock.com
Secure Chat is a mobile communications application that enables secure, encrypted communication on the Blockchain. Optional paid management accounts allow organizations with compliance burdens to monitor firm - client communications. Industries where this is relevant include Financial Services, Healthcare, Government, and Technology.
