The PIN Is Mightier Than the Pen

US merchants have until this October to convert their payment terminals to those capable of EMV (or chip) transactions. This move has been long awaited by banks and payments companies worldwide as it is hoped that it will – among other things – put an end to the US being the primary offender related to fraud from cloned or stolen cards.

The much anticipated liability shift will be a game-changer, particularly for merchants, who will be liable for any card-present fraud committed in their store if they do not have EMV capable card acceptance technology.

The payments industry has been awash with predictions about what this will mean for card-present fraud (it will drop), card-not-present fraud (it will rise) and how American consumers will adapt to this new way of performing transaction. Read more

Familiarity and Security Lead to Trust

There are lots of factors that separate a successful payment method from an unsuccessful one. Ease of use, the right industry support, the buzz of social media, all play their part, but none are as important as trust.

Money itself is predicated on trust, it’s a promise. Take the common banknote, for example. It has no intrinsic value in itself; it is a form of negotiable instrument known as a promissory note whereby the bank will pay the value of the note if so demanded. Even the value of money itself is entirely abstract, it’s what you can do with the value that’s important, and everyone has to agree to participate in the same way for it to work.

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How do online gambling sites prepare for the latest anti-money laundering directive?

As long as there have been casinos, they have been used for money laundering. Criminals would enter casinos with “dirty” money (i.e. money obtained from criminal activities), convert it into casino chips, gamble for a short period of time, cash in their chips for a cheque and then the dirty money could be passed off as gambling winnings.

The explosion of remote gambling (online gambling) has opened up even more opportunities for criminals and even terrorists to launder money. Organised crime is nothing if not opportunistic and so the possibilities offered by online gambling to offenders has been grasped with both hands.

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A Welcome for Apple Pay

Apple Pay is here. From today, iPhone 6 and Apple Watch users will be able to upload their card details to their phone and use the handset to make contactless payments.

It’s been heavily trailed and expected since the iPhone 6 was launched last year with NFC technology installed. After all, having NFC technology installed on handsets, something Apple had long held out against, surely means payments are an important end goal.

So, the launch is something that hasn’t surprised anyone in the payments sphere. Yet what might have surprised people is how widespread its adoption seems to be. Every major bank in the UK is supporting Apple. Equally, 250,000 retail outlets (anywhere that currently offers NFC payments) will accept it and consumers will be able to use it online too.

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What makes a good betting site? – From KYC to pay-out

When a customer or ‘punter’, is looking for an online betting site, there are a wide range of factors that come into play in making a decision to use one site over another. Some of which only become obvious when beginning the registration process.

What kind of betting do I want to perform? What special offers do I get? What kind of odds are available? All these questions lead to the vendor of preference, but once the registration begins it becomes clear that far more is involved. Namely; how easy is it for me to register, deposit and withdraw funds?

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Know Your Customer – Simplified

Know-your-customer (KYC) requirements are a critical component of the risk and compliance strategy of any company involved in the business of financial transactions.

Banks, insurers, online gaming and betting companies, financial service providers and more, must verify the identity and financial conditions of customers before doing business with them. With Internet connectivity breaking down barriers to trade and making commerce truly global, it has never been more important for businesses to meet KYC requirements. Read more