MYPINPAD has recently commissioned a third party, unique online survey to explore consumer attitudes towards, and acceptance of, using their card PIN number for mobile commerce transaction authentication.
Financial Fraud Action (FFA) UK recently released the Year-End 2015 fraud update report, exposing some discouraging truths about the ongoing battle with fraudsters, especially for the banking industry.
The study revealed that sums stolen through internet and telephone banking fraud increased by 72% last year. In particular, losses on payment cards jumped by 18% to £567.5 million.. Losses due to technology-based fraud also soared, increasing by a quarter year-on-year to more than £755 million.
As one of the year’s most significant sporting tournaments draws to a close, we decided to reflect on what the technology world can glean from other environments when it comes to fighting the enemy. In other words, what can we learn from the stars of the #RBS6Nations in the critical defence against fraudsters?
At MYPINPAD we huddled our management team (or ‘head coaches’) to define a set of rules a financial institution, PSP or merchant could incorporate when strategising the best approach for protecting customer information and identity.
With PSD2 implementation nearing, a recent survey by Finextra has explored the ramifications the revised directive will have for different players in the payments industry.
The use of Application Programming Interfaces (APIs) was one of the most talked about themes. They are seen as an exciting prospect that will facilitate the Third Party Providers’ (TPPs) access to consumer accounts, something that the emerging banks are eager to capitalise on.
It is now 10 years since Chip and PIN became the gold standard of authentication for face to face transactions. Chip & PIN, refers to cards which use the EMV protocol. Payment data is stored on an integrated circuit (the chip) rather than the traditional magnetic strips, making the cards near impossible to clone. Its ease of use and proven effectiveness in combating card fraud has made it central component of our payments experience.
MYPINPAD – LONDON
1 Canada Square
London, E14 5AB
Office Tel: + 44 (0)203 757 6317
MYPINPAD – CARDIFF
3 Assembly Square
Cardiff CF10 4PL
Office Tel: + 44 (0)2920 674437
MYPINPAD – ASIA
21/F Gloucester Tower
15 Queens Road Central