Posts

PIN – There’s a reason PIN is still here…

Last week Apple launched its most expensive iPhone ever, the iPhone X. However, things didn’t go smoothly for the tech giant during its first ever public demonstration. When Apple Executive Craig Federighi attempted to unlock the device using the company’s new Face ID feature, which scans a user’s face to ensure only they can unlock their phones, the attempt failed, promoting Federighi to input a traditional PIN code (and forcing him to switch to a backup phone). Read more

How will PCI Legitimise Card PIN Authentication on Mobile Devices?

The Payment Card Industry Security Standards Council (PCI SSC)’s Chief Technology Officer Troy Leach recently divulged news of a new payment standard; one that enables the secure entry of PIN into merchant’s smart devices. The organisation aims to publish the final version by the end of the year.

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Annual report: Consumer trust in the digital age

Last year, payment card fraud in the UK was estimated at £618m, with the global figure standing at $21.84bn. Because of this, banks, issuers, schemes, merchants and PSPs are taking significant steps to improve online security and reduce the risk of fraud.

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MYPINPAD launching study to uncover the power of PIN on mobile at MWC

London, Barcelona, 13th January 2017 – Marking its presence at Mobile World Congress 2017, MYPINPAD, an enabler of multi-factor authentication for unsecured touchscreen devices such as mobile phones and tablets, will launch an exclusive new whitepaper examining the role and potential of PIN on mobile devices to authenticate transactions.

2017 will see significant growth and adoption of mobile payments. In Europe alone the number of consumers using a mobile device for payments has tripled from 18% to 54% since 2015[1]. The use of PIN to authenticate these transactions on mobiles is imminent.

For bricks and mortar stores, the growth of mobile points of sale (mPOS) to improve customer experience is continuing. Research earlier this year suggests that, by 2021, 20% of all retail transactions will be done on mPOS and that one third of all POS devices will be mobile.[2] The potential of PIN on mobile has never been clearer.

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The further development of token security, what’s next?

Recently, the payments industry received news that Visa and Mastercard are teaming up to share tokenised credentials across their digital wallets (Masterpass and Visa Checkout). With the objective of making their wallets thrive, both schemes have committed to making them open and interoperable and to support multiple modes of use for consumers, e.g. in-app, online and in-store.

The move into a more collaborative and integrated payments industry is no doubt a good example for others members of the ecosystem. Championing new ideas and best practice to help mobile commerce grow, develop and become more secure in the industry should be celebrated.

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Fight false declines and beat Black Friday blues

Black Friday is one of the biggest shopping events in the calendar but recent research suggests false declines could be harming merchant profits, especially at such sales boom times[1].

A false decline is when a merchant or issuer security systems flags a non-fraudulent transaction as fraudulent and, thus, refuses it.

The value of false declines per year now stands at $118bn and this is more than 13 times the $9bn lost annually to card fraud[2]. It has been estimated that one in six cardholders experienced a false decline because of (incorrectly) suspected fraud[3].

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Global fraud rises again

Figures from this month’s Nilson Report show that global card fraud figures reached $21.84bn in 2015 and is predicted to keep rising. These fraud losses come from a number of sources including counterfeit card fraud, CNP fraud, “friendly” fraud and fraudulent applications.

Ecommerce continues to boom across the world at unforeseen rate. WorldPay recently predicted that global ecommerce figures would hit $2.4tn by 2019. It’s an incredible prediction but if recent history is anything to go by, that figure will no doubt be higher by 2019.

There does then, seem to be a dichotomy in ecommerce. Fraud is growing at a huge rate but it is not impacting on the growth of ecommerce. Consumers are still flocking to laptops and mobile to shop, transact and live their financial lives. It would seem that fraud is not having an impact on the popularity of ecommerce. At least, not yet.

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The Importance of Security for Open Banking

The recent report by the Competition and Markets Authority’s (CMA) has announced significant reforms that are aimed at shaking up the banking industry. The Open Banking report, promises more transparency for UK banking consumers, open APIs and easier account switching.

These initiatives are welcomed by the Fintech industry, as they intend to increase competition, whilst helping customers obtain a better deal from their banks.

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Consumer Security Compromised in Favour of User Experience

 MYPINPAD announces new campaign to explore how consumers feel about convenience versus security in online commerce.

LONDON, UK. August 9, 2016; MYPINPAD, an enabler of multi-factor authentication for touchscreen devices such as mobile phones and tablets, is being asked whether the digital commerce industry has compromised consumer security in favour of user experience.

Recent news reports about increased levels of fraud across the likes of Amazon Prime, Uber, eBay and Vodafone have opened up the debate.  Are the rising fraud levels attributable to the ‘fragmented’ approach that the fintech industry takes in dealing with fraud? Have we reached a tipping point? Would consumers feel more positive about a brand that proactively seeks to protect them, adding multi-factor, transaction appropriate security for online transactions?

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Cultivating Consumer Trust

To get ahead in the competitive ecommerce landscape, merchants have invested hugely to provide a seamless and frictionless user experience, with speed and convenience the main objective. The success of brands such as Amazon and Uber, which lead the way in user experience, suggests that consumers have embraced frictionless, one-click payments.

However, there has been a lot of recent press reports about whether online businesses compromise the security of consumers   to improve user experience.

If so, are consumers aware of this trade-off? It also makes us question if we have now gone too far, and whether consumers would actually welcome and feel more positive towards a brand with more visible security measures.

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