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Consumer convenience and strong authentication

Guest blog by Neira Jones, Advisory Board Member and Ambassador, Emerging Payments Association

With the world population now reaching 7.4 billion and Gartner predicting that there will be 6.4 billion connected “Things” in use this year[1], it is undeniable that consumers’ behaviours are changing at a staggering pace.

Whilst we all strive for innovation and consumers demand more amazing digital experiences, the world of retail is changing and recent data breaches have increasingly put the safety of the consumer and the threat and cost of data compromise on the Board agenda. This is further compounded by the explosion in FinTech, from digital challenger banks to emerging payments players, and exacerbated by recent regulations such as the EU General Data Protection Regulation to the EU Payments Services Directive 2 (PSD2), which was published in January 2016, with a deadline for implementation by January 2018.

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RED ALERT: How Much Is Fraud Really Damaging the UK?

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[1].

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Defensive Strategies: What Can We Learn From Sporting Tournaments Like The Six Nations Championship?

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.

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