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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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Discussing consumer trust at MWC 2017

This week we are in Barcelona to attend the prestigious Mobile World Congress (MWC) 2017. Invited by the Mobile Ecosystem Forum (MEF), MYPINPAD participated on a panel discussion on data privacy and trust in the data-driven economy.

MYPINPAD’s Business Development Director, David Poole, analysed the important role of trust in digital payments and eCommerce transactions and shared exclusive preliminary findings from our latest research.

There are many factors that separate a successful retailer, bank, travel or gaming company from an unsuccessful one. Brand popularity, customer experience, appealing promotional offers, excellent customer service and quality products are all very much coveted; but consumer trust is an invaluable foundation upon which all the others can thrive.

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Why should we be interested in consumer trust?

Consumer trust is the absolute bedrock on which digital commerce is based; it is absolutely critical. If consumers don’t trust the processes or new implemented technology, they won’t use it.

This is the reason why we are currently engaged in a social media sourced survey looking into consumer trust in digital transactions. We would, of course, be pleased if you could take five minutes to take part.

Our survey takes a particular focus on banking and financial transactions and with very good reason.

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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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A Very Different Halloween Horror Story

For many, Halloween is a time for fun, trick or treating, fancy dress, carving pumpkins and apple bobbing. For others, however, Halloween is a time for telling scary tales of witches, vampires and ghosts, playing pranks and watching horror films.

In today’s digital society, it is easier than ever for a horror story to become real life. Being tricked out of your money and identity for example, is easier and more common than you think.

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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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Bringing trust into Indian mobile payments

A report out this week has predicted that India will see a tenfold increase in digital payments between now and the end of the decade. That will see a rise to $500bn annually and see the GPD of India rise by 15%. However, unless more trust is built between consumers and banks, this prediction might not come to pass.

Payment industry commentators have often pointed to economies such as India and China as places of great innovation and progress. Just as nature abhors a vacuum, so does economics. Where there is a gap in the market, it will be filled. And this is what has happened in countries such as India where mobile technology has offered financial services to those who previously lacked them.

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EMV and the new avenues of fraud

It has nearly been a year since the 1 October 2015 US liability shift deadline for US credit card companies and merchants to switch to EMV cards. Despite concerns about costs and the challenges of roll out on such a huge scale. EMV adoption has rapidly increased. MasterCard has announced that 80% of its credit cards now have chips, while it has 1.7 million chip-active merchant locations on its network.[1]

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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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MYPINPAD shortlisted for Most Innovative Online Product at The Fraud Awards 2016

LONDON, 12 August 2016 – MYPINPAD, an enabler of multi-factor authentication for touchscreen devices such as mobile phones and tablets, has been shortlisted for The Fraud Awards 2016, for Most Innovative Online Product. The awards ceremony will take place on the evening of 6th of October at the Retail Risk Leicester conference.

MYPINPAD has been recognised specifically for its simple and effective mobile authentication platform. Our solution utilises the cardholder PIN to authenticate card-not-present transactions, across sectors, devices and channels while meeting best security practices and regulations.

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