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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The present and future of two-factor authentication (2FA)

Fraud figures continue to rise year on year. A report by Juniper estimates the cost of cyber-attacks is set to reach $2.1 trillion globally by 2019.[1] According to Symantec, an authority in cybersecurity, 80% of data breaches could have been averted with two-factor authentication (2FA),[2]  a recommended best-practice for protecting sensitive data. 2FA is also sometimes required by law when handling and accessing certain types of information, such as Federal Government data and systems in the US, bank accounts, and, soon, due to implementation of the Second Payment Services Directive (PDS2), all online payments across the European Union (EU).

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RBTE Preview: Mobile has more to give

The retail industry is about to experience another leap forward in terms of payments mobility and in-store experience. PIN on Mobile (PoM) has recently entered the UK and, unlike previous mPOS solutions, it enables cardholders to enter their PIN directly into the merchant’s tablet or smartphone, rather than an external device or dongle. This development enhances many of the common benefits of mPOS, including in-store productivity, improved customer experience and reduced costs.

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PIN on Mobile; the next generation of payments for retailers

It is estimated that of the five million SME businesses in the UK, only half accept card payments. Many small and medium high street retailers still struggle with the fees, resources and technologies associated with mPOS terminals.

It has been predicted that cash usage will be eclipsed by debit cards and contactless payments by 2021, and that 78% of all UK retail spending is already done via a card. As a result, it is becoming clear that SME retailers must be able to accept card payments if they are to meet customers’ demands for a cash-free shopping experience.

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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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2017, the year for positive changes

News last week that Lloyds of London is looking at setting up a subsidiary outside of London again raised the issue of Brexit and the wider economy. There is a renewed determination to closely manage how Brexit will affect both financial services and London’s standing as a global financial hub.

Of course, as the world’s leading insurance market[1], it is no surprise that Lloyd’s are looking to reduce their Brexit risk exposure and hedge against the Brexit fall-out.

2017 will be a significant year for fintech with both PSD2 and the 4th EU Anti-Money Laundering Directive on the horizon. We have been vocal on PSD2’s implications for the payments and banking sectors, especially in terms of authentication. The 4th EU Anti-Money Laundering Directive has to be transposed into national law by June 2017 and it also has significant implication for authentication. Customer due-diligence will now have to take place at casinos, both online and bricks and mortar, for deposits and withdrawals of over €2,000.

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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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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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Shedding light over Digital Identity Management

This week we are taking part in the Mobile Ecosystem Forum London Consumer Trust Summit. Not only are we exhibiting there but David Poole, our Business Development Director, is taking part in a panel discussion on digital identity management.

Digital identity management is a rather broad term. But, in layman’s language, it refers to identifying users within a given system, group or network and controlling the access they have to various services within that network. Or, to put it more simply; knowing who someone is online.

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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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