Effective ecosystem development and management, enabled through standardized APIs, will be a differentiated capability. Companies will need to be adept at rapidly assembling an ecosystem that provides access to the right type and scale of data, advanced analytics, and the right customer touch points to deliver enhanced value propositions to customers. Innovators will have to […]
It’s no surprise that payments fraud is on the rise. Juniper Research, for example, has estimated that retailers will lose as much as $130 billion in card-not-present (CNP) fraud through 2023 — as tech gets more complex and transactions are done across borders.
FinTechs collaborating to develop STP solutions for SMBs is a tide that lifts all boats. Not only will the suppliers benefit from the efficiency and cost savings of automation, but other players in the ecosystem who deliver payments will also benefit through an increase in electronically delivered payments, generating revenue and improved service for their […]
New technologies bring new ways for consumers to buy and pay for goods and services, such as using voice-activated devices to order groceries, takeout, digital goods and clothing.
Based on a survey in the U.S., only 40 percent of consumers sign the backs of their cards, while one-third of those who haven’t signed said they don’t see a reason to do so. The survey also found that more than half of respondents believe they are secure without signing the cards. Mastercard noted that […]
The only good thing about an ongoing parade of data breaches and innovative attempts at identity theft is that it can be incredibly persuasive when it comes to the importance of making the payments process more secure. Consumers are too worried to use some products, Barnhardt noted, and that has led to businesses asking their […]
Companies are being forced to fight fraud on new fronts as consumers increasingly crave quick, multichannel access to banks, airlines, healthcare providers, retailers and others. In response, customer service agents, particularly in call centers, have to be readily available, all while protecting sensitive information from would-be bad actors. As fraudsters continue to increase their efforts […]
Visa and Mastercard report significant reductions in counterfeit fraud since EMV chips rolled out in the U.S. market, but the benefit may be short-lived as this article states. Moreover, the new buzz-word that identifies the criminal act evolves from “skimming” to “shimming.” Instead of copying the magnetic stripe data, shimming attacks the EMV chip. The […]
SPP hopes to open up the process to competing card networks, merchants, consumers and financial institutions, so that all stakeholders can work together to increase the security and transparency of payments, and limit the effects of fraud, the release said. The partnership will also focus on meeting consumer expectations for security, convenience and flexibility in payment options, as new technologies emerge.
SPP was formed to anticipate new and better technologies for making secure and fast payments. SPP believes all parties involved must work together in order to achieve successful payment security, increase transparency, and limit fraud. […] SPP looks to harness technologies such as mobile and wearable payments, biometrics, artificial intelligence, geolocation, IP verification, blockchain, and others to benefit all users.