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  • user 12:19 pm on September 11, 2018 Permalink | Reply
    Tags: , , , , payments,   

    SnapCheck Named Best Payments API by API:World 

    Digital check solution , a graduate of INV , this site&;s sister accelerator, was API (application programming interface) by API:World, the largest global API conference. SnapCheck will receive the award during a special ceremony at the San Jose Convention Center tonight, Sept. 10. SnapCheck allows companies to transition from checks to realtime secure digital [&;]
    Bank Innovation

     
  • user 12:19 pm on September 11, 2018 Permalink | Reply
    Tags: , , , , payments,   

    SnapCheck Named Best Payments API by API:World 

    Digital check solution , a graduate of INV , this site&;s sister accelerator, was API (application programming interface) by API:World, the largest global API conference. SnapCheck will receive the award during a special ceremony at the San Jose Convention Center tonight, Sept. 10. SnapCheck allows companies to transition from checks to realtime secure digital [&;]
    Bank Innovation

     
  • user 3:36 am on September 11, 2018 Permalink | Reply
    Tags: , , , , payments, , ,   

    Beyond plastic: Payments in a connected world 

    Guest blogger Jeff Crawford, Senior Manager with extensive experience in digital and mobile , discusses how the Internet of Things and commerce introduce new payments opportunities for existing players and new entrants.

    Gone is the where a watch just keeps time and a refrigerator simply preserves food. From wearables and smart speakers to smart appliances, connected cars and , the Internet of Things (IoT) has gained the attention of consumers and businesses alike. At its most basic level, IoT is the network of “smart”, connected devices or products that enable new forms of communication and new experiences. The global IoT market is estimated to grow to $ 2.9 trillion with 20 billion connected devices by 2020.¹

    IoT devices, combined with emerging payments capabilities, facilitate a connected commerce experience, providing consumers with a convenient way to transact by incorporating shopping and payments functionality into devices. For example, Amazon has enabled its customers to make purchases via its Echo devices using Alexa voice commands. Through the Groceries by Mastercard program, consumers can purchase grocery items through their Samsung refrigerators and have them delivered by the program’s grocery delivery services partners. Ford and ExxonMobil maintain a partnership to allow consumers to make Speedpass+ fuel payments through their in-car infotainment system.

    The physical device is only one component of the infrastructure required to support IoT payments. It also must include a user interface, which is often a screen, but may also be a button, voice interaction, or geo-location. The IoT device must establish and maintain connectivity to a back-end platform that receives the data; this connectivity may be supported via Wi-Fi, Bluetooth or LTE. Payment credentials must be tokenized and maintained in a secure environment, either locally or in the cloud, and security is embedded through advanced authentication, often in the form of biometrics (such as voice command).

    IoT payments require a coordinated effort through the device manufacturers, payment providers and integration partners. Visa and Mastercard are seeking to accelerate IoT payments engagement and enablement as part of the companies’ respective digital payment readiness programs, Visa Ready and Mastercard Engage. Both efforts have focused on facilitating secure payments across the value chain and connecting IoT device manufacturers to financial institutions. Discover and American Express have also linked payment tokenization platforms and security protocols to third-party products (namely, wearables) to enable their cardholders to take advantage of IoT-based products and services.  Such market activity represents a logical progression for payment networks to push new use cases for their tokenization offerings.

    As expected with any new payments technology, IoT payments have a heavy focus on security. Large chip manufacturers (including NXP and Intel) have entered the space, providing secure elements to store payments credentials. Other entrants focus on innovative methods of enhancing payments security. MagicCube, which names Visa² and Mastercard among its partners, offers device manufacturers a trusted execution environment (TEE) security platform to provide payments security in lieu of a secure hardware element or software-based encryption.

    It was not long ago that consumers, issuers, processors and networks were responsible for maintaining and securing only a single payments device: the card. As smart phones, refrigerators, watches and cars, among other things, become payment devices, card volume should start to migrate from the physical card to digital payments via IoT devices. Issuers must focus on developing strategies to ensure their cards remain top-of-wallet for consumers who make IoT purchases. Card networks are likely to continue facilitating partnerships with device manufacturers to optimize use of the emerging technology.

    For traditional card processors, there may be an opportunity to enhance the processing of solutions with features to support device management. For example, card processors might use a data field that tracks the device (card, phone, watch, refrigerator) and authentication method used to make a payment, thereby increasing the opportunity for more insightful customer analytics. There may also be opportunities for alternative, non-card payment mechanisms (real-time payments, /distributed ledger-based, and such) to take hold. We expect IoT payments to remain a key source of value, innovation and growth for both traditional payment providers and new market entrants.

    I invite you to read more about Accenture’s capabilities and offerings in the IoT and Connected Commerce space.

    Special thanks to David Cencula, who also contributed to this blog.

    1 https://www.gartner.com/newsroom/id/3598917
    2 Visa is also an investor in MagicCube 

     

    Jeff Crawford, Senior Manager, Payments

     

     

     

     

    The post Beyond plastic: Payments in a connected world appeared first on Accenture Banking Blog.

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  • user 3:35 pm on September 9, 2018 Permalink | Reply
    Tags: , Chasing, evershifting, , payments,   

    Chasing ever-shifting payments fraud 

    Guest blogger Casey Merolla discusses how the shift from stolen consumer credit card data to synthetic identity is a growing problem.

    2017 was a monumental year for data breaches. Some 1,500 data breaches exposed the records of nearly 179 million Americans, affecting approximately 55 percent of the total US population.1 The increase in consumer data available to fraudsters is driving bank fraud losses higher every year, propelling the shift from counterfeit cards to identity theft and synthetic identity fraud. To combat these trends, financial institutions must look to more advanced tools and technologies to keep up with—and get ahead of—increasingly sophisticated fraud attacks.

    Until recently, fraudsters’ primary focus was on obtaining the card data needed to produce counterfeit cards.  Since the US rollout of EMV chip , however, counterfeit fraud is falling fast. In fact, credit card issuers reported a 60 percent decline in counterfeit card losses between 2014 and 2016, according to the Nilson Report’s most recent data.2 Now that the proverbial low-hanging fruit of counterfeit card fraud is effectively guarded, fraudsters are moving on to new areas. They have found a ripe opportunity in identity theft and new account fraud. They’re no longer looking just for card data to steal; they’re looking for personal information they can use to create new fake accounts.

    “Synthetic identity theft” has emerged as a major driver of fraud in the US. These are cases where criminals weave together real and fictitious information to create new, digital-only identities, and then use them to open new accounts of all types. This form of new account “theft” is attractive to fraudsters because it allows them to obtain control of the account, cultivate high credit limits and bypass account alerts—all to facilitate high-dollar transactions with low risk of detection. A recent Accenture survey indicated that losses on fraudulent credit card applications can be up to 4.0 bps of card sales volume3—and that that loss rate is increasing. On top of the identified fraud losses, synthetic identity fraud may also be hiding in a financial institution’s credit loss line item, with up to 20 percent of credit losses attributable to synthetic identity fraud, according to 2017 Auriemma research.4

    The government is taking some steps to help, enacting the Economic Growth, Regulatory Relief and Consumer Protection Act in spring 2018. The Act will allow financial institutions to validate social security numbers in near real-time with an electronic signature, rather than the current paper-based process, which can take weeks. The law also brings with it complex technical requirements, however, and has no official implementation start date or deadlines, leaving financial institutions to fend for themselves for the foreseeable future.

    Addressing synthetic identity theft will require financial institutions to develop more rigorous tools and processes for compiling and validating customer data at the time of account opening. Financial institutions should validate each data point provided by a new applicant, using both internal and external sources. These data points should include not just the traditional name, address and phone number, but also less-obvious information, such as the use of the same address, phone, email or even IP address by others. Chances are, a criminal will attempt fraud at the same bank multiple times, so capturing data through all contact channels can be highly valuable for use in identifying fraudulent applications later.

    Artificial intelligence engines and Machine Learning will likely play important roles in synthesizing the enormous pool of data, and the first step for financial institutions will be working to collect the data in a usable form. The task is daunting, but so is the future loss potential. Fraudsters continue to evolve their technologies and techniques, and if financial institutions want to keep up, then they must do the same.

    1Identity Theft Resource Center, 2017 Annual Data Breach Year-End Review
    2Nilson Report October 2017 – Issue 1118
    3Accenture Card Fraud Study, July 2017
    4Auriemma Consulting Group, Synthetic Identity Fraud Cost Lenders $ 6 Billion in 2016

    I invite you to join me at Money20/20, where I will be moderating a panel called Fraud Whack-a-Mole: Securing Payments in a Post-EMV World, Monday, October 22 from 1:00 pm – 1:40 pm.

    Casey Merolla, Senior Manager, Payments

     

     

     

     

    The post Chasing ever-shifting payments fraud appeared first on Accenture Banking Blog.

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  • user 12:18 pm on September 8, 2018 Permalink | Reply
    Tags: , , , , Invested, payments,   

    Faster Payments Sees $17 Billion Invested So Far in 2018 

    and remittance services have had record-breaking amounts of investment this year. A Global report, published this week, found that global investment in payments and remittance companies has reached a historic high. For the first half of the year alone there has been $ 17.5 , which trumps the $ 12.3 billion investment for [&;]
    Bank Innovation

     
  • user 12:18 pm on August 25, 2018 Permalink | Reply
    Tags: , , , payments, , , ,   

    Realtime Push Payments Can Increase a Bank’s Revenue, Mastercard Says 

    As gig workers and small businesses continue to grab a larger market share of the economy, more and FIs might want to consider card-based as a way to grow their debit business. This suggestion comes courtesy of . “And by growing their debit business, push-payments can help banks generate more revenues,” [&;]
    Bank Innovation

     
  • user 12:18 am on August 20, 2018 Permalink | Reply
    Tags: , , , payments, , Wish   

    Realtime Payments Top Wish List of Banking Innovators 

    are at the top of the innovation for most professionals. According to a survey from TD Bank, released today, 42% of payment professionals cited integration of realtime payments system as the number one factor that could have the greatest impact on the industry. Support for realtime payments is steadily increasing [&;]
    Bank Innovation

     
  • user 12:18 am on August 17, 2018 Permalink | Reply
    Tags: Controls, , , , payments   

    As P2P Payments Increase, So Must Fraud Controls 

    The demand for P2P does not seem to be slowing anytime soon. A study released today by research firm Aite and Early Warning, owner of the bank-based P2P firm Zelle, found that P2P payments will triple by 2020. In the U.S. alone, Aite projects “over 300% growth from 2015 to 2020—from $ 100.3 billion to $ 316.6 billion” [&;]
    Bank Innovation

     
  • user 12:18 pm on August 15, 2018 Permalink | Reply
    Tags: Accepting, , Begin, , Flow, , payments,   

    Payments Gateway Flow to Begin Accepting Bitcoin Payments Amid Volatility 

    The shifting regulatory landscape of cryptocurrencies and price has not slowed the demand from consumers to use . As Robe Keve, CEO of cross-border e-commerce company , told Bank Innovation, “We heard from merchants that this was something they were ready to start internationally.” Flow announced last week that its  would expanding “international [&;]
    Bank Innovation

     
  • user 12:18 pm on July 24, 2018 Permalink | Reply
    Tags: Anyway, , payments, SnapChat, Surprised, , You’d   

    Who Uses SnapChat for Payments Anyway? You’d Be Surprised 

    Social media platform will shut down its P2P payment feature, Snapcash, as of August 30, after launching less than four years ago in 2014. Snapcash has faced a lot of competition from more popular P2P apps such as Venmo, Apple Pay, SquareCash, PayPal and even the -backed Zelle, which reported a $ 25 billion in [&;]
    Bank Innovation

     
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