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By Rob Crutchington he is CEO of Encoded.
Fraud patterns have been transformed since the coronavirus outbreak. However, the recent advent of PSD2 and strong visitor authentication means that duty passes from merchant to visitor for fraudulent transactions. Rob Crutchington of Encoded explains how new payment regulations are reaping profits for investors in a volatile retail market.
Payment fraud losses have been piling up over the past decade, causing headaches for everyone in the chain, adding up customers, merchants and banks. UK Finance reported that losses from UK card fraud amounted to 671. 4 million pounds in 2018 , [i] a 19% build-up compared to 565. 4 million pounds in 2017
The Covid-19 pandemic has also replaced the landscape. According to Experian’s Global Insights Report [ii], consumers are interacting more than ever with online business. The study found that there had been an overall 20% increase in consumers’ online transaction activities, adding 41% in online purchases and 22% in online food orders for delivery or takeaway. Traders who in the past only had physical locations now settle for e-commerce and phone transactions, meaning that the security of visitor payment knowledge has been a priority.
In addition, the sharp increase in house paintings as a result of government measures against coronavirus has forced organizations that process credit/debit card bills to review their compliance with payment card industry (PCI DSS) knowledge security standards. date rules [iii] to help organizations operating remotely maintain their security practices and protect payment card knowledge. the dangers associated with those types of cardless transactions.
Protecting the customer
Even before the pandemic, the focus was on protecting the customer, so that if a fraudulent transaction is reported, the stolen amount is credited to the visitor. In the case of mail order / phone order (MOTO), it is up to the merchant to prove that the visitor made the transaction. This occasionally requires follow-up through call histories, recordings, and notes taken through the agent at the center With running from home, this is potentially even more challenging: processes and systems want to be in a position to ensure that visitor knowledge is securely controlled and stored.
The truth about flow releases
An examination through payment specialists Verifi [iv] found that up to 86% of cardholders contact their bank directly when they do not recognize a debit on their credit or debit cards and request that the transaction be cancelled. a disputed transaction, as well as through fines, fees and similar operating expenses, as well as long-term damages to visitor relations.
The invoice landscape is transforming: strong visitor authentication
Following the coronavirus outbreak, cybercriminals temporarily moved to take advantage of immediate adjustments in new payment card knowledge environments, with 475% malicious reports related to coronavirus in March 2020 [v]. The monetary sector, which seeks to combat fraud, introduced a strong visitor authentication law (SCA) in September 2019.
SCA not only protects the customer, but also promises benefits to merchants. As a component of PSD2 (EU regulation implemented to ensure some customer protection), SCA adds an additional layer of security when customers make an online payment. Customers can no longer order online only their Credit or Debit Card Details must also provide additional identification. Only when the payer can provide two authentication bureaucracies, a password and a code of a cellular device, is he allowed to make his payment.
In the case of a fraudulent transaction, liability is now transferred from the merchant to the cardholder to result in the purchase not taking place. In the end, the cash comes from the scammers without the trader having to assume the debt or charge-off while investigating the monetary transaction.
Demanding new situations bring new opportunities
Of course, the arrival of new systems into compliance comes at a cost. Regulations, such as GDPR and PCI DSS, which impose consequences for non-compliance, already place a heavy burden on merchants and payment service providers.
However, there are technologies that can help solve these compliance problems cost-effectively. By opting for these features and partnering with a reliable PCI-DSS compliant payment service provider, merchants can meet mandatory needs to ensure they meet new payment rules.
Switching to cell phone and bills makes it easier
Implementing generation to enable online and cellular bills is an effective way to mitigate security hazards and emerging rates. By allowing consumers to pay for their products and digitally and by automating invoices, the highest levels of cellular and online security are provided, while creating an engaging experience for visitors.
For example, the Encoded and PayByLink visitor engagement platform was designed with PCI DSS and GDPR in mind. PayByLink offers an approach to sending a one-time link to a visitor’s phone or email address, which can then be used to open a preloaded payment form.
Customers can pay with the knowledge of the stored card or new main points as needed, without exposing knowledge to the agent, the best degrees of security and compliance of PCI DSS are guaranteed.
Customer service is a priority
Like any regulation, SCA has an effect on the advertising market and for merchants and contact centres presents new challenges. Ultimately, changing duty should not mean avoiding duty or having a negative effect on offering a service that attracts and keeps customers unwavering.
With the right methods and technologies, merchants can help reduce fraud and provide secure bills to consumers while leveraging existing remote and online retail opportunities and remaining subject to the PCI DSS standard.
[i] https://www. ukfinance. org. uk/data-and-research/data/fraud
[ii] Results of the Global Insights report on the Global Decision Analytics Insights blog
[iii] PCI Security Standards Council
[iv] https://www. telegraph. co. uk/business/business-reporter/credit-card-chargeback/
[v] BitDefender – Bitdefender 10 IN 10: The indelible impact of COVID-19 on cybersecurity
https://www. bitdefender. co. uk/business/whitepapers. html
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