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Feb 15 Payments NEXT news: US retail markdowns cost $300B, romance fraud, online security, news roundup |
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We can’t remember a busier week in payments news around the globe! We look at why US retailers lost $300 billion in sales in 2018 due to markdowns. The FTC says romance scams cost US victims $143 million in 2018 with many involving gift card payments. Plus, we examine why 70% of consumers will share data if two key features are in place. All that plus our weekly payments news roundup for your weekend reading pleasure. |
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Markdowns cost US retailers $300 billion in lost sales in 2018
A study by Coresight Research and Celect estimates non-grocery retailers lost more than 12% of annual sales or more than $300 billion due to markdowns in 2018. Just 60% of inventory is sold at full price, according to retail leaders surveyed. The inventory “mistake” with the biggest impact is overbuying inventory, which researchers estimate is the primary cause of 30% of all markdowns. Read more… |
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FTC says romance is costliest financial scam
It’s Valentine’s Day and romance may be in the air but so are financial scams, according to the US Federal Trade Commission (FTC). In 2018, more than 21,000 US residents were victimized financially by romance scams totaling more than $143 million according to the FTC’s Consumer Sentinel reports. This compares with 8,500 reports and $33 million lost in 2015 in similar romance scams. The median loss due to romance scams was $2,600 in 2018, more than seven times higher than other forms of fraud. Read more… |
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70% of consumers will share data with benefits
Tightly woven into e-commerce and payments are the critical issues of trust and privacy for consumers. Experian’s Global Identity and Fraud Report found that 74% of consumers see security as the most important element of their online experience, followed by convenience. Security and convenience are so important for consumers that 70% of them will share their personal data if they trust the retailer or services provider to meet their expectations. Read more…
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| Feb 15 Global payments news roundup
In our weekly payments news roundup, Amazon has canceled plans for New York HQ. SWIFT plans to open its KYC database for corporate entities. A Gas Pos-Twilio program could deliver tens of thousands of dollars in mobile payment fees savings for US truck stop businesses. Sears is moving ahead on a renewal plan while Deliv walks away from a Walmart delivery program due to store delays. In addition, there's much more news you can use. Read more... |
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