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March 15 Payments NEXT news: Biometric bank cards, UK invoice fraud, SME bank complaints, fraud growth, news roundup… |
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Welcome to Payments NEXT’s weekly newsletter. We feature biometric bank cards, growing sophisticated fraud losses, UK invoice fraud, and SME banking complaints that are a banking management wake up call.
Our weekly global payments news roundup has plenty to read. 23% of EU e-commerce is now cross-border. A new study shows consumers would buy more if retailers offered free returns. Wells Fargo opens lounge-like ATMs to help rebuild its battered reputation. First Data looks at German consumer payment preferences. You could soon be dining at a 7-Eleven Café, and finally, a cautionary e-commerce tale about the closure of Australia’s Shoes of Prey. All the payments news you can use for your weekend reading.
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A biometrics bank payments card? Thumbs up!
Trouble remembering your payment card PIN number? Beginning in April, two British banks will test a bank card with a built-in biometrics scanner to enable more secure payments authentication. Royal Bank of Scotland and NatWest will test the new bank card with a built-in fingerprint scanner developed by Dutch digital security company Gemalto. Read more… |
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Why the disconnect between banks and SMEs?
A new report from Mitek/CI&T shines a light on the growing gap between the banking services small business wants and what banks are providing. It’s not a pretty picture. Three key findings should make banks very nervous about their tentative relationships with small business customers: 22% of small businesses changed banks in the previous 12 months and 25% of small businesses are considering changing banks. Read more… |
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50% of UK businesses at risk of invoice fraud
New research from Santander Business shows that half of UK businesses are at risk of invoice fraud because they do not check invoices diligently. The survey says only 50% of UK businesses verify details in email invoices, leaving them at risk of invoice fraud. 40% of those who do check details verify only by calling the phone number on the invoice which can be easily falsified by sophisticated impersonators. Another 39% of businesses would send payment to a new business bank account upon an email request. Read more… |
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Sophisticated fraud grows, losses double in two years
The 2019 Identity Fraud Study, released by Javelin Strategy & Research, contains good news mixed in with the bad according to the report. The good news is payment card fraud dropped from $8.1 billion in 2017 to $6.4 billion and the number of incidents fell from 5.47% to 4.40% mostly as a role result of EMV chip adoption. In 2018, 14.4 million US consumers were victims of fraud, compared to 16.7 million in 2017. Read more... |
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Global payments news roundup: EU cross-border commerce, invoice fraud, biometric bank cards, more…
It’s Friday and we’ve got your global payments news roundup. 23% of e-commerce in Europe is now cross-border according to a new report. Research shows consumers would buy more if retailers offered free returns. Thumbs up for the new biometrics bank card now testing in the UK. 25% of SMEs plan to change their bank in the next year while half of UK retailers are at risk of invoice fraud. Read more… |
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Get more global payments industry news and insight.
Find the daily payments industry news you can use at Payments NEXT.
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