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  • A Collective Approach to International Fraud Prevention

    Monday, July 26, 2010

    Guest blogger: Jim Oakes, managing director at Financial Crime Risk Limited So, the World Cup is over for another four years and sports fans will be turning their thoughts to the next big event on the sporting calendar. While I enjoy these types of events from a personal point of view, professionally, it’s disappointing to see a lack of pro-active discussion about how the UK banking industry should collectively handle payments fraud during large sporting events. While banks do take individual measures to protect their customers, there is little or no public discussion or consumer education as to the potential and unique risks associated with host countries.

  • SEPA Who Will Step Up To The Challenge

    Friday, July 23, 2010

    Comments from Gerard Hartsink in the latest EPC newsletter underline the plight of the SEPA Schemes – ultimately that we're in danger of ending up with a politically-driven mess. At Sibos 2008 I blogged that to achieve success, a third party body needed to step in to oversee the SEPA project. Almost two years later, what this newsletter highlights more than ever is that SEPA is a huge and complex undertaking which still lacks a central project manager.

  • The "Trump Card" in the Customer Experience

    Thursday, July 22, 2010

    Brett King’s Bank 2.0 comment on customer innovation (Is Customer Experience innovation too hard for UK banks?), raises some important questions about how retail banks see their customers through the lens of a bank branch. King makes a valid point that customers are not necessarily seeking branch services and would benefit from improvements to other channels including on-line and mobile banking.

  • The Rise of Third Party Fraud

    Thursday, July 22, 2010

    First party fraud continues to be a challenge facing institutions and is, arguably, a necessary evil of doing business for institutions today. However, this also can prove problematic when also trying to balance regulatory and consumer pressure to treat customers fairly. Here the advantage tips in favour of the fraudster: how do institutions manage and treat a customer that they suspect of showing symptoms of first party fraud - fairly. Just look at some of the consumer web forums describing tales of woe where customers or credit applicants have negative registrations against their credit history – purportedly for account misuse or supplying false or misleading information. However, let’s not lose sight of the fact that dishonestly making a false representation is now recognised as a criminal offence under the Fraud Act 2006.

  • Waiting for the SEPA Godot

    Friday, June 25, 2010

    On 7 June 2010, the newly-established SEPA Council met for the first time, and it is reported that migration end dates were discussed. No further news on that particular point has yet emerged.

  • EFMA: Looking Back at Day One

    Saturday, June 19, 2010

    The EFMA conference is a regular event in my calendar, and as I travelled there on Tuesday the omens were looking good. I bought my breakfast at the airport with contactless Visa Paywave and the sun was shining when I arrived in Paris. It promised to be a great week.

  • Uncertainty Piled on Uncertainty: The SEPA Story

    Friday, June 18, 2010

    The journey towards SEPA has been dogged by uncertainty from the start. End-users have not been sure what is on offer from the banks and at what price. Banks have been unsure whether and how to invest in SEPA, unsure about the impact of regulation (especially the PSD), and unsure how the financial crisis might affect their plans or lack of them. Then they have dithered about Additional Optional Services: are they a necessity or a luxury, and how should they best be deployed? And the whole market has been unsure about the adoption of the new SEPA instruments: when and by how much?

  • Merchant Fees Clear As Mud

    Friday, June 18, 2010

    The debate and controversy around interchange fees in light of the recent news that UK retailers have urged government to step in over card fees, seems to have existed almost as long as card payments themselves, and these latest concerns from the British Retail Consortium (BRC) reflect a global trend to reduce interchange fees which has already been implemented in the US and Australia.

  • Don't Let Card Fraud Ruin Your World Cup

    Thursday, June 10, 2010

    This week marks the start of the World Cup in South Africa and, in preparation, the country has put extra measures in place to protect tourists from criminals. However, given the expected rise in financial transaction volumes during the event, fraudsters will no doubt have made their own plans to target consumers as they spend money on their cards around the country. As a result, banks – both in South Africa and in the consumers’ home countries - will have to be even more vigilant than usual to effectively protect their customers from card fraud.

  • SEPA and White Elephants

    Monday, June 07, 2010

    If one was to take a spectator’s view of SEPA progress to date, one could be excused if the image of a white elephant flashed before one’s eyes . . . . .