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  • A Cashless Society

    Monday, October 04, 2010

    Today we have seen two very interesting stories about the declining use of cash in the UK and the measures being taken by the Irish Government to reduce cash in its economy, which could save the country €1bn a year.

  • Don't be discouraged from online banking

    Wednesday, September 29, 2010

    The news that UK police have arrested 19 people in connection with the theft of millions of pounds from online bank accounts shows the lengths to which criminals will go to commit fraud, and the PCeU must be congratulated on breaking this criminal gang. However, it is important that stories like this don't discourage consumers from banking online. As an individual there are a number of steps that people can take to help protect themselves from fraud - including never clicking on suspicious links in emails or on websites that could download this type of malware to their computer; regularly running anti-virus software; always checking statements; and reporting anything suspicious to their banks.

  • Internet Banking Faces A New Threat

    Monday, September 27, 2010

    The recent announcement of the multi-channelled Zeus attack on a user’s internet banking account is an interesting hypothesis and surely will not be the last when it comes to beating the ever advancing online banking systems. The attack method currently seems to use the mobile phone as a forwarding device for any one time password that is delivered to the customer. It’s unclear whether or not the mobile phone hack would hide the incoming SMS from the customer, however if it doesn’t, then if banks ensure they include relevant transaction details in the SMS - amount, and beneficiary - it could allow the legitimate customer to detect that something has gone wrong prior to money being lost.

  • EFMA: Clarity, understanding, agreement and opportunities on Day Three

    Monday, September 20, 2010

    The presenters and panellists on day three of EFMA will surely have felt the pressure to deliver after the fantastic first two days of the conference, and I must say that the sessions I attended lived up to expectations.

  • EFMA: Innovation and Variety on Day Two

    Friday, September 17, 2010

    Well the confidence and optimism from Wednesday was still evident at the end of yesterday. Last year people had ideas, this year they are actually doing something about them and actively looking for opportunities, which is such a positive sign for the industry.

  • SEPA Widdershins

    Wednesday, September 15, 2010

    The European Payments Council (EPC) recently achieved its 8th birthday. Back in 2002, the road to SEPA probably looked fairly straightforward – the EPC would develop the payment schemes and frameworks necessary to realise SEPA, and market forces would ensure a smooth transition from the fragmented payments landscape of the time in Europe to the calm waters of a single payments area. The European banking industry would deliver the basis on which SEPA would be built, the rest would fall into place as a matter of course, and the end-user would be Very Happy.

  • Is The UK Turning The Corner?

    Monday, September 13, 2010

    According to the Bank of England there is over £52 billion in cash circulating in the UK economy today. That’s enough to buy 232,000 homes all over the country or the Lloyds Banking Group, at today’s prices. Yet as many of us know, the use of paper cash and coinage is in decline. According to the payments council, the amount of cash withdrawn from ATMs between April and June 2010 was £1.6 billion – a decline of 3.2 per cent on the same period last year. In contrast, debit card usage rose £7.9 billion year over year, up 12.4 per cent.

  • Sibos Calling

    Wednesday, September 08, 2010

    It’s that time of year again. The banking industry is preparing for its yearly outing to Sibos, which brings together the financial industry for an entire week to meet, discuss the top issues of the day and generate new opportunities. This year’s event is being held in Amsterdam and coincides with our 35th anniversary as a company.

  • Understanding Today's Wire Transfer Risks

    Saturday, August 28, 2010

    While the rise of wire transfer and ACH (automated clearing houses) fraud is not news, the pure acceleration rate, scale and sophistication of corporate wire and ACH fraud is alarming. For example, the FBI recently took the step of issuing a cyber security advisory in response to the growth of unauthorized and fraudulent multi-million dollar wire transfers from business and government entities to overseas locations.

  • The PFM Debate

    Tuesday, August 24, 2010

    According to new research from Fiserv Americans prefer to access personal finance management (PFM) tools through banking Web sites, with security concerns trumping the advantages, such as account aggregation, offered by third party providers.