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  • 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.

  • Can We Tolerate Tolerance of SEPA?

    Thursday, August 19, 2010

    I was musing the other day, as you do in the dog days of summer, on the difference between tolerance and toleration. And the difference, I found, is more than just nominal.

  • Bringing The Customer Into The Fraud Prevention Process

    Thursday, August 19, 2010

    This news is very encouraging for banks and consumers around the world. It’s great to see banks taking steps to give their customers as much control as possible over their account. At the moment it sounds like this will only be used for credit card accounts, but where this type of technology really has potential is when it is implemented across a customer’s full range of accounts with the bank.

  • Financial Transactions Tax Sparks Debate

    Tuesday, August 10, 2010

    As we have seen in the media this week, EU proposals for a tax on financial transactions have created a storm of debate in the last 24 hours – mainly focusing on political issues. While the full details of the proposed tax are still unclear, it is obvious that a tax on financial transactions – or payments between banks – would be detrimental for a number of reasons.

  • 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 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.

  • 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.

  • 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.