FinTech Apprise - Tackling Fraudsters in ePayments | mobiles | loyalty and more........     .......                          .                                                                                                                  .

 

 
    
 
 
Tacking Fraudsters in ePayments | mobiles and more                            Vol. 2 Issue 2. 
 
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Tacking Fraudsters in ePayments

A recent report highlighted the importance of security in payments. Card data are being exploited by cybercriminals from point of sale software. In tackling fraudsters, the question still remains –should the payment processing solution being deployed fully integrated or semi-integrated? “In either case, it should be run across a PCI-compliant secure transmission protocol,” The acquiring community would need to stay ahead of adverse payment trends.
A Comprehensive cyber resilience plan would involve engaging with the executive team and ensuring risk prevention, response, and mitigation. Also, Investment in cyber insurance is suitable as part of company strategies.



Major Banks are banning Bitcoin procurement via Credit Cards, However, Visa policy remains the same
 
A recent report stated that major banks in the US such as Citigroup, JPMorgan Chase and Bank of America have banned customers from purchasing Bitcoin with credit cards due to increasing concerns of card loss, credit card fraud, and exposure to liabilities since the currencies continue to experience high trading volatility. In other highlights, VISA Bitcoin purchase policies still remain the same. It corrected reports stated in Medias that its cryptocurrency transactions have been changed to cash advances. Visa still allow cardholders to buy cryptocurrencies via debit, credit and some prepaid Visa products.
 
Exchangers Face loss in Bitcoin Purchases due to TrickBot Malware Attacks

A report by IBM's X-Force Cybersecurity uncovers new TrickBot malware variation used in stealing Bitcoin from starters and professional Bitcoin investors. The malware intercepts victims exchange login credentials, wallet data and credit card data. It affords attackers a combination of redirection and web injection attacks designed to hijack individual web transactions rather than attacking banks or blockchain directly.


 
Malware Found mining Bitcoins via Government Sites


A new report indicated that a cypto mining malware was found on UK, US government sites and other sites, mining Bitcoins.  Coinhive, a Bitcoin mining virus was hidden within a well know browser plugin and attacked over 4,200 sites. As Bitcoin prices continue to be favorable, the malware turns infected computers into Bitcoin mining mediums on behalf of the attacker. Financial institutions must put in place Vulnerability assessment plan due to the sensitivity of customer data since no e-platform is readily immune to attacks


Top 4 Concerns for Financial Institutions Right Now


A recent survey of 250 banks, identified:

  • profitability
  • customer satisfaction
  • regulation as top challenges for financial institutions.

Challenger banks are the biggest competitors to other financial institutions. Banks must continuously evolve in operations to stay ahead and remain competitive.

Ways of ensuring customer loyalty
An online journal highlighted proactive ways of ensuring that your customers are loyal to your band: 
  • Banks need to put in place an end-to-end customer relationship that connects people and processes.
  • Your business interaction with customers should ensure very pleasant experiences that impact positively on how they feel about your brand. 
  • Convenience is key to customer retention. A recent report highlighted the ABCD’s of customer retention are as follows:-
“+Adaptive: Give customers adaptive experiences. 
  +Be where the customer wants to be.
  +Choices: Help customers to filter their choices. 
  +Differentiate through immersive experiences.”



Transform your Financial Institution's business with Mobiles


An online journal states - "All insurance related process platforms ranging from claims, underwriting, distribution, and brokerage should be automated in innovative ways". 
+Unique Solution: The current trend ensures efficiency, flexibility, cost-effectiveness, and speed as a result of combining IT with business processes.
+Enhanced Customer Engagements:- Innovative solutions now allow services to be accessed via mobiles.
+Customer Acquisition and retention:- Efficient customized solutions would ensure customer needs are met on different platforms, which is an important strategy for customer loyalty.
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