Who are the real cybercrime targets?
Issue 359 | 11 July 2022
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Who are the real cybercrime targets?
Older generations are more susceptible to fraud, right?
Those between the ages of 16 and 34 actually account for more than half of the UK’s scam victims.
So how can you protect yourself?
Find out in Sifted’s new video, in partnership with TrueLayer.
Sifted’s story on the rise of payment fraud — and how to prevent it: https://sifted.eu/articles/payment-fr...
TrueLayer’s open banking article: https://bit.ly/3ugmTUM
Unlocking account-to-account retail payments
Kate Fitzgerald, the Payment Systems Regulator’s (PSR) Interim Head of Policy, has been talking about how account-to-account payments can help increase the choice of payment system for retailers.
Here’s some snippets from Kate’s piece:
…open banking offers the potential to develop account-to-account payments further, delivering new payment solutions and additional benefits to retailers and consumers. This includes people using account-to-account payments to pay for goods and services in shops and online. We want to ensure that innovations like these can reach their full potential, so that payment systems are accessible, reliable and secure, and represent value for money.
…this is where account-to-account payments could help, by increasing the choice for retailers and ensuring that the prices they pay are fair. But with innovation already happening in the market, why are account-to-account payments not being used more widely in the retail sector?
To promote account-to-account retail transactions using open banking, the PSR believe there are four issues that need to be addressed:
The system’s functional capability
Access and reliability
A sustainable funding model
ISO20022 data population and the fit with Request to Pay
Ainsley Ward, VP of Payment Solutions, CGI, speaks at EBAday 2022 about how data will be populated in new ISO 20022 transactions, why Request-to-Pay is key to this, and how it will make a difference for a Bank’s Corporate clients, and the role of regulation in ISO adoption.
Further participation in Confirmation of Payee
The Payment System Regulator (PSR) has consulted on their proposed next steps on delivering Confirmation of Payee – a consultation that will see around 400 more firms introduce the payment protection measure.
This essential fraud protection service will increase coverage from 92% of transactions made via Faster Payments (FPS) and CHAPS to 99% worth approximately £2.5 trillion.
Northey Point has responded to the PSRs consultation and we are pleased to publish our response in full.
Checking IBAN with VAT numbers
SurePay, the leading Confirmation of Payee (CoP) provider, and CBI S.c.p.a., an Italian company that develops digital services - including open finance services - for the financial industry and the Public Administration through a collaborative method, have signed a partnership. This enables Payment Service Providers to use the Check IBAN service to check gradually on Italian, Dutch and European account holders, including the UK.
SurePay's Confirmation of Payee service ensures that payments are not being accidentally or deliberately misdirected. CBI has developed CBI Globe, a RegTech platform that helps its members meet the PSD2 regulations and Open Finance opportunities. Over 80% of the Italian financial services industry has adopted CBI Globe’s modular and flexible solution that ensures connection to European Fintechs and Banks, developing new open finance value added services.
By partnering with SurePay, CBI offers a real time verification and security service to check on both Italian and gradually European customers, including the UK, thereby expanding CBI’s customer service. The Check IBAN Service not only minimises the risk of fraud, through instant verification of association of IBAN number to VAT code, but also enables smarter, safer payment services and smooth customer onboarding experience.
SurePay: Checking IBAN with VAT numbers.
The rise in Authorised Push Payments (APP) has been accelerating within the UK, with SurePay’sCo-Founder and CEO David-Jan Janse stating that the ‘epidemic of fraud shows no signs of stopping’.
Five billion checks milestone for SurePay.
More than a third of UK shoppers have been unable to complete an e-commerce transaction because of new Strong Customer Authentication (SCA) rules, according to a survey for Signifyd.
In the biggest change to UK payments regulation since the roll out of Chip & Pin in 2006, all online transactions over £25 have been subject to two-factor authentication checks since 14th March, to help combat online fraud.
Nearly three quarters of 2000 Bits surveyed say they either “strongly” or “somewhat” — that it was worth completing the new extra steps required at checkout to ensure that their transactions were protected.
However, 36% of respondents say they had been unable to complete a transaction because of the new rules and 73% would abandon a retailer and turn to a rival if they had a bad online experience.
When asked whether they had ever decided against shopping with a particular retailer because of a frustrating experience, 33% of UK shoppers say they have. In France and Italy, where Signifyd also carried out surveys, the numbers were even higher, at 46% and 56% respectively.
The pros and cons of a subscription model
Unless you’ve been living under a rock you will already have subscriptions hitting your bank account at regular intervals so perhaps you have been wondering what are the benefits of a subscription model?
According to Statista, an astounding 10m households in the UK have a Prime account with Amazon having more than a 30% market share.
And if you don’t need to look very hard to find subscription services for almost anything you may want, from razors to software to your weekly veg shop.
So is a subscription model right for your business?
Access PaySuite have been looking at the subscription model from the business's perspective, the good and the bad to help you understand whether it is a good fit for your business - looking at:
What do we mean by the subscription model?
Advantages of subscription business model
Considerations when implementing a subscription business model
Podcast: The changes in the way we pay for the goods and services that we consume is no different to the digital transformation we are experiencing across all aspects of our life here in the UK. This Payments:Unpacked podcast explores how we can choose who we pay, when we pay and how we pay in an increasingly less cash, digital society. Listen: From analogue to digital.
Poll: Each week over at Northey Point we use the ATM data published by LINK to track the UK’s changing use of cash- you’ll find our latest tracker here: ATM tracker. We have picked out three facts from our latest tracker and are running a poll to find out the extent to which our newsletter readers use cash in their day to day life. It’s the first time we’ve run a poll so please take 30 seconds to answer two questions. Poll: It's all about cash (3 facts and 2 questions).
Video: It was my privilege to be the keynote speaker at the Fintech North 'future of payments' conference in Manchester. My talk outlined developments in the payments landscape, how the pandemic accelerated digitalisation and encouraged us to embrace digital payments. Video: The future of payments.
Report: Prime Time for Real Time from ACI Worldwide.
Webinar: Variable Recurring Payments
The UK Competition and Markets Authority (CMA) has required the nine biggest UK banks to implement the Variable Recurring Payment (VRP) APIs to enable customers to sweep money between their accounts by July 2022. But what exactly are VRP and sweeping, and why are they such an important development for businesses who collect online payments?
What are the benefits of VRPs and Sweeping? What are the use cases live today? What needs to happen next to keep the momentum going? What are the most exciting use cases that are emerging and are most likely to emerge over the next year? Are there any main risks that might need to be tackled?
Join the Payments Association Insights webinar to learn the real-world business benefits of VRPs for sweeping and hear our industry leaders and subject matter experts assessing what do customers stand to gain from VRP, what does VRP mean for merchants and where is the opportunity for banks. Plus, you will have the chance to have your questions answered.
Register for the Payments Association’s Variable Recurring Payments webinar on the 21 July 2022:
Central banks and payment systems are embracing the new global standard for financial messaging – ISO 20022. By 2025, ISO 20022 will be the de facto worldwide standard for high-value payments systems. Read the Building Societies Association’s guest blog with the Bank of England’s James Southgate, Bank of England Senior Manager ISO 20022 Implementation.
India is making a host of its e-governance tools - including the Unified Payments Interface (UPI) and Aadhaar identity service - available to other countries via open APIs.
Blackfridge, an Isle of Man-based fintech startup, has launched 'poundtoken', a GBP-denominated stablecoin designed to ease access to digital asset markets with frictionless real-time settlement.
The Bank of England is unlikely to offer a digital form of the pound that works like banknotes, opting instead for an instrument managed through some sort of account.
Covering Request to Pay, Confirmation of Payee, card payments, Direct Debit, payments and A2A payments Payments:Unpacked is pleased to work with the following partners:
Request to Pay: Join the secure payment revolution with Answer Pay.
Card Payments: Card Industry Professionals supporting Businesses to Accept Payments In-Store, Online or Over The Phone!
Payment Solutions: Seamless, secure & affordable payment solutions that enable organisations of all sizes to accelerate growth & innovation from Access PaySuite.
Payments: ACI Worldwide - New Payments Architecture, ways ACI can help you today, to support your migration to NPA.
If you’d like to join support Payments:Unpacked in helping unpack the UK’s payments landscape contact: firstname.lastname@example.org
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