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2022 and Digital Banking

2022 and Digital Banking

2020 was a dark year for the world and a watershed period for financial institutions, but even the most challenging periods have a bright side.  For banks, the bright side was the opportunity to build a strong relationship with their customers digitally. Although the...

Can Mobile Banking Finally Serve the Underbanked?

Can Mobile Banking Finally Serve the Underbanked?

Following the pandemic’s effects on the global economy, the number of those underbanked has swelled to troubling proportions. Worldwide, there are an estimated 1.7 billion underbanked. Meanwhile, the global unbanked population has surged to 31% of all adults....

Reducing Friction Without Compromising Security, is This Possible?

Reducing Friction Without Compromising Security, is This Possible?

The FCA (Financial Conduct Authority) has removed the 90-day re-authentication requirement for customers to access bank account data, as part of the Open Banking rules. The rule consisted of asking customers to re-authenticate their credentials every 3 months which...

Sign-Up Bonus Abuse

Sign-Up Bonus Abuse

Financial sign-up bonuses are hot these days. Whether you are opening a new bank account or signing up for an online checking account, financial institutions are paying out hefty rebates to get your business. What is a financial sign-up bonus? A sign-up bonus is...

Killer Mike, Hip-Hop and Digital Banks

Killer Mike, Hip-Hop and Digital Banks

You might not know who Killer Mike is and what is his connection to digital banking. Killer Mike is a hard-core hip-hop rapper who is known as a social and political activist, with a strong stance on social inequality and systemic racism.  Killer Mike has recently...

Challenger/Neo Banks: Like vs. Trust

Challenger/Neo Banks: Like vs. Trust

Challenger banks are a global phenomenon that is catching the eye of consumers.  Cool, agile, user-friendly, price worthy, and underdogs.  In the shadow of incumbent banks, challenger banks are biting at the ankles of their big brothers.  Consumers like challenger...

Effect of COVID-19 on Latin American Digital Banking

Effect of COVID-19 on Latin American Digital Banking

In the past five years, banking in Latin America has undergone a huge transformation, triggered by the arrival of fintech companies offering low-cost, digital-only banking services. Today, in Latin America digital banking accounts for more than 50% of all banking...

6 Ways COVID19 Has Impacted Payments

6 Ways COVID19 Has Impacted Payments

COVID19 has wreaked havoc on the world's economy, impacting multiple industries. One sector that has been adversely hit is the payments industry. The Coronavirus has drastically changed payment habits, as consumers shift to digital channels to reduce the risk of...

The Correlation Between Cash and COVID–19

The Correlation Between Cash and COVID–19

As part of the COVID-19 outbreak, central banks have resorted to quarantining physical bills. In South Korea’s central bank, the Bank of Korea has implemented a quarantine policy for physical notes. In Israel, the Ministry of Transportation has banned the use of cash...

Will the Coronavirus Expedite Contactless Payments?

Will the Coronavirus Expedite Contactless Payments?

If you have been vacationing in Antarctica for the past month, you may be surprised to hear that the world is on its head with Coronavirus concerns. Fear and concern have engulfed the planet as the virus infection continues to grow. Shares of companies that make face...

The Mobile Fraud Nightmare (2019)

The Mobile Fraud Nightmare (2019)

It’s Halloween today, and mobile fraud is scaring organizations throughout the world. Mobile fraudsters are up to their old, rather new tricks… and none of them are a treat. Like the goblins and ghouls of Halloween, mobile fraud strikes terror and fear into the hearts...

Payments’ Invisible Touch

Payments’ Invisible Touch

Today payments are all about being invisible. The age-long adage of balancing security and convenience has taken a radical twist. While fraud prevention is an obvious requirement, the need for a frictionless transaction has become a main-stay requirement. Today’s...

Bad Week for Biometrics

Bad Week for Biometrics

Last week was a bad week for biometrics.  Two separate incidences that demonstrated the vulnerability of biometrics authentication occurred. The first occurred at The Defcon event, Las Vegas where researchers were able to demonstrate that they...

Understanding Mobile Account Takeover in 7 Min.

Understanding Mobile Account Takeover in 7 Min.

What is Mobile Account Takeover? Account Takeover (known as ATO) is a type of identity theft where a bad actor gains unauthorized access to an account via the manipulation of a user’s mobile device. What is the difference between mobile and desktop ATO? The...

My Crypto Account Has Been Hacked?

My Crypto Account Has Been Hacked?

Imagine that you have entered your crypto wallet and noticed that your account has been wiped clean and several transactions to unfamiliar addresses have been made. You’ve been hacked. Due to the “virtual” nature of cryptocurrency ‘ownership’ is determined by whoever...

The Cost of Payment Friction

The Cost of Payment Friction

In the world of digital payments friction is kryptonite.  It is the only “substance” that can bring superman to his knees. Friction is the kryptonite of merchants and retailers, it is one of the most stressful payments related issue that merchants and retailers lose...

What is SIM Swap and Why Should You Be Worried – Part 1

What is SIM Swap and Why Should You Be Worried – Part 1

Envision receiving a bank notification alerting you that all the money in your account has been cleaned out. At first you are shocked, frightened and bewildered.  Once the shockwave subsides there is frustration and anger directed at your bank wandering how this could...

Behavioral Biometrics and Mobile Payment Security- Highs and Lows

Behavioral Biometrics and Mobile Payment Security- Highs and Lows

Smartphones have revolutionised the payments world. More and more people are using their mobile phones to transact. Whether it’s to tap and pay for a coffee at Starbucks, return a poker debt via a peer-to-peer (P2P) app or making a cashless donation to a homeless...

Contactless Payments Penetrating the USA

Contactless Payments Penetrating the USA

If you’ve ever travelled the New York City’s subway or bus network, you’ve probably noticed its archaic payment system. Come May 2019, passengers riding the MTA subway will be able to pass through a fare gate by tapping their credit card or smartphone on dedicated...

Are P2P payments the future? Are They Safe?

Are P2P payments the future? Are They Safe?

Peer-to-peer (P2P)payment apps have become super popular recently.  These apps usually connect to individuals’ bank accounts and can be used to quickly and easily send $23 to a friend to cover a poker debt.  The apps are slowly impacting how transactions and purchases...