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Mobile banking

Vivier Chief Executive, Luigi Wewege Announces New Book: The Digital Banking Revolution

AUCKLAND, NEW ZEALAND and COLUMBIA, SOUTH CAROLINA and MADRID, SPAIN, 2016-Dec-21 — /EPR Network/ — Luigi Wewege’s latest book, The Digital Banking Revolution, shares his inside perspective on how financial technology companies are rapidly transforming the traditional retail banking industry through disruptive innovation.

In The Digital Banking Revolution, Wewege provides a look at how over the past decade financial service innovations have contributed to a completely new way in which customers are able to bank, threatening the status quo of traditional retail banks, and redefining a banking model which has been in place for generations.

Luigi’s book presents the ways these new technological advancements have facilitated the rapid emergence of digital banking firms and FinTech companies, leading to established banks being forced to swiftly increase their pace of digital adoption to stay relevant, and stop mass client attrition to these agile financial start-ups.

“These threats come at an inopportune time for banks due to mature markets currently experiencing stagnant growth. This coupled with decreasing profit margins due to the competitive pricing of new entrants, and financial customer loyalty becoming ever increasingly more tenuous,” said Wewege.

Supported by numerous illustrations, the book spans a diverse range of topics from big data analytics and mobile payments to the evolving behaviors of financial consumers. The Digital Banking Revolution concludes with Luigi providing his predictions in the book’s final chapter, which is titled The Future of Banking. In this chapter, he outlines how he believes financial services are likely to evolve, and be conducted going forward.

The book is currently available for purchase online at Amazon.com in Kindle and paperback versions, as well as being offered via a number of other major online booksellers. To learn more about the author – Luigi Wewege and his new book, The Digital Banking Revolution, please visit: www.digitalbankingrevolution.com.

ABOUT LUIGI WEWEGE
Luigi is the President and CEO of Vivier Group, a multinational financial group of companies, providing its services worldwide through representation in jurisdictions across Africa, Asia, Oceania, Europe and South America. Outside of Vivier he serves as the Non-executive Chairman of Nikau Global an international trade and development firm, as Partner/Director of Palmetto Global Ventures a bespoke financial management consultancy firm, and is an invited member of Boston, Massachusetts based non-profit the Young Entrepreneur Council. For more information, about Luigi please visit: http://www.luigiwewege.com or alternatively reach him via Twitter @luigiwewege.

 

Media contact:
Brandon Hopkins
Email: info@digitalbankingrevolution.com
Phone: 803-404-4851
Web: www.digitalbankingrevolution.com

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Experian Reveals Mortgage Fraud Set To Surge In 2013

Experian predicts there will be a dramatic increase in attempted mortgage fraud in the UK next year, bringing the number of people fraudulently trying to obtain home loans to the highest level since records began in 2009.

A total of 43 out of every 10,000 mortgage applications are expected to be identified as fraudulent in 2013 – marking a rise of 13 per cent on 2012 figures and 26 per cent on 2011. The majority of attacks are likely to continue to come from first party fraudsters – essentially individuals misrepresenting their own financial circumstances and employment statuses or attempting to hide adverse credit histories.

Meanwhile, Experian’s latest Fraud Index*, which highlights the evolving nature of the fraud threat facing the UK’s financial services sector, also revealed that attempted mortgage fraud in the third quarter of this year was up six per cent on the same period in 2011, with 38 in every 10,000 applications deemed fraudulent – compared to 36 in every 10,000 12 months ago. It is also the first time within the past year that mortgage fraud has overtaken current account fraud as the area targeted most frequently by fraudsters.

Overall, 17 in every 10,000 applications received by financial institutions in Q3 of this year were detected to be fraudulent – seven per cent more than the same time last year, with savings accounts seeing a rise of 58 per cent. However, attempted fraud in the automotive finance sector fell for the sixth consecutive quarter, with 15 in every 10,000 fraudulent applications discovered between July and September 2012 – down 29 per cent when compared with 2011.

Nick Mothershaw, Director of Identity & Fraud Services at Experian in the UK and Ireland, said: “Almost 90 per cent of mortgage fraud tends to originate from genuine individuals misrepresenting their financial situations attempting to buy property that would ordinarily be out of reach. With tougher rules on UK mortgage lending set to come into force in 2014, where lenders will have to put a borrower’s ability to repay under greater scrutiny, it important that they have the correct tools in place to do this, especially as attempted fraud in this industry is set to increase significantly over the next 12 months.

“Increased fraud levels in specific industries mean that it has never been more important to ensure that applications for new credit facilities are analysed for signs of fraudulent activity. Simple steps organisations can take to mitigate risk include robust checking of new applications for credit using tools that reveal first party fraud and organised fraud rings, continually reassessing fraud risk across existing accounts and introducing true identity authentication using facts only a genuine applicant will know on all products, not just the higher risk ones.”

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Experian helps Hammersmith & Fulham save £3,000 a day in the fight against social housing tenancy fraud

Experian has assisted The London Borough of Hammersmith & Fulham in recovering almost £3,000-a-day for the public purse with an ongoing and highly successful programme to prevent social housing tenancy fraud in its 12,000 social homes.

The local authority is working with Experian to deploy the latest fraud detection techniques in a programme that has significantly reduced the level of social housing tenancy fraud in Hammersmith & Fulham. Experian’s analysis, combined with the in-depth local knowledge and expertise of its fraud investigators, has yielded savings of more than £650,000 in the first seven months, with more savings expected to follow.

Councillor Andrew Johnson, Hammersmith & Fulham Cabinet Member for Housing, said: “These stunning results prove our zero tolerance towards fraud is working. Every fraudster profiting from the most vulnerable members of society by unlawfully sub-letting social homes should know they now run a very high risk of being caught.

“Every home that is sub-let is a property taken away from a person or family in need.

“Experian is working with Hammersmith & Fulham to enable the investigation team to review and follow up suspected fraud cases. Within the first seven months, around 300 high-risk properties were investigated resulting in savings of £654,000 to the public purse – the equivalent of nearly £3,000–a-day. In many cases keys were very quickly surrendered following an e-mail, phone call or visit from the local authority.

“Our data-matching work with Experian, underpinned by our cost-effective internal analysisis expected to save £1 million in the first 12 months of the exercise.”

At present, current fraud estimates are based on collective samples of individual housing providers and suggest Social Housing Fraud is a significant problem in the UK with evidence of fraud in at least 6 per cent of social homes. But the true figure is almost certainly higher as this estimate does not include fraudsters that have obtained multiple tenancies in more than one local authority or housing association. A true estimate of the scale of the problem will require combined data sharing and matching between all social housing providers. Indeed, the problem of social housing fraud cannot be effectively addressed or solved without effective coordination between providers.

Experian is already working with over 30 social housing providers to help prevent social housing tenancy fraud. Our most recent fraud analysis in January 2012 covers a quarter of a million tenancy records representing a broad spread of urban and rural social housing providers. Work to date has detected potential fraud in over 6 per cent of tenancies nationally, one in sixteen social homes. However, in some areas the level of detected fraud is significantly higher, particularly in premium locations such as London, where some local authorities there are suffering rates as high as nine or ten per cent.

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Experian Reports New Euro Rules Expose Businesses To €20 Billion Payment Bill

A new report from Experian, the global information services company, has revealed European businesses risk losing billions of Euros as a result of failure to tackle simple payment errors.

The move to a single SEPA (Single Euro Payments Area) payment system – designed to simplify and streamline processing operations for domestic and international payments – will expose out-of-date account data and other errors that were previously overcome through a patchwork of locally implemented fixes. SEPA becomes mandatory in February 2014 for Eurozone countries and 2016 for businesses in non-Eurozone territories wishing to make and receive payments in Euros.

Experian analysis of over half a million records bank account records held by businesses around Europe has revealed that 12 per cent of electronic payments made to and from businesses in Euros currently contain data errors that could critically block the timely and cost-effective transfer of funds when new legislation for SEPA payments first comes into effect in February 2014. Only 65 per cent of Euro transactions are underpinned by fully accurate destination account data.

It has also found that 45 per cent of new SEPA-compliant International Bank Account Numbers (IBANs) stored by large European businesses do not have the valid corresponding Bank Identifier Codes (BICs) required to enable successful completion of transactions.

Experian has warned that these same error types will lead to payment failure when made through SEPA, costing businesses approximately €50 for each failed transaction, and leaving a total bill of more than €20 billion a year. An average error rate of around one in eight equates to a potential cost of €600,000 for an organisation transacting with 100,000 bank accounts.

Jonathan Williams, Director of Payment Strategy at Experian, commented: “The SEPA initiative is a key component to strengthening the financial foundations of the Eurozone with improved and more efficient end-to-end straight-through processing of payments. While SEPA will undoubtedly benefit organisations trading in Euros, errors in bank account details held by European businesses risk causing significant teething problems as locally implemented fixes – which have largely worked so far – are made redundant by the new common payments system.

“European businesses need to analyse their account data, fix any errors and convert this information to the correct SEPA standard, to ensure suppliers, partners and staff continue to get paid on time when the new rules come into place. Early adoption is crucial. If left to the last minute, the SEPA requirements have the potential to be both disruptive and costly.”

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Experian’s 192business named as preferred identity supplier to Law Society

Experian, the global information services company, announced its 192business unit has been selected by the Law Society as its preferred supplier of electronic identity verification tools for anti-money laundering purposes.

192business, part of Experian since it was acquired in March 2012, provides organisations with a range of electronic identity verification tools, including personal data verification, fraud screening and document verification. These products are already used by 44 of the top 100 UK law firms to meet client due diligence obligations under the Money Laundering Regulations 2007 and to mitigate the risks of making payments in contravention of the UK financial sanctions regime.

Nigel Spencer, Chief of Commercial Affairs at the Law Society, said: “Experian and 192business have worked closely with the Law Society to ensure that its identity verification services are tailored to the specific needs of the legal sector. Accurate and efficient identity verification is vital for meeting the evolving challenges of complying with financial crime prevention rules.”

Nick Mothershaw, UK director of identity & fraud services at Experian, commented: “Firms across the legal profession have successfully managed money laundering and payment risks working in partnership with 192business. Since 192business became part of Experian earlier this year we have further strengthened our position amongst the legal community and are delighted that the Law Society has chosen to endorse our range of identity verification tools.”

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Experian Reveals Surge In Mortgage And Savings Fraud

Experian, the global information services company, has revealed that the mortgage industry saw a 23 per cent jump in attempted fraud rates between April and June 2012. In the meantime, Experian’s latest Fraud Index shows that fraud fell by three per cent year-on-year across financial services products with automotive finance and insurance providers witnessing the biggest decreases during the period.

A total of 39 in every 10,000 mortgage applications were identified as fraudulent between April and June 2012, up from 32 in during the same period in 2011. Experian’s fraud analysis also revealed that the majority of attacks on mortgage products continue to come from first party fraudsters, individuals misrepresenting their own circumstances. Almost a quarter (24 per cent) of attempted mortgage fraud was due to individuals hiding adverse credit information and a further one in five (21 per cent) applicants providing misleading employment histories.

Savings accounts saw a 109 per cent uplift in fraud rates over during the period also. A total of 13 fraudulent applications in every 10,000 were detected, up from 6 in every 10,000 a year ago. Third party identity fraudsters were responsible for the vast majority (88 per cent) of fraudulent activity in this sector. 11 in every 10,000 falsified savings account applications were down to unrelated third parties. This kind of identity fraud is often perpetrated for money laundering or sleeper fraud purposes.

Nick Mothershaw, Director of Identity & Fraud Services at Experian in the UK and Ireland, commented: “Over the course of the last year, we have seen mortgages continue to be targeted at a high rate, with more people trying to misrepresent their personal, employment and credit information on applications to get properties out of their reach. At the same time, we have also seen an increase in the number of properties where the use of the property is misdeclared, such as applying for a regular residential mortgage on a buy-to-let property.

“Meanwhile, deposit taking products – such as current and savings accounts – continue to be heavily targeted by third party identity fraudsters for money laundering purposes and as a sleeper platform from which to target more lucrative credit products.

“Robust fraud prevention relies on thorough and efficient validation of customers’ identities and the information presented on the application form. It is vital that finance providers share comprehensive and timely information about finance applications and known frauds to help combat this common threat to the industry.”

The automotive finance industry saw a decrease of 32 per cent in Q2. 16 in every 10,000 applications were discovered to be fraudulent, down from 24 in every 10,000 applications last year. Attempts at hiding adverse credit (64 per cent) were still the most common method when applying for automotive finance.

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Atos And Travelex Strengthen Partnership With Major New Contract

Atos, the international IT services company, has announced that it has signed a major five year contract with Travelex, the world’s leading specialist provider of foreign exchange and international payments for consumer and business customers.

Under the five year agreement Travelex and Atos Worldline, which represents Atos’s high-tech transactional services, will collaborate to provide enhanced cross-border card payment capabilities.

The partnership will allow shoppers at over 72,000 point of sale machines in Atos Worldline’s participating merchant network in Europe to pay in their preferred currency. Travelex Currency Select enables acquirers to provide shoppers with transparency, certainty and choice at the point of sale.

Atos Worldline has global experience in providing merchant acquirers with payment solutions. Travelex also effectively operates as an acquirer in its own right with its global ATM network as well as its own “direct-to-market” merchant acquiring business.

Atos believes that this expertise in foreign exchange complements Atos Worldline’s position as a leading commercial acquirer in Europe with a significant merchant portfolio, especially in the Benelux region.

Atos Worldline and Travelex plan to deploy the cross-border card payment functionality solution on card-present (POS) and card-not-present e-Commerce channels to European merchants in 2012.

Commenting on this announcement, Peter Jackson, Chief Executive Officer of Travelex said: “This deal demonstrates our ability to develop and deploy innovative foreign exchange payment solutions in growth market segments that are outside our traditional retail sphere. Atos Worldline is the ideal partner with deep expertise in card acceptance solutions and payments in general. We look forward to growing our joint business together.”

Joe Edwards, Senior Vice President for Sales and Marketing, Atos said: “Through our partnership with Travelex, we can provide them with our specialist expertise in electronic transactions, which is essential to the growth of their business. We already have a very solid relationship with Travelex by supporting their e-commerce strategy, and we are looking forward to cementing this relationship further.”

Earlier this year, Atos and Travelex further extended their relationship via a Systems integration (SI) agreement. Atos has been a key supplier of IT solutions and services to Travelex for some years and continues to provide support and delivery capabilities across the Travelex IT estate.

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Barclays release new video highlighting the risks of online fraud that their customers may face when using the internet

Barclays new video, which is presented by television reporter Spencer Kelly, outlines the key risks such as phishing and malicious software and provides advice on what can be done to avoid these threats as well as the things Barclays does to protect customers.

Barclays is a leader in online banking security initiatives having launched PINsentry in 2007. PINsentry uses a handheld card reader and chip and PIN technology to verify customers’ identities for online banking. Without the need for passwords or memorable words, PINsentry has introduced a new layer of security to online banking, with users being issued with a unique eight digit code, helping to fight fraudsters who hack into people’s computers or utilise “phishing” emails to steal login details. Over 1.5 million customers are now using PINsentry and it was recently named the Best Security Initiative at the Nominet Best Practice Challenge 2008 awards.

In June 2008 Barclays became the only bank to offer all of its customers a full freeonline security software package. The package, from award winning internet security provider Kaspersky, includes anti-virus software as well as a spam filter, parental controls, spyware, adware and firewalls and is available to all customers who are registered with Barclays online banking. As a result of these initiatives and continuing work behind the scenes, Barclays has seen a dramatic 91 per cent drop in the money lost to fraudsters from 2006 to 2007 and is the only UK bank to have seen a reduction in the number of phishing attacks.

Barclays fight against online fraud continues with a new ‘vidcast’ advising people on the best methods of internet security. The five minute video is available to watch at www.barclays.co.uk/video where viewers are also invited to post their comments including suggestions for subjects of future videos.

For more details on PINsentry, free Kaspersky internet security software and other online security information please go to www.barclays.co.uk/security.

About Barclays

Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 143,000 people. Barclays moves, lends, invests and protects money for over 38 million customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com.

Video on www.youtube.com/barclaysonline

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Lloyds TSB has launched two new savings accounts in response to the demand for its savings products

Lloyds TSB has revealed the details of two brand new savings accounts, each offering customers the opportunity to earn up to 6% interest on their savings.

The first of the two new savings accounts, the Easy Saver 2012, tracks the Bank of England base rate until 31st December 2012 on a tiered rate up to 5.5 per cent*. The new account can be opened with a minimum balance of £1 and there are no penalties for withdrawals on the account. The account offers customers instant access to their savings and the tiered rate is designed to help consumers maintain their savings habit over the long term.

The one year term deposit rate is the second of Lloyds TSB’s new savings options. It allows customers to earn a guaranteed return of 6.00 per cent on investments of £2000 or more. The rate is guaranteed for the term of the deposit and customers can opt to earn interest on a monthly or annual basis, enabling them to use their savings interest to boost their monthly income.

Janet Pope, director of savings and investments at Lloyds TSB said: “In an uncertain economic environment, security is a top priority for savers. Our term deposit range** has proved extremely popular, as the guaranteed return gives customers the security to plan ahead, knowing exactly how much interest they will receive and when they will get it.”

Janet continued: “Whilst some savers may want to ring fence funds in a term deposit account, others want instant access to their cash. The Easy Saver 2012 encourages customers to build their nest egg over time, safe in the knowledge they can access funds at any point if they need it.”

The new Easy Saver 2012 account can be managed through any Lloyds TSB branch or via the telephone network. Existing Lloyds TSB customers can manage their account using internet banking and funds can be transferred instantly between savings and current accounts via the new mobile banking service.

Janet Pope continued: “We continue to see strong demand from customers for our deposit products as our savings range offers customers great rates combined with the accessibility of our 1,900 strong branch network and familiarity of a high street brand. Recently, we have seen a significant increase in deposits and in the last week alone, double the average numbers of term deposit accounts have been opened.”

About Lloyds TSB:
Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. Lloyds TSB offer a full range of financial services including savings and investments, current accounts and insurance. Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

* Based on the current Bank of England base rate of 4.5 per cent. Interest will be compounded annually to the account or can be taken as a monthly income.
** On the term deposit range. No withdrawals or additional deposits are allowed during the term of the deposit. The minimum opening balance is £2000 and the maximum balance is £1 million.

 

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