Fintech, Finance, Technology, Banking Highlights – 29 November 2017
Five million UK adults have cancelled credit or debit cards in the last year due to attempted fraud
One in ten UK adults (10%) have cancelled their credit or debit card in the last year due to attempted fraud, according to new research by comparethemarket.com.
This equates to over five million people becoming the victims of the cybercrime in the last twelve months, highlighting the worrying levels of online fraud in the UK.
In a survey of 2,000 adults, comparethemarket.com found that not only are accounts being hacked, but significant amounts of money are also being successfully stolen in many cases. Of the 37% of people who had money stolen from their accounts, £544 was taken on average. Based on these findings, comparethemarket.com estimates that over £1 billion has been stolen as a direct result of credit or debit card fraud in the last year.
Despite having a lot of money stolen from their accounts, only 12% of people who were hacked in the last 12 months have changed their debit or credit card provider, whilst over two thirds (68%) have not considered, or have no intention of changing accounts.
Barracuda FX releases cloud-based OMS
Barracuda FX, the specialist provider of FX Order Management technology, today announced the launch of OMSCloud, a revolutionary new product.
OMSCloud makes Barracuda’s award-winning OMS technology available on the cloud, enabling all sizes of banks to use the market-leading service.
Barracuda developed the new service in response to banks active in the FX market asking for professional OMS tools, but without having the resources or capacity to implement an OMS.
OMSCloud offers an innovative solution to hundreds of banks which have previously either not supported FX orders, or simply outsourced them via larger banks’ single dealer platforms.
Antelop adds Visa token support to white label NFC mobile wallet platform
Antelop Solutions has just joined the Visa Token Service program as a certifying token requestor, enabling banks and card issuers to use its cloud-based HCE NFC payments platform to launch mobile wallets that fully comply with the latest Visa tokenization requirements.
“Our HCE SaaS platform, hosted in a PCI-DSS environment and compliant with the latest schemes requirements, makes onboarding simple and easy for banks and issuers looking to launch their own mobile wallets,” says Antelop CEO Nicolas Bruley.
“Antelop is already certifying as a Mastercard Digital Enablement Service (MDES) contactless wallet solution,” Bruley adds. “The addition of Visa Token Requestor — Token Service Provider (TR-TSP) certification means we can provide issuers with our own pre-certified multi-scheme NFC SDK that can be easily integrated into their existing app and a PCI-DSS Wallet server connected to Visa VTS & Mastercard MDES.”
CYBG signs seven-year card deal with Mastercard
Mastercard and CYBG, owner of the Clydesdale Bank, Yorkshire Bank and B brands, today announced that they will extend their partnership, with CYBG switching all of their remaining Visa credit cards to Mastercard.
The 7-year agreement means that all CYBG debit, credit and commercial cards will use the Mastercard network. The two organisations will offer additional payment solutions, protect customers against fraud, and create a better banking experience for customers.
The deal represents a significant investment by both parties and demonstrates Mastercard’s commitment to increase the issuance of its cards in the UK. The renewed partnership also allows Clydesdale and Yorkshire Bank’s business customers to benefit from the enhanced functionality to control and add flexibility to their company’s future spending.
