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Strengthening the Asia/IMF Relationship in a Highly Uncertain Global Environment




Speech at Asian Financial Forum by David Lipton, First Deputy Managing Director, International Monetary Fund
It is my great pleasure to be here. I’d like to thank the Hong Kong government for inviting me to this important event and to all of you for taking the time to join us.
In this challenging time for the global economy, I can think of no better place than Asia for my first visit of 2012. Why do I say that?
Asia’s economies today are strong and showing great promise, in part because of the reforms introduced courageously, and not without painful consequences, when Asia faced its own crisis in the nineties.
But now it is problems in the rest of the world, Europe in particular, that pose a risk to Asian prosperity. Now, Asia has a stake in seeing Europe solve its problems and even in playing a role in that process.
Beyond that, Asia has its own challenges, both in the near and longer term.
By working together, more and better than in the past, Asia and the IMF can help ensure stability and prosperity for the region and for the world.
Today I would like to expand on these key messages by expanding on three key themes. I will start with the state of the European economy, trace its implications for Asia, and end with a few thoughts on the importance of revitalizing IMF-Asia relations.

Global Outlook and Policies
Only a few months ago, the IMF warned the global economy was entering a “dangerous new phase.” Sadly, that phase is no longer new, but it remains more dangerous than ever.
At the global level, the pace of economic activity is weakening. Although recent indicators in the United States have surprised on the upside and growth there is likely to continue, global economic activity has generally worsened in the last quarter of 2011, and the near-term outlook has deteriorated noticeably relative to our September projections. And, worse, the downside risks that we identified then have started to materialize during the last part of 2011.
The main reason is the escalating euro area crisis. Specifically, concerns about fiscal sustainability and banking sector losses have widened sovereign spreads to unprecedented levels for many euro area countries. Bank funding has all but dried up in the euro area, leading banks to delever by selling assets and restrict lending. Now deleveraging threatens to push growth below even the reduced forecast we will publish next week. The euro area crisis is spilling over and interacting with fragilities elsewhere, bringing risks to many others around the globe.
So, yes the European outlook is grim and the risks for Europe and the world are high. But rather than allow ourselves to be paralyzed by pessimism, it is time to focus on the more hopeful perspective of working our way through this crisis. If there is good news, it is that we know what policies are needed, and we are busy trying to muster the finance to support those policies. Provided political will can be found, there is a good chance to resolve Europe's problems, ward off the downside risks, and build a foundation for future growth.

What is that way forward?
The essential elements are the four "mores". More liquidity to manage the crisis—both for banks and sovereigns (including more resources for European backstops); more fiscal consolidation, with a prudent but credible pace that does not unduly hurt short-term growth; more growth to sustain adjustment and sever damaging feedback loops (which will require additional policy accommodation and putting more capital into banks to reduce the scale of deleveraging); and more integration—both fiscal and financial– to ensure the viability and stability of monetary union.
In recent months, Euro zone leaders have started to outline and indeed implement some of what is needed: they are acting to contain fiscal deficits and have agreed on a mechanism for future fiscal discipline. They established a trans-national safety net. They have taken a harmonized approach to recapitalizing banks, and a systemic risk board is now in operation. And recently the European Central Bank has unleashed impressive firepower to make long-term liquidity available to banks. The challenge for Europe in 2012 is to move ahead on all of those fronts, implementing, cooperating, but also making mid-course corrections as needed to strengthen each of those steps and ensure there is the firepower to do the job. The IMF is working with Europe, supporting its efforts to restore market confidence, rekindle growth and ensure the integrity of the common currency.
The stakes are high. Without bold action, Europe could be swept into a downward spiral of collapsing confidence, stagnant growth, and fewer jobs.
And in today’s interconnected global economy, no country and no region would be immune from that catastrophe.

Challenges for Asia

That is especially true for Asia.

Asia emerged from the 2008 financial crisis with its global standing strengthened, and is headed toward becoming the largest economic region in the world over the next two decades. On current trends, by 2030 Asia’s economy will be larger than that of the G-7 and will be half the size of the G-20. The center of the global economy is truly shifting from the West to the East.
That said, despite rapidly growing intraregional trade, and some economic rebalancing in the aftermath of the global financial crisis, Asia continues to rely too much on final demand from US and the Euro area. That is a vulnerability.
And Asia is vulnerable to financial channels of contagion. Deleveraging by European banks could have a significant impact on credit supply and asset prices in several Asian economies, as European banks have substantial claims on these economies. Trade finance could be particularly affected, as European banks are particularly important providers in Asia, and could be difficult to replace.
Given these acute downside risks, what can policymakers in Asia do to mitigate the impact on their economies?
On the macro policy front, staying on course with fiscal normalization would increase the ability to respond to the shocks, and restore the fiscal space lost after the 2008 crisis. At the same time, a pause in monetary tightening now looks appropriate, wherever inflation forecasts are within central banks’ targets.
But policymakers also need to make sure that banks remain liquid and have secure funding, and try and reduce external vulnerabilities by lengthening debt maturities, securing credit lines, and further expanding currency swap arrangements, either bilaterally or through the Chiang-Mai Initiative. Some may also wish to consider IMF support, including from our new Precautionary and Liquidity Line —I will return to this later.
Should downside risks materialize in force, policymakers in Asia would need to respond swiftly, as they did in 2008/2009. The response would have to include reversing fiscal consolidation, for those with sufficient space to do so, and aggressively easing monetary policy. This might require cutting policy rates but also adopting a range of non-traditional measures, including the introduction of targeted credit easing measures, for example on commercial paper, corporate bonds, and SME credit. Introducing guarantees for bank liabilities and supporting trade financing could also be considered. To do so, Asian economies could use their ample foreign exchange reserves and, if and where necessary, regional reserve pooling arrangements.
From a longer-term standpoint, Asian policymakers also face the challenge of continuing structural reforms needed to ensure sustainable and strong medium-term growth, and reforms that make their economies less vulnerable to external shocks. These measures would also help alleviate widening income inequality in the region and support a sustained rebalancing of growth away from investment and exports towards private consumption.

IMF’s new Asia partnership

As Asia goes forward, the IMF stands ready to be a partner.
I realize that the potential for collaboration is clouded by memories of the Asian financial crisis of 1997–98. But now almost 15 years later, we all need to decide what lessons to draw. From the vantage point of 2012, one can see that the reforms taken during and after that difficult and traumatic period gave Asia the resilience to withstand the 2008 global financial crisis and are helping today.
In particular, the aggressive restructuring of bank NPLs, corporate debt and currency mismatches, helped Asia enter the global financial crisis from a position of strength. And more nimble macroeconomic policy frameworks gave Asian economies the room for a strong countercyclical response when the global financial crisis hit the region. But even more important, despite suffering from crisis spillovers, Asian economies have remained committed to free trade and closer financial and economic cooperation. It is thus not a coincidence, nor a surprise, that Asia has led the global recovery over the last three years.
We at the IMF also learned important lessons from Asia’s experience that we are now applying to programs across the globe, including in Europe. In particular, the Fund recognizes that while tough measures are needed to address deep economic problems, the conditions accompanying its programs need to be more focused on the problems at hand. And we are far more conscious of the importance of broad social support for the policies proposed and undertaken, and of the importance of protecting the most vulnerable parts of society, hence we place a greater focus on ensuring effective social safety nets in crisis cases.
Looking forward, two areas where our work can support this region’s interests are enhancing economic and financial surveillance for crisis prevention, and strengthening the global financial safety net:
Economic and financial surveillance. The global crisis has underlined the importance of looking at economic policies and conditions both in individual countries and globally, and at spillovers between countries. The global financial crisis also stressed the importance of macro-prudential oversight of the financial system.
The IMF’s analysis can play a useful role in this regard, including through a constructive collaboration with the ASEAN+3 Macroeconomic Research Office (AMRO.)
For example, we are focusing more on the spillovers into Asia from policies that are occurring elsewhere and, likewise, examining the global implications of policy decisions taken here in Asia. Our spillover reports on China, Japan, the U.S., the U.K., and the Euro Area are at the frontier of this type of integrated analysis.
At the same time, the Fund is stepping up its efforts to assess the health of Asian financial sectors, in close collaboration with the authorities. In the past two years, the IMF conducted its first-ever Financial Sector Assessment Program (FSAP) reviews of China and Indonesia, jointly with the World Bank. FSAP updates have been completed for Bangladesh, Cambodia, and the Philippines, and assessments are either underway or will soon be launched in India, Japan, Malaysia, and Australia.
Global financial safety net: As the crisis demonstrated clearly, capital flows can reverse very quickly in times of panic—even from countries with sound macroeconomic and financial conditions, such as many Asian economies. Developing an effective global financial safety net is therefore an essential element of a more stable global economy and can greatly help Asia withstand the risks of new external shocks.
To do so, and also building on the experience of the Asian crisis, the IMF initiated a reform of its lending toolkit after 2009 and introduced more tailored crisis prevention tools, including most recently the Precautionary and Liquidity Line (PLL), designed to meet the liquidity needs of “crisis by-standers”: member countries with sound economic fundamentals and policies but which have actual or potential balance of payment needs mainly because of crisis elsewhere in the world.
In this regard, in the coming weeks, we will be making the case for a step up in the Fund’s lending capacity. In doing so, let me stress that the goal is to be able to augment the resources Europe will be putting into tackling its problems, but also to be able to meet the needs of “innocent bystanders” around the world. In a globalized world, the need for firewalls is global.
Finally, we are also working to better integrate IMF resources with regional reserve pooling arrangements like the Chiang Mai Initiative and enhance our cooperation.
Needless to say, a stronger partnership between Asia and the IMF will also require a stronger role for Asia in the Fund. Given its rise as an economic powerhouse, it is only natural that Asia’s voice in our institution should become increasingly influential. This trend is already under way. In 2010, the IMF passed an important package of quota and voice reforms, through which emerging Asia’s representation in the Fund will increase by 27 percent. Thanks to the reform there will be three Asian economies (China, Japan and India) among the 10 largest shareholders in the Fund, with Japan and China being the 2nd and 3rd largest members respectively.
Asia’s links with the IMF are being strengthened also through the selection of key IMF personnel from the region. With the recent appointments of Naoyuki Shinohara, from Japan, and Min Zhu, from China, as Deputy Managing Directors of the Fund, Asian nationals are now 40 percent of the IMF’s management team. In addition, Singapore’s Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam, became Chairman of the International Monetary and Financial Committee in 2011.
Last, but not least, the IMF/ World Bank 2012 Annual Meetings will be held in Tokyo, recognizing the critical role of Asia as a bulwark of stability in the world economy, as well as the IMF’s growing and constructive partnership with the region. I encourage all of you to join us there in October.

Let me conclude by stressing that these are highly uncertain times for the global economy, which is threatened by intensifying strains in the Euro Area and fragilities elsewhere. With decisive measures in Europe and global support, it is possible to avoid a new phase in the crisis that would have spillovers to countries all across the world, including in Asia.
The IMF stands ready to work with Asia to help make sure that the risks for the region are minimized, and that the challenges the region faces in the long run are successfully met. While all eyes are on Europe right now, the Fund is continuing in its efforts to make Asia one of its key centers of engagement, and looking forward to Asia taking a bigger role at the IMF.
Achieving both objectives will help achieve sustained economic growth, in Asia and the world.


Regulating innovation: the biggest challenge in payments



Regulating innovation: the biggest challenge in payments 1

By Fady Abdel-Nour, Global Head of M&A and Investments, PayU

Over the course of the last six months, the payments industry has been lauded as one of the most impressive in its agility responding to Covid-19. Consumers and merchants have flocked online and safety has been a significant driver of the move to digital as entire countries discourage the use of cash – but what of financial and data security?

As digital payments adoption accelerates, there’s no time to waste. The pressure is on for governments and regulators to not only ensure security keeps pace with new consumer demand, but to look ahead and clear the road for future innovation.

Acceleration in digital payments

At PayU, we operate in 20 markets across the globe. Since the start of the pandemic, every single one of these markets has seen a seismic shift in consumer habits. In Poland, for example, the number of new onboarded e-shops was three times higher between March and May than in previous months. And in Colombia, e-commerce activity was 282% higher than pre-lockdown levels. Some merchants across our markets saw year-on-year revenue growth of a staggering 500-1000% during April and May.

New merchants are seeing this potential, moving online to increase their customer base and keep economies ticking. But with great innovation comes corresponding regulations. How can regulators keep up?

Innovation vs. regulation: an incompatible duo?

New ideas and technologies are undeniably critical to ensure services keep up with consumer behaviour. However, for this to happen safely, there needs to be collaboration between our industry’s innovators and regulators. Progress requires us to challenge and expand existing boundaries, holding our shared goal in mind.

Important as this concept is, it is by no means revolutionary. The widely pedalled narrative that innovators and regulators are at loggerheads is, quite frankly, outdated. It is not true that innovation in financial services has to disrupt existing systems and infrastructure. We have already seen countless examples of regulators working with the fintech ecosystem to enable and support innovation.

Across the emerging markets that PayU operates in, innovation initiatives are in place to educate entrepreneurs on the regulatory environment in which they operate. In Brazil, the central bank has established a sandbox, the Laboratory of Financial and Technological Innovation, to help fintech startups work more closely with regulators and government and accelerate the development of their ideas. The aim is to create a more efficient financial system, increase financial inclusion and reduce the cost of credit through better regulation. As the country rolls out Open Banking, acknowledging fintech’s potential to drive better socio-economic inclusion is incredibly encouraging.

It would be remiss of me not to mention The Monetary Authority of Singapore (MAS) here. To date, it has excelled in driving positive change by ensuring new players and services can operate within regulatory constraints. If they are unable to do so, the MAS reviews its framework and, where appropriate, adjusts it to safely progress innovation rather than stifle it. In 2019, for example, it issued five new digital bank licenses. Later in the year, it launched the Sandbox Express to help create a faster option for testing innovative financial services in the market.

The open-minded and collaborative approach of these regulatory models marks the future of financial regulation to me. The world is changing quickly and the parameters that keep us secure have to adapt and morph more than ever before. The job is not simple, but it can boost innovation and build a safe and sustainable financial environment, where pioneers are empowered to set the pace for change.

Consumer demand is only one side of the (digital) coin

The other trend creating complexity for regulators is the move towards embedded finance and Big Tech’s involvement in this.

Fady Abdel-Nour

Fady Abdel-Nour

Broadly, embedded finance means that fintech services are expanding beyond the walls of banks and becoming part of other business models rather than a standalone entity. This is a challenge in itself, as regulators will need to be vigilant to ensure that payments, credit and other financial services remain secure and customers are protected.

Across Europe, the US, Latin America, Asia and Africa, governments have also been grappling with how to regulate Big Tech. Facebook, for example, has launched ‘Facebook Financial’ to pursue opportunities in digital payments and e-commerce. Similarly, regulators in Brazil and India have been trying to navigate WhatsApp’s attempts to establish its new payments feature in both markets. These features were suspended by Brazil’s central bank and have been in testing in India for over two years.

The good news is that regulators are paying attention. The pushback we’re seeing is not simply aversion to change, but industry experts exploring how these developments can keep consumer needs at the heart and enhance the current payment ecosystem. New business models and new players are important to keeping us all at the top of our game.

Regulating a changing financial ecosystem

We’re in a truly remarkable age, where the role of regulation is being tested again and again. I believe that regulators have a more vital role to play than ever. Covid-19 has been a powerful catalyst in the financial sector and there is some positive change to be harnessed from the disruption.

If navigated shrewdly, regulators will succeed in capitalising on new trends to retain their core purpose: to ensure the safety and security of the customer and support positive change. The whole industry will need to work together closely to build a regulatory framework that is fertile for innovation and allows us to realise the enormous potential of payments in this new decade. So, what are we waiting for?

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How the financial sector can keep newly acquired customers returning time and time again



How the financial sector can keep newly acquired customers returning time and time again 2

By Dicken Doe from Foolproof, a Zensar company

Covid-19 has changed the financial lives of millions; what worked for people and their bank six months ago might not work today. For some people savings have depleted and pensions withdrawn early. While mortgage holidays have increased the time required to pay back loans and emergency funds in the advent of job losses.

When combined with the fact that Covid-19 has rapidly sped up online migration, providers need to deeply question the design of their financial experiences. According to a recent survey from Lightico: “63% of US citizens said they were more inclined to try a new digital app for banking than they were before the pandemic. Also, 82% said they were concerned about paying a visit to their local banks.”

To be successful, both existing and new experiences must be assessed by using data and human insight to iteratively design and test solutions.

The swift response of many financial institutions to the crisis has created a number of changes to services and customer support functions. Things which have taken months of negotiation in the past have been made possible in days. However, speed does not always equal quality. Key considerations that need to be accounted for – to keep existing and newly acquired customers returning – remain. This can broadly be described under the auspice of consistent experiences that meet emerging customer needs.

Top tips to keep newly acquired financial services customers returning

Getting ahead starts with the ‘why’ customers are performing an action and ‘what’ they need. With this in mind, here are my top five tips for the financial sector on how to keep new customers coming back again and again.

Understand new and emerging needs:

People have been forced online in all-new circumstances. To respond appropriately, providers need to look at quantitative data and have a regular qualitative dialogue with new and existing online customers. This will help them spot emerging needs and behaviours which form themes and patterns in online browsing. To enable this, financial service providers must move from being reactive to proactive. This will help them to keep pace with the changes people themselves are experiencing in their own lives.

Financial businesses should look to segment, analyse and speak to customers who have started managing their finances with them since the beginning of the year and interrogate their behaviours. This will provide invaluable insight into what people are looking for and why.

Banks have an advantage here – when compared to other sectors – because saving, lending and current account journeys tend to start in apps or sites. By connecting site browsing with new customer account data, we can see individual demands expressed in the use of content, and the sorts of journeys customers are undertaking. Are these people struggling to complete a particular task i.e. setting up a direct debit? Is there something they’re entirely overlooking e.g. ISAs or loans?

Dicken Doe

Dicken Doe

At both the individual level and at an aggregate level, we can see emerging needs and trends. For example, the mortgage market has tightened up. Prior to Covid-19 there were 700+ 10% deposit home loans available, now there are less than 70. As a result, a decline in interest and a lack of ability for younger people to buy homes could signal a move towards people putting savings into ISAs. Likewise, too many customers are shifting to expensive and unsustainable debt, meaning providers need to imagine better ways to help combat this. This means designing value-adding solutions which helps maintain trust with the customer as well as encouraging them to come back.

Optimise journey flows:

The amount of tooling now available to understand journeys, identify breaks and ultimately address these issues is huge. There is no excuse not to be working hard on this, too many companies see a journey as set and overlook moments where design can be used to enhance processes. For example, why does opening online banking take five clicks and not one, and why is it so hard to find information about my pension?

Financial service providers of today cannot rely on a paradigmatic shift to new journeys with mounting financial pressures – their current ones need to evolve. If they aren’t continuously enhancing what they have today, it’s easier than ever for people to go elsewhere. Especially when 36% of people in the UK now feel more comfortable managing money online and 23% trust online money management more.

However, enhancements to services must be based on both customer needs gathered from qualitative insight and quantitative data from analytics and tracking tools to expose key problems. What you find out might mean redesigning specific moments in a journey, but it could also be done by improving signposting and information architecture, remarketing better, or tweaking content i.e. improving the findability of information connected to mortgage holidays.

Reasons to return: 

Understanding people’s needs and targeting them drives better outcomes for all. Now is not the time for generic market offers because people’s immediate financial needs are significantly limited by Covid-19. The key to encouraging people to return is having a range of solutions that meet the specific needs of today. The credit card you had planned might not be what people need right now, but a compelling savings product could be. User research and insight will help you form validated hypotheses about offerings to test, and it’s precisely the kind of thing quantitative data alone will struggle to tell you.

Financial service providers also have the power to engage or reengage customers. They have ecosystems that join up channels to improve the likelihood of someone coming back. For example, if a customer opened an ISA in the past but stopped making deposits, perhaps it’s because they’re unaware of the annual limit on that sort of tax-free investment. If buy-to-let rates were reduced, perhaps they can afford that loan application abandoned last month. Financial providers need to harness the power of design to remind customers of the benefits available today.

As always, knowledge about customers and their needs has to be exposed, and new solutions devised to offer people ways back into your funnel. To do this you need a mix of research and data science to expose the problems for designers to work on.

Ease of use: 

Across the financial services sector, digital design maturity is improving, but many processes are still unnecessarily cumbersome. Companies that have introduced rushed processes to support customers at a distance are likely to have solved an immediate problem, but to the detriment of the overall experience. Here, design thinking and service design can guide organisations toward optimising journeys to promote ease of use and coherent customer experiences.

Even months after the start of the pandemic, many organisations are struggling to maintain their inbound call centres and chat functions. On the whole, Help & Support pages offer just as poor an experience. These functions are often incomplete and overlooked, but are now the crux of banking experiences everywhere.

Banks must home in on these moments and provide other experiences in keeping with the standards set by the likes of First Direct’s award-winning telephone banking service. Within seconds, you’re through to an operator trained to handle loan applications, mortgage queries and more. The trick is to follow the right formula. You’ll want to avoid customers having to retain lots of information at once, navigating complex menu systems and always provide the option to speak with an operator. Services which adhere to this closely often outperform their digital counterparts – helping to relieve the strain placed on your overall experience.

Done well, conversational AI can make a big difference to customer experience and the likelihood of conversion too. Santander’s banking line harnesses this technology, and with a few vocal cues, you’re managing cash verbally. To succeed though, you must set up analytics, perform research and regularly optimise services to relieve friction and meet your customers’ ever-changing needs.

Summing up

Providers are increasingly talking about optimisation but finding immediate opportunities to squeeze funnels and processes for more value cannot come at the expense of great customer experience. Now is the time for immediate changes but you need to make sure those changes are sustainable and consistent with everything else you have that supports your online ecosystem.

In essence, delivering efficiencies can’t overcome delivering a poorer customer experience long-term. Where this is true there is a customer-centred design job to be done in the better understanding of customers and behaviours, and therefore research and design more focussed on those needs.


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Increased contactless spending could be linked to higher fraud and payment disputes, warns global risk expert



Increased contactless spending could be linked to higher fraud and payment disputes, warns global risk expert 3

The rapid adoption of contactless payments during COVID-19 may be contributing to multiple strands of fraud

Monica Eaton-Cardone, COO and Co-Founder of merchant dispute specialist, Chargebacks911, and its revolutionary new financial institution brand, Fi911, warns of the chargeback and fraud risks associated with the increase in contactless payments following the COVID-19 outbreak.

In a bid to reduce human interaction, the use of cash, and the touching of contact points such as PIN pads and cash machines, the UK’s contactless spending limit increased from £30 to £45 in April this year.

Customers across the globe have also got onboard with the payment method following contagion concerns about using cash and cards. As a result, Mastercard reported a 40% increase in contactless payment activity in Q1 of 2020.

This dramatic increase in contactless payments may be contributing to the sharp rise in chargebacks that have been recorded since the pandemic began. According to Cardone, industries are now experiencing 10 times the amount of payment disputes that were taking place prior to COVID-19.

Monica explained: “Contactless payments present a number of fraud threats. For one, if a valid cardholder’s information is stolen, it can be added to a mobile device and used to make unauthorised purchases – leaving merchants covering customers’ losses. In addition to this third-party fraud, contactless payments present a greater opportunity for genuine customers to commit first-party (friendly) fraud and lie about whether or not a transaction was actually made by them.

“These scenarios pose even more of a threat while the retail landscape is going through this turbulent period and genuine claims are on the rise, so merchants are in less of a position to dispute false claims.”

Although merchants are the ones left refunding customers and losing valuable goods due to chargebacks and friendly fraud, the issue doesn’t start and end with them. Behind a payment dispute is an intricate network of merchants, acquirers, issuers, and card schemes that deal with disputes and adopt their associated costs.

And, when merchants lose money to disputes, the cost will inevitably end up back with customers, since merchants raise prices to cope with these losses. This is likely to become a necessity in our current period of economic uncertainty.

For this reason, Monica warns everyone involved in the payment process to remain vigilant when it comes to chargebacks that stem from contactless payments.

Monica continued: “If merchants want to reap the benefits of contactless payments, they need to be aware of the threats involved and have strategies in place to respond effectively.

“At the same time, financial institutions should watch for activity that is unusual and out of line with typical consumer behaviour – for instance, a consumer suddenly making a high-value purchase at a store that’s thousands of miles away from home. They should also be on the lookout for repeated use of the chargeback process, which might indicate friendly fraud, as 40% of consumers who commit this fraud successfully will repeat the practice within 60 days.

“I also urge consumers to be aware of their account activity and to keep a close eye out for anything that may indicate that a contactless payment account has been compromised.”

Going forward, Monica is anticipating that contactless payment adoption will continue to grow, especially against the backdrop of COVID-19. To help combat the growing chargeback problem and fraud associated with contactless payments, Chargebacks911 is working closely with merchants – particularly those in the most susceptible industries – and financial institutions to tackle the issue head-on.

If you’re concerned about COVID-19 chargebacks effecting your business, speak to a member of the Chargebacks911 team at: [email protected].

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