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The Transaction Security Landscape: New Mandates, New Challenges



The TransactionSecurity Landscape: New Mandates, New Challenges

By Ilya Dubinsky, Head of the CTO at Credorax

As consumer adoption of mobile and online commerce channels continues to grow, fraud losses in this space are becoming a major pain point for mature markets. To address this security challenge, Strong Customer Authentication will become mandatory in the European Union. However, even without regulatory mandates, the problem is significant enough for providers to take proactive steps to improve transaction security.  The market trends to monitor will encompass security,stronger customer authentication, PSD2,3D Secure 2.0, card-not-present fraud, mobile experience issues, and shopping cart abandonment concerns.  To give some context around these trends, it is beneficial to review each area with regards to how fraud has had an impact.

PSD2 and a Stronger Need to Reduce Fraud

Ilya Dubinsky

Ilya Dubinsky

Several trends will affect how online stores will secure their checkout process while battling shopping cart abandonment. Besides the overall explosive growth of mCommerce, measures to reduce fraud in card-present scenarios cause an increase of fraud in the card-not-present environment. The EU PSD2 Strong Customer Authentication regulation mandates a form of authentication for all intra-European payments from September 2019, while providing exemptions for payment providers with low fraud rates. EMV® 3-D Secure Protocol, also known as “3D Secure 2.0”, lays a foundation to address these challenges and is likely to be mandated by card schemes.

Mandated Strong Customer Authentication

The Evolution of Card Fraud in Europe 2016 research by the Fair Isaac Corp. reported card-not-present fraud accounted for 70% of total card fraud in the European Union, reaching €1,231 billion in 2016. While the total fraud in the EMEA region grows at 4.4% CAGR, total volumes of card fraud were expected to exceed €2 billion by 2019 according to our research.

What ensued were actions prompted by the regulators, and so, as part of the PSD2 (Payment Services Directive 2), the EU lawmakers mandated Strong Customer Authentication to be part of any remote electronic payment, including all payments processed by a European institution and performed using credit or debit cards.

The details of Strong Customer Authentication are covered by European Banking Authority’s Regulatory Technical Standard, which was officially adopted by the European Commission on March 13th, 2018, to become applicable 18 months later, which means it will be effective from September 14th, 2019.

The changes in regulations will force all payment service providers that operate in the EU to combat fraud by means of enforcing mandatory Strong Customer Authentication on a large share of online transactions, or, alternatively, by implementing substantial fraud monitoring and prevention measures that would entitle providers to further exemptions from the mandate.

Card-Not-Present Fraud Expected to Skyrocket

Payment card fraud dates back to embossed plastic and imprinters, and as making payments has become easier with the evolution of technology, fraud in card payments has become more sophisticated, leading to increased checkout complexity. This was true for card-present, brick-and-mortar transactions and is even more so with card-not-present transactions in eCommerce and especially mCommerce environments.  Even Visa/US Chamber of Commerce’s “Cardholder Data Security and Fraud Prevention” reported that not only 67% of cardholders are becoming more cautious about their future credit card use but also acknowledge that raised awareness can’t prevent data breaches.  In fact, data breaches are reportedly increasing to 44.7% according to the Identity Theft Resource Center’s “2017 Annual Data Breach Year-End Review”.

As a result, card schemes, concerned about establishing and preserving their brand reputations as reliable methods of payment, have invested in the development and rollout of multiple technological solutions designed to reduce or eliminate fraud, and in particular, the use of counterfeit cards.

In the card-present environment, this was achieved to an extent by implementing EMV ICC technology, with the later addition of EMV Contactless and, further down the line, mobile card tokenization (ApplePay™, SamsungPay™, and others). However, the process of transition to this new fraud-resistant technology is still ongoing in some of the more mature markets such as the United States, where only about half of in-store payments are currently done with EMV according to BI Intelligence.

Furthermore, even after full-grade EMV transactions become the overwhelming majority, payment card fraud will not completely disappear. While counterfeit card-present losses in the USA are expected to decrease from $3,615 billion in 2015 to $1,771 billion in 2018 according to the Aite Group, card-not-present card losses are expected to more than double from $3.1 billion to $6.4 billion in the same timeframe.

In Europe, card-not-present fraud is a major driver behind the annual growth of fraud in general. While implementation of EMV has reduced fraud in ATMs and POSs, overall losses from fraud in 2016 are estimated at €1.759 billion, having grown with a CAGR of 5% during the last five years, with card-not-present fraud constituting 70% of the volume, growing at a CAGR of 9%. (See Figure 1.) In France alone, the annual losses due to fraud doubled in 10 years, increasing from €252.6 million to €548.3 million, while in Sweden, annual card-not-present fraud jumped from 94.1 million SEK to 142.4 million SEK (51% YoY), according to FICO.

Figure 1. European Card-Present and Card-Not-Present Fraud Losses(source: FICO by Fair Isaac, Euromonitor International)

Figure 1. European Card-Present and Card-Not-Present Fraud Losses(source: FICO by Fair Isaac, Euromonitor International)

Mobile Experience Issues, Abandonment a Challenge, Security a Concern

The smartphone user base continues to expand rapidly and is expected to reach 2.87 billion global users by 2020 according to eMarketer, with over 55% of total mobile phone users utilizing a smartphone by that time.

This will have a profound impact on consumer shopping habits, while driving the growth of mCommerce in absolute and relative terms as well as being the driver behind the growth of eCommerce as a whole.

The mCommerce market in the United States according to eMarketer is projected to reach $284 billion, or 45% of the total USA eCommerce of $630 billion, by 2020, up from $35.2 billion or 11% in 2014. And during the 2017 holiday season, 36% of USA consumers planned to use a mobile payment app.

At the same time the PayPal Mobile Research 2014/2015 Global Snapshot showed the estimated CAGR of mobile commerce in Europe is 42%, in comparison with the eCommerce CAGR of 13%.PayPal continued with showing these figures as being even higher in Nordic countries, where the aggregated growth rate of mCommerce is projected to exceed 50%.

However, while customers express growing interest and genuine intent to shop via their browsers and mobile devices, retaining a customer throughout the checkout process remains a significant challenge. The rate of abandoned shopping carts on desktops is over 70%, and even higher on mobile devices according to Adobe Insights (See Figure 2.), and about 1 in 3 smartphone users will immediately switch to another application or site if they feel their needs are not instantly satisfied.

Figure 2. Shopping Cart Abandonment Rates perChannel

Figure 2. Shopping Cart Abandonment Rates perChannel

While true that about 25% of consumers cited by PayPal Mobile Research show that mobile payment security concerns (and not checkout issues) as a barrier to shopping via mobile device more often, the introduction of additional authentication processes will hardly increase checkout speed and improve consumer experience.

A Key Solution to Address Fraud

EMV® 3-D Secure can help, if handled with care.  For instance, card schemes have offered a solution for improved security of online payments since 1999, in the form of the Verified by Visa™ program, also known as “3-D Secure 1.0”.

The solution has reduced fraud significantly, with fully authenticated transactions being around three times less likely to be fraudulent.  On the other hand, it has contributed to consumer drop-out, whichhas reached double-digit figures according to Visa and Cardinal Commerce.

To address these challenges, card schemes have cooperated via the EMVCo standards body to deliver the EMV® 3-D Secure standard which became known as “3-D Secure 2.0”. The standard allows a front-end application to retain full control over user experience, outlines rules for risk-based authentication (the so-called ‘frictionless flow’), introduces a number of alternative authentication methods including device biometrics, and, among its other advantages, is considered by card schemes to be the technological answer to the SCA regulation in Europe.

AI-based Fraud Prevention

Despite the directive not specifically mentioning machine learning methods, this set of requirements – including the analysis of individual cardholder spending patterns and anomalies – demands analysis of vast arrays of data for each cardholder, with identification of individual behavior patterns.

Unless the processor (or the merchant) only handles recurring transactions with small numbers of customers, no team of analysts can realistically process and compute the baseline spending pattern function for each cardholder that utilizes payment services. This means that, in reality, in order to meet this set of rules, deployment of a machine learning solution is unavoidable.

The Bottom Line

Both sharp increases in rates of card-not-present fraud, and the regulatory response to it, inhibit growth and can reduce the revenue of online merchants. Fraud causes direct damage to merchants, while government regulations that mandate strict authentication cause an increase in shopping cart abandonment. Furthermore, existing mechanisms for strong consumer authentication such as Verified By Visa™ (also known as 3D Secure 1.0) are ill-suited for mobile channels, harm customer experience, and further contribute to abandoned orders.

While mobile commerce drives online commerce growth and the ability to prevent fraud contributes directly to the bottom line, providing better security (but not necessarily stronger authentication), improving consumer confidence in mobile devices as a shopping channel will, in the end, have a positive impact.  The best strategy is to implement an AI-based fraud prevention solution, deploy a full card-on-file solution, including account updater services and provisions for cardholder authentication.  In addition, it is recommended to implement 3D Secure 2.0 as soon as possible, combined with an authentication advisor solution.


The Psychology Behind a Strong Security Culture in the Financial Sector



The Psychology Behind a Strong Security Culture in the Financial Sector 1

By Javvad Malik, Security Awareness Advocate at KnowBe4

Banks and financial industries are quite literally where the money is, positioning them as prominent targets for cybercriminals worldwide. Unfortunately, regardless of investments made in the latest technologies, the Achilles heel of these institutions is their employees. Often times, a human blunder is found to be a contributing factor of a security breach, if not the direct source. Indeed, in the 2020 Verizon Data Breach Investigations Report, miscellaneous errors were found vying closely with web application attacks for the top cause of breaches affecting the financial and insurance sector. A secretary may forward an email to the wrong recipient or a system administrator may misconfigure firewall settings. Perhaps, a user clicks on a malicious link. Whatever the case, the outcome is equally dire.

Having grown acutely aware of the role that people play in cybersecurity, business leaders are scrambling to establish a strong security culture within their own organisations. In fact, for many leaders across the globe, realising a strong security culture is of increasing importance, not solely for fear of a breach, but as fundamental to the overall success of their organisations – be it to create customer trust or enhance brand value. Yet, the term lacks a universal definition, and its interpretation varies depending on the individual. In one survey of 1,161 IT decision makers, 758 unique definitions were offered, falling into five distinct categories. While all important, these categories taken apart only feature one aspect of the wider notion of security culture.

With an incomplete understanding of the term, many organisations find themselves inadvertently overconfident in their actual capabilities to fend off cyberthreats. This speaks to the importance of building a single, clear and common definition from which organisations can learn from one another, benchmark their standing and construct a comprehensive security programme.

Defining Security Culture: The Seven Dimensions

In an effort to measure security culture through an objective, scientific method, the term can be broken down into seven key dimensions:

  • Attitudes: Formed over time and through experiences, attitudes are learned opinions reflecting the preferences an individual has in favour or against security protocols and issues.
  • Behaviours: The physical actions and decisions that employees make which impact the security of an organisation.
  • Cognition: The understanding, knowledge and awareness of security threats and issues.
  • Communication: Channels adopted to share relevant security-related information in a timely manner, while encouraging and supporting employees as they tackle security issues.
  • Compliance: Written security policies and the extent that employees adhere to them.
  • Norms: Unwritten rules of conduct in an organisation.
  • Responsibilities: The extent to which employees recognise their role in sustaining or endangering their company’s security.

All of these dimensions are inextricably interlinked; should one falter so too would the others.

The Bearing of Banks and Financial Institutions

Collecting data from over 120,000 employees in 1,107 organisations across 24 countries, KnowBe4’s ‘Security Culture Report 2020’ found that the banking and financial sectors were among the best performers on the security culture front, with a score of 76 out of a 100. This comes as no surprise seeing as they manage highly confidential data and have thus adopted a long tradition of risk management as well as extensive regulatory oversight.

Indeed, the security culture posture is reflected in the sector’s well-oiled communication channels. As cyberthreats constantly and rapidly evolve, it is crucial that effective communication processes are implemented. This allows employees to receive accurate and relevant information with ease; having an impact on the organisation’s ability to prevent as well as respond to a security breach. In IBM’s 2020 Cost of a Data Breach study, the average reported response time to detect a data breach is 207 days with an additional 73 days to resolve the situation. This is in comparison to the financial industry’s 177 and 56 days.

Moreover, with better communication follows better attitude – both banking and financial services scored 80 and 79 in this department, respectively. Good communication is integral to facilitating collaboration between departments and offering a reminder that security is not achieved solely within the IT department; rather, it is a team effort. It is also a means of boosting morale and inspiring greater employee engagement. As earlier mentioned, attitudes are evaluations, or learned opinions. Therefore, by keeping employees informed as well as motivated, they are more likely to view security best practices favourably, adopting them voluntarily.

Predictably, the industry ticks the box on compliance as well. The hefty fines issued by the Information Commissioner’s Office (ICO) in the past year alone, including Capital One’s $80 million penalty, probably play a part in keeping financial institutions on their toes.

Nevertheless, there continues to be room for improvement. As it stands, the overall score of 76 is within the ‘moderate’ classification, falling a long way short of the desired 90-100 range. So, what needs fixing?

Towards Achieving Excellence

There is often the misconception that banks and financial institutions are well-versed in security-related information due to their extensive exposure to the cyber domain. However, as the cognition score demonstrates, this is not the case – dawdling in the low 70s. This illustrates an urgent need for improved security awareness programmes within the sector. More importantly, employees should be trained to understand how this knowledge is applied. This can be achieved through practical exercises such as simulated phishing, for example. In addition, training should be tailored to the learning styles as well as the needs of each individual. In other words, a bank clerk would need a completely different curriculum to IT staff working on the backend of servers.

By building on cognition, financial institutions can instigate a sense of responsibility among employees as they begin to recognise the impact that their behaviour might have on the company. In cybersecurity, success is achieved when breaches are avoided. In a way, this negative result removes the incentive that typically keeps employees engaged with an outcome. Training methods need to take this into consideration.

Then there are norms and behaviours, found to have strong correlations with one another. Norms are the compass from which individuals refer to when making decisions and negotiating everyday activities. The key is recognising that norms have two facets, one social and the other personal. The former is informed by social interactions, while the latter is grounded in the individual’s values. For instance, an accountant may connect to the VPN when working outside of the office to avoid disciplinary measures, as opposed to believing it is the right thing to do. Organisations should aim to internalise norms to generate consistent adherence to best practices irrespective of any immediate external pressures. When these norms improve, behavioural changes will reform in tandem.

Building a robust security culture is no easy task. However, the unrelenting efforts of cybercriminals to infiltrate our systems obliges us to press on. While financial institutions are leading the way for other industries, much still needs to be done. Fortunately, every step counts -every improvement made in one dimension has a domino effect in others.

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Has lockdown marked the end of cash as we know it?



Has lockdown marked the end of cash as we know it? 2

By James Booth, VP of Payment Partnerships EMEA, PPRO

Since the start of the pandemic, businesses around the world have drastically changed their operations to protect employees and customers. One significant shift has been the discouragement of the use of cash in favour of digital and contactless payment methods. On the surface, moving away from cash seems like the safe, obvious thing to do to curb the spread of the virus. But, the idea of being propelled towards an innovative, digital-first, cashless society is also compelling.

Has cashless gone viral?

Recent months have forced the world online, leading to a surge in e-commerce with UK online sales seeing a rise of 168% in May and steady growth ever since. In fact, PPRO’s transaction engine, has seen online purchases across the globe increase dramatically in 2020: purchases of women’s clothing are up 311%, food and beverage by 285%, and healthcare and cosmetics by 160%.

Alongside a shift to online shopping, a recent report revealed 7.4 million in the UK are now living an almost cashless life – claiming changing payment habits has left Britons better prepared for life in lockdown. In fact, according to recent research from PPRO, 45% of UK consumers think cash will be a thing of the past in just five years. And this UK figure reflects a global trend. For example, 46% of Americans have turned to cashless payments in the wake of COVID-19. And in Italy, the volume of cashless transactions has skyrocketed by more than 80%.

More choice than ever before

Whilst the pandemic and restrictions surrounding cash have certainly accelerated the UK towards a cashless society, the proliferation of local payment methods (LPMs) in the UK, such as PayPal, Klarna and digital wallets, have also been a key driver. Today, 31% of UK consumers report they are confident using mobile wallets, such as Apple Pay. Those in Generation Z are particularly keen, with 68% expressing confidence using them[1].

As LPM usage continues to accelerate, the use of credit and debit cards are likely to decline in the coming years. Whilst older generations show an affinity with plastic, younger consumers feel less secure around its usage. 96% of Baby Boomers and Generation X confirmed they feel confident using credit/debit cards, compared to just 75% of Generation Z[2].

Does social distancing mean financial exclusion?

As we hurtle into a digital age, leaving cash in the rearview, there are ramifications of going completely cashless to consider. We must take into consideration how removing cash could disenfranchise over a quarter of our society; 26% of the global population doesn’t have a traditional bank account. Across Latin America, 38% of shoppers are unbanked, and nearly 1 in 5 online transactions are completed with cash. While in Africa and the Middle East, only 50% of consumers are banked in the traditional sense, and 12% have access to a credit card. Even here in the UK, approximately 1.3 million UK adults are classed as unbanked, exposing the large number of consumers affected by any ban on cash.

Even when shopping online – many consumers rely on cash-based payments. At the checkout page, consumers are provided with a barcode for their order. They take this barcode (either printed or on their mobile device) to a local convenience store or bank and pay in cash. At that point, the goods are shipped.

There are also older generations to consider. Following the closure of one in eight banks and cashpoints during Coronavirus, the government faced calls to act swiftly to protect access to cash, as pensioners struggled to access their savings. Despite the direction society is headed, there are a significant number of older people that still rely on cash – they have grown up using it. With an estimated two million people in the UK relying on cash for day to day spending, it is important that it does not disappear in its entirety.

Supporting the transition away from cash

Cashless protocols not only restrict access to goods and services for consumers but also limit revenue opportunity for merchants. While 2020 has provided the global economy with one great reason to reduce the acceptance of cash, the payments industry has billions of reasons to offer multiple options that cater to the needs of every kind of shopper around the world.

Whilst it seems younger generations are driving LPM adoption, it is important that older generations aren’t forgotten. If online shops fail to offer a variety of preferred payment methods, consumers will not hesitate to shop elsewhere. With 44% of consumers reporting they would stop a purchase online if their favourite payment method wasn’t available – this is something merchants need to address to attract and retain loyal customers.

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UnionPay increases online acceptance across Europe and worldwide with Online Travel Agencies



UnionPay increases online acceptance across Europe and worldwide with Online Travel Agencies 3
  • UnionPay International today announces that two of Europe’s leading travel companies, Logitravel and Destinia, have started accepting UnionPay.
  • This acceptance will enable users of the groups’ travel websites to make purchases using UnionPay payment methods.

The acceptance partnerships between the OTAs and UnionPay began in July 2020 for customers across 13 European countries and another 90 countries and regions worldwide.  The European countries covered by the agreements include the UK, Germany, France, Italy, Spain, Portugal, Norway, Denmark, Sweden, Austria, Switzerland, Hungary and Ireland.  The brands covered by these acceptances include and which together deliver more than 8.5 million worldwide travel bookings each year covering flights, hotels, holidays, car hire and other experiences.

With over 8.4 billion cards issued in 61 countries and regions worldwide, UnionPay has the world’s largest cardholder base and is the preferred payment brand for many Chinese and Asian expatriates and students based in Europe, as well as an increasing number of global customers. These cardholders are also particularly attractive to the two OTAs.  Despite the impact of Covid-19, Logitravel and Destinia expect to see the demand for travel across the European continent as well as that between Europe and Asia return to growth in the coming years. They are now placing significant focus on offering more payment options and smoother payment services to meet this demand.

The partnerships incorporate UnionPay’s ExpressPay and SecurePlus technology, which will ensure seamless transactions for the customers, contained within a single process through the relevant websites.  UnionPay’s technology also provides for the requirement to authenticate transactions under the EU regulation Payment Services Directive 2 (PSD2) ensuring that sites will be compliant as soon as the relevant countries apply the requirements.

Wei Zhihong, UnionPay International’s Market Director, said: “This is a major partnership with two of Europe’s leading online travel companies.  Logitravel and Destinia are brands which have been at the forefront of e-commerce for many years and we are very excited to be working with them to extend their reach to new audiences. This highlights the work that we have carried out in ensuring that our technology provides effective solutions for the biggest e-commerce sites both in Europe and around the world. We look forward to announcing many more similar agreements in the near future.”

Jesús Pons, Chief Financial Officer at Logitravel Group said: “UnionPay has always been on our radar, and since travel has become a crucial part of its development, Logitravel felt it important to develop this important partnership. It really was an obvious decision for Logitravel since both companies share a passion for e-commerce and emphasising the payment experience for their customers.”

Ricardo Fernández, Managing Director at Destinia Group said: “We believe that this is the beginning of a really strong relationship.  Our discussions with UnionPay in reaching this partnership have demonstrated their understanding of the needs of major online merchants and their ability to deliver the highest quality systems.  We look forward to working together on further partnership as we move forward.”

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