40% of Asian companies face data breaches related incidents, with economic repercussions

Tuesday, 22nd July 2014

Data breaches occur at a high rate at companies in Asia, with notable financial loss.

"40% of businesses say they have experienced significant economic loss as a result of compromised data systems, with financial services firms the worst hit. Also, only 35% of Asian companies believe that they have not had a data breach for 2013. Also, despite lapses in data security, corporate executives are not blaming their own IT departments, with 85% of companies in Asia believing their own IT security systems are trustworthy."

"Also, while 47% of business leaders agree that collaborating with the industry by increasing the disclosure of breaches when they happen can minimise damage, this type collaboration is still rare, with companies unwilling to disclose the occurrence of customer information breaches with the media or competitors."

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Western Europe: cross-border sales to double by 2018 - report

Tuesday, 22nd July 2014

Cross-border sales in Western Europe will more than double by 2018, accounting for 20% of the region’s total ecommerce sales.

"In 2014 nondomestic business-to-consumer ecommerce sales in Europe are to amount to USD 74.67 billion, totaling 14% of all ecommerce sales."

"Comparing the European domestic and the cross-border B2C ecommerce sales, the statistics indicate not only a year-on-year increase in the amount of money spent, but also a clear difference between the sales value associated with domestic ecommerce, as compared to that for cross-border ecommerce at a European level. For instance, out of USD 402 billion predicted for 2014 in terms of ecommerce sales, only USD 56 billion are the result of cross-border sales."

"This status is bound to change in 4-years-time, when it is estimated that, aside the fact that the value for B2C ecommerce sales will grow to about USD 578 billion, the value of cross-border sales will also more than double, reaching USD 116 billion."

"A majority of digital buyers ages 15 to 79 in all EU-5 countries had made a cross-border retail purchase in 2013, excluding services such as downloads, tickets, hotels and travel."

"Out of these European countries, the highest concentration of cross-border buyers can be found in Italy and Spain, where the economic context has kept local retailers from investing in technology, design improvements and product ranges for their own online stores."

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Australia: digital trade scores first to any other G20 market

Monday, 21st July 2014

Australian ecommerce has surpassed any other G20 market due to affordable, good quality internet, sophisticated regulations, widespread smartphone adoption and advanced electronic payment systems.

"As far as the top countries are concerned, a boost in sales is generally registered via the eBay platform and that payments are notably initiated via PayPal. The same report estimates that around 3 billion people will be connected to internet by the end of 2014, a notable rise from 300 million in 1999. Moreover, there is a 5 billion increase predicted for 2020."

"However, the report notes that factors such as restrictive data regulations, outdated shipping rules which offer preeminence to large companies at the expense of small businesses, poor internet access in developing countries are prohibiting ecommerce from reaching its full potential."

More info here.

EU: regulators call for banks' momentary avoidance of virtual currencies

Wednesday, 16th July 2014

The European Banking Authority (EBA) has advised European lawmakers and the union’s national financial regulators that they should recommend banks and other payment institutions to stay out of dealings with Bitcoin and other virtual currencies.

"EBA has already notified consumers upon no legal guarantees regarding Bitcoin and, recently, stated that digital currencies bear contingent risks which require proper legislation."

"EBA has listed no less than 70 risks associated with the use of digital currencies. They range from “User is unable to access VCs after losing passwords/key to their e-wallet” and “Market participants suffer losses through information inequality regarding other actors” to “Criminals are able to launder proceeds of crime because they can deposit/transfer VCs anonymously.”"

"Bitcoin will become a global payment platform only when governments and regulators will find the synergy between the traditional banking sector and the digital currencies."

More info here.

Banks start using analytics to identify online payment fraud

Wednesday, 16th July 2014

In an attempt to control frauds in electronic payments, banks have started using analytics to stop suspicious transactions.

"Out-of-the-way transaction could get declined if the client does not respond to a phone call or a message immediately."

"Financial institutions such as HDFC Bank have already implemented analytics software. In banking transactions, banks can ask the customer for additional information to verify the transaction if it is undertaken on a different computer. But in the case of card payments, banks have to rely on direct contact with the customer."

"The analytics software can be used to personalize services for customers. There are two kinds of fraud detection in payments: one is during the transaction and the other is using analytics to identify suspicious transactions based on past behaviour."

More info here.

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