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"However, the report notes that factors such as restrictive data regulations, outdated shipping rules which offer preeminence to large companies at the expense of small businesses, poor internet access in developing countries are prohibiting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

Half of financial institutions choose client compensation over web fraud protection

Tuesday, 15th July 2014

52% of financial companies reimburse customer losses caused by internet fraud, without actually investigating the circumstances.

"Almost one third of companies believe the costs incurred by cyber threats are less than the cost of protection."

"This results in many organizations that work with online payments being prepared to accept the additional costs that arise from cyber-attacks. Findings reveal that 28% of the representatives from financial companies and 32% of the online store employees that answered the survey believe that the total losses from online crime do not exceed the costs of deploying security solutions. Only 19% of financial companies and 7% of online marketplaces disagree, stating that the cost of reimbursing customer losses is one of the most serious consequences of cyber-fraud."

"57% of users pay little to no attention to the security of their online payments, believing that all the necessary measures are taken by their bank."

More info here.

Wates Construction Ltd pledge support to BCF

Tuesday, 15th July 2014

Bridge Community Farms has received a £15k donation from Wates Construction Ltd, one of the largest building and construction companies in the UK. Wates has also pledged a further £10k in early 2015, which will be used to cover some of the salary costs for the new Farm Manager at BCF. 

Francis Ball, director at Bridge Community Farms, said: “We are hugely grateful to Wates Construction Ltd for this kind donation. Bridge Community Farms relies on the support of local businesses and individuals and these donations will help us fulfil our goal of changing lives for the better in Cheshire.”

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