MediAvataar's News Desk
Any new technology is great, but it’s only as great as the security framework its’ built on. There’s no question that the rise of latest payment methods and technologies have brought convenience for everyone, but it has also raised concerns on security and the risk of usage - from the card holder to the merchants and the businesses that offer these services.
Merchants today have multiple payment acceptance channels for their disposal such as online payments, in store card payments, wallets and NFC. It comes as no surprise that the growth of smartphones have led it to become a focal point in today’s payments. In 2014, the number of connected mobile devices surpassed on Earth for the first time with explosive growth from zero to 7.2 billion mobile devices in just three decades.
It can be extremely difficult for mobile security to keep pace with such new innovations and use cases that are constantly emerging for these devices. According to a report from LexisNexis Risk Solutions Inc. m-commerce merchants saw a 70 percent spike in the revenue lost to fraud in 2014. Additionally, the report stated that more than one-fifth (21 percent) of all fraudulent transactions are attributed to the mobile channel.
Smartphone apps are becoming popular among consumers and merchants to pay and to accept payments. The security of such on device apps should also be at par when it comes to protecting card data and cryptographic keys and functions. Most smartphones can be encrypted which makes them even more secure and inaccessible by other users. Additionally, the app must be robust, free from any outside modifications and hacks. Some service providers make it a point that the app doesn’t work on rooted devices.
The Card Switch
In an effort to improve security and reduce frauds, banks and credit card issuers have switched from magnetic strip-based cards to microchip-based cards. The Chip-and-PIN cards (EMV – Euro, MasterCard and Visa) have computer chips embedded in them making them less vulnerable to fraud for in-person transactions. Because EMV uses better data security, this standard is being adopted by more and more countries to fight cybercrime and their citizens.
The EMV cards have already been in use in Latin America, Europe, Canada, Asia Pacific, Africa and Middle East. Surprisingly, the United States has lagged behind many countries including India in adopting this fraud-reducing technology with only 7.5% of cards been EMV so far. A swift adoption expects more than half a billion of these EMV cards to be in use by the end of 2015.
Payment solution providers must take that extra care to make sure the merchants that are using their solutions are thoroughly checked and verified. Their onboarding process should include a brief compliance process to ensure that both the business and principal are good fits. During the pre-sales merchants must be required to fulfill the checklist given by the solution providers and complete KYC (Know Your Customer) documentation and risk verification has to be undertaken.
Once the merchants are on boarded their transactions should also be monitored to understand the transaction flow and nature of merchant business. By validating the first 10 transactions and high value transactions with the end-customer by making calls is a good practice. Moreover, regular merchant monitoring can help identify unusual and abnormal transactions based on the assigned threshold limits for the account.
Solution providers should also provide a comprehensive, fraud management system to identify, prevent, and protect against fraudulent transactions before it happens in Card-Present (CP) and Card-Not-Present (CNP) transactions.
Merchants also have an important role in curtailing frauds by taking necessary measures in limiting their exposure to account data compromises and protecting their customer’s information. Merchants should not store any cardholder data that is not needed to run their business. In case of high valued transactions always cross check the cardholder data with the user. They must ensure all printed copies are physically secured for at least a year to handle charge back issues.
As the payment landscape changes (introduction of biometrics for payments), it has become even more important for payment companies to mitigate fraud and improve security. As the saying goes – prevention is better than cure, but it’s also a good thing to be alert and follow safe practices for your payments. As days go by, new and improved security measures are being developed to fight frauds, improve security and things should only get better.
Authored by V Krishna Kishore,Chief Operating Officer,Paynear Solutions Pvt. Ltd
Mindshare APAC, the global media agency network part of WPP has appointed Amy Kean, to the role of Regional Director, Strategy, Mindshare Asia Pacific.
Amy joins Mindshare after 5 years with the Havas Media Group in the UK, where she lead the digital media, social and innovations strategies, driving the online and ‘change agenda’ across the agency. She was also founder and MD of Havas Media Labs, helping to future-proof business such as AXA, Pernod Ricard and Channel 5 through modern insight and technology.
Kean was responsible for shaping the media strategies of some of the world’s leading brands, including Paco Rabanne, Clarks shoes, Penguin Random House, Nando's and the BBC. Amy also helped launch the social media proposition across three Havas agencies and prior to that headed up the PR, marketing, social media and events outputs for the Internet Advertising Bureau.
Deepika Nikhilender, CEO, Growth & Emerging Markets Solutions, Mindshare Asia Pacific, commented on the appointment:
‘We are happy to welcome Amy on board, who brings a wealth of experience across diverse verticals. Amy is a progressive thinker and with her innovative approach to digital marketing, we are positive she will bring a fresh perspective to how we operate in the region. The Asia Pacific market is unique and has its own challenges, which Amy will tackle with her advanced communication skillset and tech-savvy, adaptive thinking. We have no doubt that she will contribute to the region’s performance and deliver strong business results for our Clients.’
Commenting on her appointment, Amy said:
‘The complexity, dynamism and increased digitization of the APAC landscape makes it the most exciting territory in the world for the media industry right now, and Mindshare is clearly leading the charge. I’m really looking forward to using my years of experience in media strategy and innovation to help bring their truly modern and data-driven adaptive thinking to life across the region.’
Amy’s appointment is effective immediately.
In a world of choice, the reasons we purchase one product over another can be driven by a multitude of factors.
A recent Nielsen global online survey found that consumers are increasingly willing to pay more for socially responsible products. In fact, 66% of respondents say they’re willing to pay more for products and services that come from companies who are committed to positive social and environmental impact, up from 55% in 2014 and 50% in 2013.
As concerns about the environment and corporate sustainability continue to build momentum around the world, understanding the connection between sentiment and purchasing actions has never been more important. In fact, a 2014 Nielsen retail sales analysis showed that brands with a demonstrated commitment to sustainability grew over 4%, while those without saw less than 1% growth. So what does social and environmental commitment look like to the global consumer, and more specifically what are the most effective ways for companies to resonate with their beliefs? To gain better insight into how consumers show they care, Nielsen polled 30,000 consumers in 60 countries across the globe and asked them to indicate what factors had the most influence on their consumable purchasing habits of products like food, drinks, toiletries and over-the-counter-drugs. The most important factors among those surveyed included a mixture of company expectations and personal benefits, as the top answers were brand trust, natural ingredients and health and wellness benefits.
Companies that hope to make a big impression with consumers need to know that brand trust topped the list of purchase influencers for more than half (62%) of global respondents surveyed.
“Brand trust and reputation are paramount,” says Carol Gstalder, senior vice president, reputation and public relations solutions, Nielsen. “An excellent reputation makes it far more likely a company will be welcomed into new communities; partner with the most respected non-profits working on issues consumers care about most; and be a go-to source for products and services. And what we know for sure is that sustainability is playing an increasingly significant role in consumer decision making.”
When it comes to sales intent, commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. Additionally, commitment to social value (43%) and the consumer’s community (41%) are also important.
And the survey findings are more than just hot air, as retail data backs up the importance of these influencers and proves that consumers are putting their money where their mouths are. In 2014, 65% of total sales measured globally were generated by brands whose marketing conveyed commitment to social and/or environmental value.
“This indicates an opportunity for brands that have already built a high level of trust with consumers to evaluate where best to introduce sustainable products into the market to drive growth,” says Gstalder. “On the flip side, large global consumer brands that ignore sustainability increase reputational and business risk. This may give competitors of all sizes, the opportunity to build trust with the predominantly young, socially conscious consumers looking for products that align with their values.”
HEALTH AND WELLNESS
Beyond brand trust, consumers are looking for products that are both good for them and good for society. A product’s health and wellness benefits are influential purchase decision drivers for more than half of survey respondents (59%). Products made with fresh, natural and/or organic ingredients carry similar weight with consumers (57%). Finding opportunities to bridge the two is a powerful and effective way to connect with consumers.
Other findings include:
Consumers in Latin America, Asia, the Middle East and Africa are 23%-29% more willing to pay a premium for sustainable offerings than developed countries.
The percentage of measured sales that come from brands using a combination of product claims on packaging and integrated sustainability marketing promotions is much higher in developed markets than in developing countries.
Almost three out-of-four Millennial respondents are willing to pay more for sustainable offerings, up from approximately half in 2014.
Brands that use a claim plus marketing sustainability approach—including baby food (85%), coffee (78%), tea (61%) and snacks (60%)—comprise a majority of sales measured in these categories, respectively.
The 9th Annual INMA South Asia News Media Conference is scheduled November 18-19 in New Delhi under the theme “Not Just An Ordinary Disruption.”
The INMA South Asia Board has put together an extraordinary conference for extraordinary times – focused on learning from non-media sectors and translating that back to publishers with an “unconference” concept.
Highlights of this year’s conference:
A non-traditional vision and style of conference, with an intense focus on disruption.
Keynotes from PepsiCo, BCG, E&Y, IIM, advertisers, and peer publishers.
The world’s foremost case study in media transformation from Schibsted in Norway.
The exclusive closing keynote from INMA CEO Earl J. Wilkinson.
A bonus study tour of India’s newest integrated newsroom.
The conference is designed for news media companies in India, Pakistan, Bangladesh, and Sri Lanka, and Nepal, as well as those interested in key developments in the South Asia media industry.
The INMA South Asia News Media Conference will be held Wednesday, November 18, and Thursday, November 19, at the Holiday Inn New Delhi, AeroCity, near the Delhi International Airport.
The fastest growing science on the planet, brain plasticity will revolutionise how we live in the future.
It has the potential to cure learning and mental disorders, such as OCD, bipolar disorder, addiction, ADD, autism and some dementias. And its rapid results deliver benefits regardless of age. But how can it improve the lives of ordinary people?
In an astounding new series REDESIGN MY BRAIN, Discovery Science puts brain training to test. The science of neuroplasticity has found that with specific training anyone can become smarter, increase their memory capacity and reverse mental aging.
Presented by Australian television personality Todd Sampson, REDESIGN MY BRAIN takes viewers on an inspirational journey to learn how neuroplasticity can radically improve a healthy brain.
Premiering October 19, RE-DESGIN MY BRAIN will air Monday to Friday at 10PM.
In a television first, the series follows Todd Sampson from Sydney to London, Germany to California in a three‐month scientifically endorsed brain‐training program. It is a life‐changing adventure to discover what the latest neuroscience has to offer. Under the guidance of the world’s top scientists, Sampson spends 12 mind‐expanding weeks learning to train his brain to improve his cognition, his creativity and the connection between mind and body. He masters skills to improve his mental speed, attention, memory, creativity, innovation, lateral thinking, body intelligence, visualization and emotional intelligence.
In each episode, he trains with the world’s leading researchers, who push him to his limits and beyond. They include renowned American neuroscientist, Michael Merzenich, a pioneer of the brain‐plasticity revolution; James Kaufman, also from the US and a global leader in the world of creativity research; and top Australian sports scientist David Martin. He learns the secrets of geniuses, who reveal how they have developed their own super brains.
Sampson is tested, scanned, prodded, pushed and probed then tested again. His brain performance is regularly “mapped and tested” to measure changes and the results are revealed using state‐of‐the‐art CGI graphics. Along the way he learns to juggle, overcomes a fear of confinement, learns to fly a helicopter using only his mind, discovers the power of visualization, creates an installation masterpiece and represents Australia in the brainiest competition on the planet – the World Memory Championships. In its dramatic conclusion, Sampson must draw on all his new skills to survive a death‐defying feat. The outcome will blow viewers’ mind.