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Articles by Ed Whitehead
Protecting Your Business From Loyalty Fraud
Today, businesses are realising that a top-notch customer experience is the key to staying one step ahead in a highly competitive market. Enterprises are investing in loyalty schemes to elevate the online shopping experience for their most valued customers. Unfortunately, fraud rings have shifted towards account-based vulnerabilities and target loyalty schemes through sophisticated fraudulent techniques.
Mapping the Customer Journey: How to Reduce Friction Due to SCA
By Ed Whitehead, Managing Director EMEA for Signifyd Strong Customer Authentication (SCA) was introduced with the aim to reduce ecommerce fraud. And while the two-factor authentication process is coming into force right on time with fraud attacks rife in the ecommerce landscape, it is also creating friction in the customer journey. Unfortunately, higher cart abandonment rates and lost revenue are some of the negative consequences of the complicated SCA process.
How to Win the PSP Market with a Best-in-Class Fraud Solution
By Ed Whitehead is the Managing Director EMEA for Signifyd The payments industry is undergoing a sea of change as ecommerce continues to evolve post-pandemic. The competition that payment service providers (PSPs) are facing is expanding from other PSPs to fintechs and start-ups taking advantage of the opportunities granted by open banking and payment orchestration companies. Additionally, the new PSD2 strong customer authentication regulation requirements are also changing the industry in Europe.
SCA’s success is pushing account takeover fraud to new heights
By Ed Whitehead, Signifyd managing director, Europe. While strong customer authentication (SCA) enforcement is still in its early days, it’s already clear that the more robust identity requirements are better protecting e-commerce checkout from fraudsters looking to commit payments fraud. And while that’s indisputably good news, one of the key indicators of SCA’s effectiveness is certainly bad news.
SCA’s success is pushing account takeover fraud to new heights
This article is brought to you by Retail Technology Review: SCA’s success is pushing account takeover fraud to new heights. By Ed Whitehead, Signifyd managing director, Europe. While strong customer authentication (SCA) enforcement is still in its early days, it’s already clear that the more robust identity requirements are better protecting e-commerce checkout from fraudsters looking to commit payments fraud.
Underwriting 4.0
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Transforming Payment Platforms
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ESMA's crypto preparations, Ether 'flips' Bitcoin; Aave's stablecoin Original
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A Call to Action for Banks: Link Financial Health With Your Services
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SCA’s success is pushing account takeover fraud to new heights
Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Sign Up Channels Group External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
API Economy as a Key for Success of Future Banking and Finance
Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Sign Up Channels Group External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
How to protect your business from loyalty fraud
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How to protect your business from loyalty fraud
Today, businesses are realizing that a top-notch customer experience is the key to staying one step ahead in a highly competitive market. Enterprises are investing in loyalty schemes to elevate the online shopping experience for their most valued customers. Unfortunately, fraud rings have shifted towards account-based vulnerabilities and target loyalty schemes through sophisticated fraudulent techniques.
GUEST COMMENT Less online sales to Europe due to new EU VAT Package - can it be fixed?
Sharelines GUEST COMMENT Less online sales to Europe due to new EU VAT Package - can it be fixed? Oded Israeli, chief marketing officer at empact and Eran Miller, vice president for business development at empact Last July, the EU introduced a new regulation to locally collect VAT on online sales. This resulted in a sharp decrease in ecommerce sales to Europe. What’s the problem exactly? Can it be overcome? And how do new technology solutions come into play?
How the COVID-19 pandemic has been a catalyst for a wave of innovation in fraud
By Ed Whitehead, MD EMEA, Signifyd As we found ourselves facing unprecedented challenges owing to the pandemic we were forced to overhaul our lives. Suddenly we had to learn how to do even more things solely online including working, socialising and shopping. Many businesses were forced to innovate too – and quickly – to overcome some of the worst business continuity challenges ever seen.
musicMagpie reaps rewards of IPO, Asda deal and rental scheme as profits up 10% on 2019
musicMagpie device rental scheme helps lift sales musicMagpie , the new and used electricals retailer and renter, has seen recorded a £44m profit fin its maiden full year results for 2021 on sales of £145m. While this is down some 5% on 2020, it shows a significant 10% growth from 2019 levels of £131m. While this was in line with management expectations, consumer technology revenue increased by 3.1% to £86.1m (FY20: £83.5m: FY19: £70.4m), representing 59% of Group revenue.
Challenger apps Glovo & Deliveroo are putting bricks-and-clicks retailers under pressure
Download the Grocery 2021 report to discover more. Spanish delivery challenger Glovo started working with Carrefour in 2019 offering urban customers grocery delivery within 30 minutes of ordering. The service operates seven days a week in four countries Spain, Italy and Argentina and France, where the Glovo/Carrefour partnership operates under an exclusivity agreement.
EDITORIAL How Ukraine Russia war is affecting supply chains and ecommerce; Zalando and Poundland on plans for growth
War between Ukraine and Russia has shocked the world in recent days. Today we report on the effect that the conflict is already having on international trade and on ecommerce, and the effect it is expected to have on prices, costs, and supply chain issues in the future. Zalando today reports a 30% rise in sales after a year in which it has expanded to new markets in Eastern Europe.
Hammerson signals a store-led recovery after a year of retail disruption
Hammerson's Brent Cross shopping centre is one of its leading locations. Image courtesy of Hammerson Hammerson today reports a store-led recovery in its business. The number of people visiting its stores is rising as Covid-19 restrictions relax, while store occupiers are seeing sales rise ahead of footfall. At the same time, says the retail property developer and operator, there’s strong demand for prime space, with leasing in its flagship centres growing 150% on 2020 to £25m.
EDITORIAL N Brown, Hammerson and the BRC on customers moving on from Covid-19 - just as new uncertainties threaten
Shoppers have been returning to stores post-Covid-19. Image: Willy Barton/Shutterstock.com Just as the way we shop seems to be getting back to pre-pandemic patterns as Covid-19 lockdown and restrictions end, more challenges are emerging for retail. Footfall figures out from the BRC and Sensormatic today suggest that the number of people visiting UK shops was getting closer to pre-pandemic levels in February.
Is mobile the only tool a growing retailer needs?
Mobile04 Mar 2022by Scarlette Isaac Sharelines Is mobile the only tool a growing retailer needs? Download the Growth 2000 UK report for further information. For customers, smartphones are a convenient tool for browsing and buying online – as well as accessing stores and multichannel services. For retailers, they represent nothing less than a force for growth.
Numbers visiting UK stores now closer to pre-pandemic levels following ending of Covid-19 restrictions
Shoppers have been gradually but steadily returning to stores since lockdowns ended. Image: Anna Mente/Shutterstock.com The number of people visiting UK shops is now closer to pre-pandemic levels than in other key European countries, the latest footfall figures suggest. The change comes as the UK moves away from Covid-19 restrictions, and despite the effects of stormy weather in the second half of the month.
How Payment Orchestration Enables more Players to take part in Gaming by Opening up Payment Options
Over the last two years, sign-ups to online gaming websites and programmes greatly increased. Due to the effects of lockdown forcing casinos and gambling halls to close down, online poker and online sports betting, amongst several other forms of iGaming, became increasingly popular. Digital payments also saw a rise over the last two years.
Open Banking: Has the penny dropped for UK lenders?
Fueled by the pandemic, the lending landscape has changed drastically in recent years. Amongst other things, the meteoric rise of Buy Now Pay Later (BNPL) services and increased up-take of online banking has resulted in consumers who now, in addition to demanding seamless and embedded experiences when engaging with financial products and services, view safe and contactless interactions as a key priority.
Climate change risk management - whose job is it anyway?
Well, the answer is obvious isn’t it – it is “EVERYBODY’s, you would say. There lies the difficulty. One of the first management lesson’s is never to make any job “everybody’s” as it has two risks inherently. Either it becomes everybody’s and nobody’s at the same time, resulting in an impasse or the boundaries and the gaps in-between one group to another be so hazy that the ball might be dropped along the chain. Does it remind us of the story of “Everybody, somebody, anybody and nobody”?
Deadline looming for financial services firms to demonstrate operational resilience
31st March 2022 represents an important regulatory deadline for financial services firms in the UK. Last March, the Bank of England and FCA released their Operational Resilience Policy Statement. It requires that, by this date, UK financial services companies must have demonstrated that they have identified their important business services, and any vulnerabilities in their operational resilience.
Fraud prevention in the new SCA era
A new payment regulation, Strong Customer Authentication (SCA), will soon be mandatory in the UK. In March 2022 this once-in-a-generation change will come into force for UK retailers, and bring with it the potential to massively disrupt an enterprise or to push an enterprise ahead. SCA will undoubtedly be a vital pillar of protection for merchants and consumers alike, however there is more to fraud and more to fraud protection than simply deploying an SCA solution.
Is 2022 the year we see a slowdown in Fintech investment?
As we as a business reflected on the different trends we felt were worth talking about for 2022, the fintech investment scene and current tech stocks felt like something worth expanding on more widely. Before we focus on the current climate let's talk very briefly about the drivers of the dot com bubble: Low interest rates, huge amounts of capital pumped into fledgling businesses in the hope of turning a profit and a volatile tech stock market - Sound familiar?
How Will SCA Change Fraud Pressure for Businesses?
Strong Customer Authentication (SCA) is a requirement of the second Payment Services Directive (PSD2) in the UK and the EU. Aimed at securing online payments, consumers’ identities are verified with two-factor authentication.
Revealed: The real risks of not properly enforcing SCA — Just Entrepreneurs
Revealed: The real risks of not properly enforcing SCA Strong Customer Authentication (SCA) is a new requirement of the second Payment Services Directive (PSD2) in the UK and the EU. Its objective is to improve the security of electronic payments online. SCA requires banks to perform extra checks to verify the identity of consumers when they make a payment online.
6 ways to fix false card payment declines
15 per cent of recurring credit card payments decline. Here are the solutions Listen to this and tell me if it sounds familiar: a customer is browsing your online shop, and they’ve decided to buy one of your products. It’s unsurprising; you’ve worked hard across your business to get them to this far — great products, good marketing, and fantastic shopping experiences are no happy accidents.
Cutting-Edge Order Automation: Retailers’ Secret Weapon for Success This Christmas
By Ed Whitehead, MD EMEA, Signifyd This Christmas is the opportunity for retailers to make up for a turbulent couple of years with all shops open and trading, and customers planning for bigger and better celebrations than last year. Sales, especially online, are already brisk and widely expected to become yet more robust the closer we get to the big day. A good Christmas season on average accounts for 20% of annual revenue for retailers, and for some much more than that.
Why Cutting-Edge Order Automation Is An Essential For Retailers This Christmas
The Christmas season is here, and many retailers are feeling positive about performance this year, given that non-essential shops are open and things are heading back to normal. Sales, especially online, are already brisk and widely expected to become yet more robust in December. A good Christmas season on average accounts for 20% of annual revenue for retailers, and for some much more than that.
Retailers need cutting-edge order automation to be successful
By Ed Whitehead, Managing Director, EMEA at Signifyd We’ve moved into the holiday season, and in many respects, this development couldn’t be much brighter for retailers. Sales, especially online, are already brisk and widely expected to become yet more robust in December. A good Christmas season on average accounts for 20% of annual revenue for retailers, and for some much more than that. But there is often a downside or two amid good news, and that is the case for Christmas 2021.
RXUK Top500 Gaining the multichannel advantage
The shift to multichannel The trend for even the most established pureplays to open stores has been noted by property developer and operator Land Securities, which said in its latest results that it had seen a series of previously online-only retailers open city centre stores. “We...
The Evolution and Promise of Frictionless Payments
Editor’s Note: Technology has been streamlining and accelerating commerce for decades, but the supporting payment systems have not quite kept pace.
Is your e-commerce business’ growth attracting fraud?
By Ed Whitehead, Managing Director of EMEA at Signifyd. Online shopping has exploded in the past decade. In 2015, e-commerce accounted for 7.4 per cent of global retail sales. In 2020, this had grown to 18 per cent with projections of a rise to 21.8 per cent by 2024. This is good news for businesses, as online platforms are allowing them to reach new customers and drive more sales. However, as e-commerce grows, so does the potential for fraud.
The new year will bring new consumer attitudes with it
Creative music agency DLMDD launches eye-opening exploration into the power of music and sound After an unprecedented year of anxiety, turmoil and uncertainty, a group of leading musicians, marketers and creatives have come together to reveal how music and sound have shaped their experiences of 2020.
Consumers in the COVID era can learn to embrace strong customer authentication
By DuBose Cole, Head of Strategy, VaynerMedia London For banks, it is imperative to reach their existing – and potential new – customers and be recognised as a trusted source of finance, advice and support. And to do that amid global turmoil, when their own businesses are under pressure, is particularly challenging.
The Regulatory Reporting Pendulum Swings Back to North America
As we slowly emerge from our socially distanced bubbles and contemplate the view beyond our own back garden towards the wider world again, we thought to cast our eyes stateside. More specifically, towards the North American regulatory reporting landscape. So why is that piquing our interest in particular? Well, pre-lockdown, quite a lot happened to suggest that this is where the action will be for the next few years.
Protecting your business against bank transfer fraud
Increases in fraud during COVID-19 The upsurge in online fraud attempts during the COVID-19 lockdown is part of a long-term upward trend, internationally, observed in all sectors. According to PWC, 47% of businesses worldwide have been victims of fraud in the past 24 months. Action Fraud, the UK’s National Fraud and Cybercrime Reporting Centre has received more than 2,500 reports of coronavirus-related scams, mostly online, totalling almost £9 million in losses.
Billers: Seven Tips to Lessen COVID-19’s Impact
COVID-19, a.k.a. Novel Coronavirus, is impacting almost every aspect of our lives. For billers, social distancing, shelter-in-place orders, and mounting layoffs are significantly impacting their businesses and their customers. Now, more urgently than ever before, it’s time for billers to rethink how to make the process of paying safe, convenient and economical for customers. The answer lies in making more payments digital.
Safety is the new experience - but so is PSD2 and SCA
Retailers have been wrestling for months with the effects of COVID-19 — scattered workforces required to work from home, closed brick-and-mortar stores, dramatic spikes in online sales. And now, as they begin to reopen their physical stores, they are faced with another major disruption — the need to be ready for full enforcement of PSD2 and its strong customer authentication requirements for online sales.
Maintaining business continuity in the face of change
Footfall was down 44.7% in March. High street stores without eCommerce operations saw sales collapse. Primark, for instance, saw its monthly sales of £650m a month evaporate. And whilst eCommerce retailers have the advantage of being able to maintain online sales, it’s evident that even those retailers are scrambling to adopt new business models and maintain business continuity.
Now Is the Time to Build for the Post-Pandemic Future
It’s Safe to Say That the Effects of the Coronavirus Pandemic of 2020 Will Be With Us for Some Time to Come. For retailers, that means building a strategy that addresses the short-term, mid-term and long-term realities that come with it. First, there’s the matter of inviting consumers back into physical stores while keeping customers and staff safe, while also managing what has been a dramatic spike in online orders.
Human 'I': The key to conversational AI in banking
Think chatbots, intelligent virtual assistants, and digital employees. These and other related technologies enable computers to engage in dialogue with people in natural ways using conversational artificial intelligence (CAI). For banks, CAI makes it possible to respond to customers’ questions more quickly, cost-effectively, and consistently than they could with a traditional workforce. Many banks have embarked on the CAI journey by launching chatbots.
The FCA’s View on Payments
The UK financial regulator recently released its ‘Sector Views’ report, which provides The Financial Conduct Authority’s opinion on how the sector is performing. This is their annual analysis of the way the financial environment is changing and the impact of these changes on consumers and market effectiveness.
Your customers have adopted digital payments. Have you?
From being a cash-oriented economy, India has transformed its payment sector to a large extent. The boom in digital payments is attributed to various factors like smartphone penetration and progressive regulatory policies. Especially after the Government of India passed the Demonetization Act in 2016, both the urban and rural population have adopted digital payment solutions in large numbers.
Our great hope: open banking, PSD2 and SCA - challenges and opportunities
One of the great hopes for the fintech community this year is that open banking truly takes off. The sector is working tirelessly to deliver solutions that let consumers easily, and securely, manage their personal finances and data through one app. However, meeting customer expectations and developing solutions is not straightforward. It takes a great amount of hard work and perseverance to truly deliver the open banking dream that we all hope for.
Protecting global financial markets from Eurozone systemic risk
The Euro is a currency without a Eurozone sovereign legal person backing it. Swathes of Eurozone financial assets are rated and accounted for as if there was such a legal person, whereas the backing for these assets is far less impressive. The consequence is that the Eurozone financial system is far less well-capitalised than it appears, and that market actors in it are taking far greater risk that they appear to realise.
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