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Facial recognition technology at tipping point in payments

Banking 2020

It was barely two years ago that the world’s first facial recognition payment system was developed, but now it seems this technology is set for lift-off globally. Finnish firm Uniqul launched biometric authentication technology in 2013, which used mathematical models of people’s faces to confirm users.

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Banks and Credit Unions View Fintech Partnerships a Key Growth Strategy for 2020

Gonzobanker

Financial institutions are making fintech partnerships a key priority in 2020, according to a new study from Cornerstone Advisors. In What’s Going On In Banking 2020: Outlook for a New Decade , 65% of banks and 76% of credit unions say these partnerships will be an important part of their business strategies this year.

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Maximize Online Banking Efficiency

Banking 2020

Today’s successful banking institutions must quickly adapt to dynamic business environments, deploy new technologies, and deliver consistent online services to meet their customer’s needs – anytime, anywhere, and with whatever device they choose. Marc Goodman is an independent marketing consultant for Sangfor Technologies.

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Big rise in Australian card fraud

Banking 2020

Cases of card not present (CNP) fraud are continuing to rise across all corners of the globe, as EMV forces criminals away from traditional fraud channels. These incidents resulted in tens of millions of customers’ records ending up on online black markets, giving would-be fraudsters ample material to commit CNP fraud.

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From Online to Mobile to Mobile-Only

Banking 2020

Just as the onset of online banking capabilities upended traditional industry practices, the slew of mobile banking apps now on the market, and the heavy adoption of those technologies by ‘millennials’ in particular, was bound to make even online banking look old-fashioned. It almost seems inevitable.

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EMV migration FAQs

Banking 2020

Named after the three organisations that developed the specifications – Europay, MasterCard and Visa – EMV is the global benchmark for credit and debit cards that incorporate chip technology. EMV cards have embedded microprocessors that make them much more secure than traditional magnetic stripe cards.

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Lack of EMV-compliant infrastructure boosts US fraud rate

Banking 2020

The US has been identified as the leading country for card fraud, after a new study revealed almost half of global losses to the crime last year occurred in the nation. per cent of worldwide plastic card losses – including credit, debit and prepaid cards – took place in the US, amounting to $7.86 billion in 2020.

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