After launching a couple of years ago, American Express has gone general availability with its business checking account.

Inside American Express' strategic move into business banking with Gina Taylor - Tearsheet

Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. ³Eligibility and Benefit level varies ...

Best Credit Cards With No Preset Spending Limit Of 2024 – Forbes Advisor

Fifteen months ago Bilt raised $150 million at a $1.5 billion valuation. It became one of the fastest companies to ever become a 'unicorn'. Now they've raised an additional $200 million at a $3.1 billion valuation.

Bilt Rewards: Former Amex CEO Becomes Chairman, NFL Commissioner Joins Board - View from the Wing

Discover the “once in a lifetime” rule by American Express, limiting welcome offers to once per card, and learn about its application, exceptions and strategies.

American Express 'once in a lifetime' rule

Get the most recent info and news about American Express on HackerNoon, where 10k+ technologists publish stories for 4M+ monthly readers.

American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; expense management products and services; and lifestyle services. The company's products and services also comprise merchant acquisition and processing, servicing and settlement, point-of-sale marketing, and information products and services for merchants; and fraud prevention services, as well as the design and operation of customer loyalty programs. It sells its products and services to consumers, small businesses, mid-sized companies, and large corporations through mobile and online applications, third-party vendors and business partners, direct mail, telephone, in-house sales teams, and direct response advertising. American Express Company was founded in 1850 and is headquartered in New York, New York.

American Express

In this installment of the Developer Spotlight Series, we sat down with Raymond Camden, a Senior Software Engineer and Developer Advocate residing in Lafayette, Louisiana. Raymond has extensive experience in the technology space, having enjoyed stints at IBM, Adobe and AuthO prior to becoming a Senior Engineer for Developer Experience at . Follow Raymond on , or , and enjoy the Q/A. Cosmic JS American Express Twitter GitHub LinkedIn Raymond: I began on an Apple 2e (it may have been the +) back in the 80s. My initial reason was to cheat at games (ask me about hex editing for Bard’s Tale) but after seeing Tron I was really inspired to become a coder. Boy was reality somewhat different… Cosmic JS : When did you first begin building software? The web in general. I’d say mainly and lately with , but I’m passionate about the entire web stack. My favorite editor is Visual Studio Code (although I was a big Brackets fan for a while). When working on the back-end I’ll still use JavaScript and Node.js. What is your preferred development stack? JavaScript Vue I was big into MUD programming (multi-player online text adventure games, think Zork but with multiple players) and I built a framework to enable easier dialog creation and more thematic elements (time passing, etc). The code wasn’t necessarily rocket science, but the end result — enabling more creativity — is something I’m really proud of. What past projects are you most proud of and why? Oh — and I built an app that scans your contacts, finds ones without pictures, and assigns a random cat picture. Yeah, I’m pretty proud of that too. GraphQL for one. A lot of my work involves APIs and GraphQL feels like a real game changer. I’m incredibly excited about serverless and have been (slowly) playing with various different platforms and trying them out. What are some technologies you are excited about or want to learn more about? For web developers, is the absolute best resource for learning, period. I’m a big fan of Node School as well since I like the interactive problem/solving experience. I’m also a big believer in building something that already existed. As programmers we’ve got DRY beaten into our skulls and that obviously makes sense, but when I’m learning a new language or platform, I’ll build somethingvthat already exists, like a blog. That way I’m focused on the *how* of building it and not the *what*. The end result may be thrown away, but it’s a great way to spend more time learning then trying to figure out what to do. Do you have any tips for new developers just starting to code? MDN Web Docs The is dedicated to showcasing developers that are building apps using modern tools. Learn how to . To stay connected with us and . Cosmic JS Developer Spotlight Series Contribute here follow us on Twitter join the conversation on Slack

Developer Spotlight: Raymond Camden of American Express

At a time when the Global Tech sector is facing stagnant growth and employees are facing job losses, the Indian tech industries are booming. Recently, a Mumbai-based Identification verification startup, IDfy, raised 27 million dollars in total primary and secondary funding from top firms like Elev8 Venture Partners, KB Investment, and Tenacity Ventures. On its LinkedIn page, IDfy claims to "help enterprises eliminate fraud and establish trust using tech-powered products and solutions for KYC, KYB, Background Verification, Risk Mitigation, Digital Onboarding and Digital Privacy." IDfy is a top Indian identity verification company that provides services to help other organizations like banks and e-commerce sites verify a person's identity. They are crucial for preventing fraud and theft. While applying for EMIs through certain services, we are often asked to take a picture of ourselves after entering details like Aadhar's card number and account number. The picture that is taken is then compared to the picture on the Aadhar card servers to make sure the person applying is genuine and not a fraud. This complex process is carried out by services like IDfy. The funds raised by the company will be used in its expansion programs and product development to provide a better experience for the users, the company said in a statement on Wednesday, 6th March 2024. "Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust," said Ashok Hariharan, co-founder and chief executive of IDfy. IDfy was founded in 2011 by Vineet Jawa and Ashok Hariharan. Since then, it has grown to become one of the major players in the field of risk management both nationally and internationally. IDfy provides crucial services to India's top companies, including but not limited to KYC, KYB, background checks, risk mitigation, digital onboarding, and privacy solutions. The company has a big list of clients that includes HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, Hindustan Unilever Ltd, and American Express, managing over 60 million verifications monthly. It also provides its services to millions of users in the international markets. In a statement, Elev8 said it was drawn to IDfy's strong leadership team, its product-centric approach, and its alignment with India's digitization story. “The COVID-19 pandemic accelerated the adoption of cloud-based services, driving a surge in digitization and a shift in consumer behavior. This, coupled with the supportive regulatory environment fostered by the India Digital Stack initiative, creates a fertile ground for IDfy's continued growth." “We have known Ashok and IDfy for several years and are impressed with how they have built great products and a great brand. We believe that trust platforms from India will scale internationally, and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth," added Rohit Razdan, managing Director of Tenacity Ventures. The company plays a major role in one of the most important sectors in India, making life easier for millions of Indian and international customers. As of 2021, the company is valued at 66.9 million dollars. It has brought significant investments to India and sets a major example of showing the unstoppable growth of India and the potential of talented Indians who are only limited by their creative minds. Also published here

Mumbai-based Identity Verification Startup IDfy Raises $27M Amid Indian Tech Boom

Convincing someone to pay you money is hard. There are thousands, if not tens of thousands, of companies, products, and consultants who will sell you something that claims to help you make more money. Some of these products/methods might work, some only in certain scenarios, and some are snake oil. It's really hard to tell which is which without experience. From my experience, hands down the easiest way to make more money as a business is to find the people who are already trying to pay you and make it easier for them. For 99% of subscription companies, the place to start is getting better at payment processing. A Quick Primer: Payment processing is everything that happens after someone has entered their payment info on your checkout page and clicked submit. A surprising number of companies lose 10%+ of their monthly revenue due to payment issues. To understand how to improve your payment processing, it helps to orient yourself in this world. The major players are: Gets a credit or debit card from a bank and uses it to pay for things. These are your customers. Cardholders: A business that takes card payments for stuff. This is you. Merchants: Handles merchant accounts and lets merchants put money from card payments into their accounts. Merchant Banks: Companies that process card transactions & connect merchants, banks, card networks, and others to make card payments work. Payment Processors: Places that give out cards to people. Issuing Banks: In charge of card rules and rates, handle things between banks. Card Associations (Visa, Mastercard, Discover, American Express): You can visualize the world like this: Why This Matters: Fraud Models, Account Balances, Cards Understanding the details of each step isn't critical, but a general picture helps you understand why the optimizations work so well. Subscription businesses, by nature, do a lot of payment processing as they collect the value from customers incrementally over time. Instead of $120 upfront, most subscription businesses will collect $10 monthly for 12 months. While this has a lot of benefits, such as making products more affordable to consumers, raising conversion, etc., the big downside of this is that there is a 12x increase in the likelihood that something will go wrong and you will lose money. Pitfall #1: False Positives in Risk Models Because of the legal liability and amount of money flowing through the payments universe, each one of these steps will have an ML-based risk model that seeks to protect whoever is on the hook for that step of the transaction from fraud. All models have a false positive rate, meaning they will flag something that is legitimate as fraud and block the transaction. For the sake of argument, let's assume that there are five major steps in processing that each step uses a model that is 99.5% accurate at identifying fraud. You might be thinking that a .05% false positive rate isn't so bad, but you have to remember that each of the five steps has a 0.5% error rate, so that would be: Total False Positives = 1 - (1 - 0.005) * (1 - 0.005) * (1 - 0.005) * (1 - 0.005) * (1 - 0.005) = 0.024875 or ~2.48% Losing almost 2.5% of your recurring revenue monthly would be very bad, especially if it can be avoided. Pitfall #2: Lack of Balance on Cards To complete a transaction, your processor must validate that your user has the month to cover the transaction. Not that they are "generally good for it" or that they might have the money soon.  They need to have the money right now. When you consider the realities of personal finance, that people get paid at different times, their spending habits vary, and these balances will fluctuate. Your user might get paid on the 15th, but you tried to charge them on the 11th, and the card didn't have enough money. Unless you have an auto-retry set-up, your billing system might mark this user as "failed payment," and you'll lose them forever. Pitfall #3: Expired Cards & Changing The big irony about subscription businesses is that the better you are at extending the LTV of your customers, the more payment issues you'll encounter. The longer you charge someone, the more you'll have to deal with expiring cards and changing numbers. The average credit card in the US expires every 3-5 years.  If you are selling mostly annual plans (which should be your goal), you might only get 2 charges for a customer before the number changes. This is especially painful as annual plans are likely your best customers. So What Should You Do With This Information? Payments are a very deep rabbit hole to go down, and what you should be doing depends on where you are as a company. As companies get larger, they throw more and more resources at collecting payments as it is effectively free money that's there for the taking. What you should be doing depends on where you are as a company, but this is the normal trajectory of tactics and tooling. Step 1: Collecting Money At All To collect anything, you need to have a payment processor set up. For most US-based companies, that typically means Stripe. It's a solid product and has a lot of out-of-the-box functionality that is either free or very low cost.  Set it up, configure your plans, and start charging. As of August 2023, they are releasing a set of that you should enable: ​revenue recovery features​ Auto Retry Failed Payments - Stripe comes out of the box with an Auto Retry feature, which you can set manually to try again every 1, 3, 5, or 7 days. This is better than doing nothing and should be enabled for all accounts. ML-Based Dunning - This is like Auto Retry's big brother, where Stripe's algorithm is trying to guess when a card will have a balance on it. Based on the last prices I saw, you'll pay another 0.3% per transaction, but this was well worth it for most companies I work with.  Do the math yourself, but I guess it will also be for you. I would also set this as aggressively as possible within a 30-day window. Update Payment Method Emails - When a card expires or fails, Stripe will email them asking them to update the card or risk losing access. I find it worth it to put a little effort into these emails and ensure you send enough of them right after the payment fails. Step 2: A Second Processing Gateway Certain payment gateways are more effective at successfully charging people in certain countries. Gateways that are good for users within the US will not perform as well in places like Asia, India, and vice versa. If you ask a payment gateway whether they are strong in a certain country, they will always say yes. Don't believe them.   Ask around for similar companies in your industry and ask the subscription management companies if you can see benchmark data. They are more impartial. Your second gateway should cover users in the part of the world where your first gateway is terrible at charging cards. For most US-based companies, starting with Stripe, PayPal is typically the next payment gateway added. It's generally good where Stripe is weak. If you are based in India, and your first option was something like PayTM, maybe Adyen is your next move so you can charge users who are based in Europe more successfully. I have also heard anecdotally that having a legal entity & bank accounts in the same country, you're trying to process cards in helps. I have never seen this work firsthand, but you should ask your gateways if this is true before going through the work to set up entities and bank accounts. Step 3: Subscription Management Platforms Now that you have two gateways, this hopefully allows you to collect more money but also introduces new headaches. You need to manage pricing packages in two locations, settings in two locations, customer data in two locations, and having a centralized view of your revenue will be harder. This is why subscription management platforms exist, and products like Recurly, Chargbee, and Paddle start to make sense. They will let you set up everything in one place and have all gateways follow those settings. How much do these cost? A stupid amount of money, but they are probably worth it. They allow you to use the same revenue recovery features that Stripe has and see the benefit across all gateways. Alternatively, you can build this functionality yourself, which will allow you to customize exactly what happens. Still, you probably need at least two engineers to build & maintain this full-time, so you'll probably save money by buying this to start. Step 4: Adding Additional Gateways & A/B Testing Impact Now that you have multiple gateways set up, you can try to find out which countries it makes sense to install a 3rd, 4th, or 5th gateway and A/B test the impact. Last I checked, the subscription management tools don't have A/B as an out-of-the-box feature, but I recommend testing the impact and being confident that you're making the right call. When I was at Codecademy, we ran these tests and couldn't reach significance when we were charging around $50M per year.   I would guess that you need to be doing between $50-$100M ARR for this to be worth it. These tests were not cheap to set up and took a long time to run, so I would wait until a company is reasonably mature to test this tactic. Step 5: The Fancy Stuff Past this stage, companies start to get creative with any way to prevent transactions from failing. They cut data partnerships with credit card providers to ensure they know the new card number you'll be issued after your last card expires. AAA, the Road Side Assistance company in the US, left me three voicemails when I didn't update my credit card for a $ 99-a-year membership. They can likely afford this as most members will be around for ten years, so any effort to prevent accidental churn is worth it. If you have ever added an invalid payment method on Amazon, you'll notice that you never get an error on the site. Instead, you get an email a few minutes later asking you to update your payment method. This is because: Amazon is trying your payment method across multiple payment gateways to see if they can find one that will accept it Users are probably more likely to update a payment method for something they think is already on the way than they are to try a second credit card after their initial transaction is declined. They probably have 50 engineers working on this space full-time, but with their sales volume, it is worth it.

Payment Processing 101: The Easiest Way to Increase MRR

In today's rapidly evolving digital landscape, has emerged as a formidable force, reshaping business operations worldwide. enterprise blockchain suggest that the global market for enterprise blockchain is projected to reach $21.07 billion by 2025, reflecting an impressive CAGR of 57.6% from 2020. This surge isn't merely a testament to its technological prowess but speaks volumes about its potential to streamline operations, bolster security, and enhance transparency. Recent reports Leading organizations, from , are already harnessing this technology to drive efficiency and foster trust among stakeholders. underscored this momentum, revealing that 55% of senior executives view blockchain as a top strategic priority. Walmart to Maersk Deloitte's 2020 survey The reason? Its unparalleled capability to usher in a new era of decentralized, transparent, and immutable business operations. Considering these compelling statistics and the undeniable paradigm shift that enterprise blockchain brings, let's delve deeper into understanding its types, use cases, and more. Enterprise Blockchain: A Paradigm Shift in Business Operations The advent of blockchain technology has ushered in an era of transparency, immutability, and decentralized control, and nowhere is this impact more pronounced than in the enterprise sector. At its core, an enterprise blockchain is a distributed ledger tailored for corporate solutions, ensuring data security, enhancing operational efficiency and fostering trust among stakeholders. Unlike public blockchains, where anyone can participate and validate transactions (like Bitcoin or Ethereum), enterprise blockchains are typically permissioned. This means only authorized entities can join the network, ensuring confidentiality and scalability - paramount for business operations. **There are three primary types of enterprise blockchains: Public Blockchain Public blockchain epitomizes digital decentralization. Open to all, they operate transparently without centralized oversight, ensuring data immutability and security. Pioneered by platforms like Bitcoin and Ethereum, these trustless ecosystems enable peer-to-peer transactions, challenging traditional intermediaries and reshaping the contours of digital trust. Private Blockchains Exclusive to a single organization. They offer the highest level of security and control but may lack some of the decentralization benefits. Financial institutions often favor this model due to its regulatory compliance capabilities. Consortium Blockchains Governed by a group rather than a single entity. They strike a balance between decentralization and control, often used by banking consortiums to streamline cross-border payments. Hybrid Blockchains Merging the best of public and private chains, they offer flexibility, ensuring transparency where needed and privacy where essential. As businesses navigate the digital age, enterprise blockchains present a transformative solution, redefining how organizations operate and transact in an interconnected global economy. The onus is now on forward-thinking leaders to leverage this technology, ensuring a competitive edge and future readiness. Use-Cases of Enterprise Blockchain Supply Chain Management – Walmart In today's era where consumers demand transparency, Walmart's adoption of IBM's blockchain platform stands as a testament to progressive thinking. By ensuring product traceability, they've not only fortified food safety but also bolstered consumer trust. By tracking a product's journey, from farm to fork, blockchain reduces contamination risks and the associated economic losses. In an age where brand loyalty can be fragile, this initiative elevates Walmart's commitment to its consumers. Cross-Border Payments – Ripple Financial transactions across borders have historically been slow and expensive. RippleNet’s solution, adopted by leading banks, exemplifies the democratization of finance.\ By minimizing intermediaries, costs plummet and transaction speeds soar. It's a testament to how blockchain can redefine traditional systems, making them more equitable and efficient. Trade Finance – Maersk and IBM Global trade, despite its scale, has been mired in paperwork and bureaucracy. Maersk and IBM's TradeLens, by leveraging blockchain, acts as a beacon of modernization. Beyond mere efficiency, it offers real-time access to shipment data, fostering trust among stakeholders and even reducing global trade barriers. Identity Verification – Microsoft Personal data breaches have become distressingly frequent. Microsoft’s ION project on the Bitcoin blockchain champions user privacy and security. By decentralizing identity verification, it hands control back to individuals, reflecting a shift towards a more user-centric digital ecosystem. Real Estate Transactions – Propy Property transactions, often rife with red tape and fraud, are transformed by Propy. Its blockchain platform not only ensures transparent and secure property transfers but also democratizes access to global real estate markets. This innovation heralds a future where property ownership is both streamlined and globalized. (Also Read- ) NFT Real Estate: Redefining Property Ownership in the Digital Age Healthcare Data Management – Guardtime The sanctity of health records cannot be overstated. Guardtime leverages blockchain to enshrine this sanctity, ensuring data integrity while allowing patients more autonomy over their information. In a sector where trust is paramount, blockchain emerges as a vanguard of patient rights and data security. Loyalty Programs – American Express American Express's blockchain-driven rewards system reimagines customer engagement. By facilitating real-time, personalized offers, it enhances user experience, driving brand loyalty in a competitive market. It's a reflection of how blockchain can be harnessed to cater to evolving consumer expectations. Insurance Claims – AXA The insurance sector, often criticized for its opacity, witnessed a revolution with AXA's "Fizzy". By automating compensation for flight delays, it eliminates bureaucratic hurdles, fostering customer goodwill. It showcases the potential of blockchain to redefine customer service benchmarks. (Also Read- ) AI-Driven Insurance Enterprises – All Set to Break Records Intellectual Property – Sony In the digital age, intellectual property rights are often infringed upon. Sony’s blockchain initiative stands as a bulwark against such infringements, ensuring creators receive their due recognition and remuneration. It underscores the potential of blockchain to safeguard the rights of creators in a digital landscape. Audit & Assurance – Deloitte Financial audits ensure corporate accountability. Deloitte's blockchain foray elevates this assurance by offering immutable, transparent financial records. It exemplifies the future of corporate governance, where transparency isn't just a virtue, but a norm. In essence, blockchain's enterprise applications are not mere technological shifts; they represent a broader movement toward transparency, efficiency, and democratization across sectors. Readers and businesses alike would be well-advised to take note and consider how they might also harness this transformative technology. Conclusion: The trajectory of enterprise blockchain from a mere technological innovation to a cornerstone of modern business solutions is nothing short of remarkable. Its application, from supply chain management to cross-border payments, underscores a broader movement towards a transparent, decentralized, and efficient business landscape. As we've navigated the intricacies of enterprise blockchain, one thing becomes abundantly clear: it's not just a fleeting trend but a transformative force that will shape the future of business operations. Organizations, irrespective of their scale or domain, would be well-advised to consider potential, ensuring they remain at the forefront of the digital revolution. their How Can Debut Infotech Enhance Your Blockchain Initiatives for Enterprise? Designing and deploying a sophisticated enterprise blockchain solution requires specialized knowledge that goes beyond regular business methodologies. Debut Infotech stands out as a leader in blockchain application creation, building a formidable enterprise blockchain framework adept at decentralizing essential business facets or entire processes. Through our , we've enabled a plethora of startups and SMEs to expand their operational reach. blockchain development services Our esteemed partnerships with prominent names like , , and underscore our commitment to delivering innovative and efficient solutions across diverse sectors. Integra Ledger Ifinca Digipharm , and together, we can harness the power of enterprise blockchain to take your business to new heights. Connect with us

Enterprise Blockchain: Pioneering Change through Ecosystem-Based Solutions

এন্টারপ্রাইজ ব্লকচেইন: ইকোসিস্টেম-ভিত্তিক সমাধানের মাধ্যমে অগ্রণী পরিবর্তন

Enterprise Blockchain: Wegweisende Veränderungen durch ökosystembasierte Lösungen

Blockchain empresarial: cambio pionero a través de soluciones basadas en ecosistemas

Blockchain d'entreprise : un changement pionnier grâce à des solutions basées sur l'écosystème

एंटरप्राइज़ ब्लॉकचेन: पारिस्थितिकी तंत्र-आधारित समाधानों के माध्यम से अग्रणी परिवर्तन

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Blockchain empresarial: mudança pioneira por meio de soluções baseadas em ecossistemas

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167 Stories To Learn About Crypto Adoption

The contactless payment industry has taken off in recent years, offering customers an easy, secure way to pay without holding up the line at the grocery store. Tapping a card or phone on a terminal is much safer than swiping or using a chip reader. However, like any payment method, it’s still susceptible to tampering. Industry-wide cooperation among card reader companies, credit card networks, and issuers can make the practice safer. How Do Contactless Payments Work? Contactless payments use near-field communication (NFC) or radio frequency identification (RFID) to complete transactions. It’s the same technology behind unlocking a hotel door using a plastic room key. Within a credit or debit card, tiny plastic wires function as antennas to transmit the radiofrequency signal between the card and the reader. A card reader only picks up radiofrequency signals at a very short range, allowing you to hover or tap your card over the screen to pay. The reader requests more payment information — which is stored in the card’s shiny, metallic chip — when it detects a card in the area. The chip contains static data, which includes a card’s account number and expiration date. When you swipe your card or use a contactless payment app, the chip transmits static data along with a cryptogram — a unique numeric code issuers use to verify your device. The card reader sends this encrypted information to its servers. Then, the servers transmit the data to companies like Visa or American Express that send it to the issuer. Finally, the issuer approves the data and sends it back the way it came. All this happens in the amount of time it takes to read your card. The Rise of Touchless Payments Contactless payments are growing in popularity. A 2020 poll were using the method, with the pandemic spurring many people to stop paying with cash. The trend appears to be here to stay — and merchants are trying to keep up. found 79% of respondents worldwide According to a 2022 survey, a good checkout experience influences their decision to buy from that merchant again, so many stores have begun offering touchless card readers and payment app options for the first time. 91% of shoppers said However, as contactless payments become more common, so are the methods used to exploit them. Potential Security Issues Although contactless payments are generally safe, they still carry certain risks. For example, since you don’t need a PIN, anyone who steals your credit card or phone can potentially use it to make payments. It’s also possible for a bad actor to hack into your phone without physically lifting it. Because many of these purchases won’t come with a receipt, tracking them — and proving they’re fraudulent — can be tricky. Another technique hackers use to steal data is card skimming. Thieves employ specialized devices that intercept your card’s RFID information when they’re standing nearby. Once they have the data from your card, they can replicate it and create a cloned card. Thankfully, mobile wallets are virtually immune to these attacks since they use NFC to transmit data within an extremely close range of another device. Downloading potentially exposes your phone to man-in-the-middle attacks where hackers can access your data. Threat actors can collect information like your usernames, passwords, Social Security number, or bank account number. a mobile payment app Finally, there’s always the risk of a privacy breach. Contactless payment apps and cards collect a lot of data, and someone could potentially use that information to track you. Collaborating to Fight Crime Card reader companies, credit card networks, and issuers should work together to tackle these security issues. They can prevent contactless payment fraud by consistently adopting strong security controls, sharing threat information with each other, and creating more uniform guidelines across the sector. Projects like the Secure Payments Task Force — which the Federal Reserve created in 2016 and wrapped up two years later — can go a long way toward advancing payment security. Headed by payment industry experts, the Secure Payments Task Force worked across industry segments to identify ongoing challenges and potential solutions in data protection, payment identity management, and information sharing related to fraud. As companies release new products and services, they should integrate them with existing tools and risk assessment frameworks for a seamless transition into the payment system. The payment sector should also create frameworks to identify and secure sensitive data from different payment types to protect a diverse group of payment stakeholders. Strengthening Security Contactless payment is already one of the safest ways to complete a transaction. However, as it becomes more commonplace, hackers will get savvier, making it imperative to have strong safeguards in place. By collaborating, companies across the payment industry can make contactless payment even more secure, affirming its status as one of the most hacker-proof ways to buy a latte.

Why Industry Collaboration Is Key to Advancing Contactless Payment Security

Cash-back, loyalty points, miles, gift cards, and numerous other variations – reward programs come in all different shapes and sizes. Unfortunately, they all seem to suffer from similar issues. Lack of flexibility, an obnoxious amount of restrictions, and useless “perks”. But nonetheless, these systems attract and encourage loyalty to their brand, card, and/or program. A great example of this is American Express. The company is one of the most prestigious credit card providers in the world than competitors. It’s renowned for its intricate reward systems, but there’s still one problem – you can only use those rewards within its network. despite having significantly less reach These kinds of restrictions exist across the entire reward industry from gift cards to proprietary loyalty points. But that may be about to change as crypto debit cards and reward systems begin to move into the limelight. On the surface, this seems like just another customer retention strategy, However, it may actually have the potential to reinvent the notion of reward cards and loyalty points, which is a big part of the modern consumer experience. Current reward programs and how they work The idea behind a reward program is simple. The customer is rewarded, usually with cash back, points, or miles, for making a purchase. Such programs are typically applied for specific forms of payments, like credit card payments. Under cash back, the customer is refunded a certain percentage of their payment. With points, the user receives points for every purchase. They can then redeem these points for goods or services in the future. The same applies to mileage points, which are used by airlines. The consumer earns miles which they can then redeem for travel or hotel stays. In all of these, the customer makes regular purchases and they are rewarded for it. And it sounds good; at least on paper. Things become a little more complicated when it comes to implementation. Here, the question arises; how much value do users actually get from these programs? The flaws of traditional reward programs Traditional reward programs have some big flaws. Unfortunately, these flaws ensure that most customers derive very little value from the program. Take cash-back rewards for instance. While cash-back levels vary depending on the type of purchase and the credit card, most pay 1%-2%, at most 3%. That's a very small reward. To put it into perspective, on average, the card owner will have to spend a thousand pounds to get £20 cash-back. That can be acceptable until you factor in the fees and interest rates. Credit card rewards programs carry high fees and interest rates that negate the value of the rewards. What about points and miles? It's the same really. Consumers don’t earn that many points and miles from reward programs. For example, “mile” values are generally worth 1 cent per mile. The average cost of a good round-trip flight from JFK in New York to Heathrow is around €600. So, one would need to travel around 65,000 miles to earn points worth a single trip. This point also demonstrates another big flaw of traditional reward programs – limited earning and redemption options. There are limited ways through which customers can earn and redeem points or miles. Take miles rewards for instance. Miles can only be earned through air travel. And once earned, they can only be redeemed at the specific airline that offered them. Points, on the other hand, can only be earned and redeemed at specific outlets for specific purchases. Some programs only give rewards for grocery purchases, others for household items, electronics, and so on. This makes things frustrating for customers who may wish to earn rewards for making different purchases or those who want to use their rewards for other experiences. So, while reward programs are attractive to consumers, they don’t offer that much value. But what do crypto debit cards have to offer? Do cards like the Plutus Card do any better? Rewards With Crypto Debit Cards Plutus, a Web3 project that provides users with a debit card and a finance app that focuses on rewards. Users earn a percentage of the value back in Pluton (PLU). A huge benefit of such cards, and perhaps the most important, is redemption options. Crypto rewards have much more flexible redemption options than traditional reward programs. This is because they have very few limitations and give consumers an array of options and opportunities to earn and spend rewards. For example, a cardholder earns crypto for using the card at any merchant. Here it doesn’t matter where the holder has used the card. As long as the consumer uses the card to make a purchase, they will be rewarded. They then get to spend the rewards on anything they want. They’re not limited to a particular class of goods or services. They can also hold the rewards in their wallet as they would any other cryptocurrency. If the assets grow in value, well and good. Consumers also have the option to withdraw their rewards, which is impossible to do with conventional credit card rewards. This involves converting the tokens into real money by selling them at an exchange. For example, this app features a peer-to-peer exchange that supports crypto-fiat swaps. So, Plutus Card users can easily and conveniently convert their Pluton to cash. The other benefit of crypto rewards is the size. On average, crypto debit cards offer bigger rewards than credit card programs. Take Plutus for instance, which offers rewards of up to 8%. This is one of the highest reward rates in the market. Takeaway Overall, crypto debit cards have bigger, more flexible reward programs than traditional options. This makes them a very attractive alternative for consumers. So, if and when crypto debit cards go mainstream, they will likely replace traditional reward cards and loyalty points, or at least force them to offer better value.

Can Crypto Debit Cards Replace Traditional Rewards Cards and Loyalty Points?

The finance industry is under attack! Cybercriminals are constantly on the lookout for ways to steal sensitive data, such as credit card numbers and Social Security numbers. No one is safe - banks, credit unions, insurance companies, investment firms, and even brokerage firms are all at risk. But there’s hope! Financial institutions provide valuable services to their customers, including banking, insurance, investment, and brokerage services. These organizations play a crucial role in helping individuals and businesses manage their finances and achieve their financial goals. For financial institutions that handle credit and debit card payments, complying with the Payment Card Industry Data Security Standard (PCI DSS) is essential. By adhering to these security standards, financial institutions can demonstrate their commitment to protecting cardholder data and enhance their brand reputation. This can lead to increased customer trust and loyalty, which is beneficial for both the institution and its customers. In 2022, the most significant data breach in the financial industry worldwide was detected in the United States at the First American Financial Corporation. The breach exposed a whopping 885 million financial and personal records. And it’s not just the big companies that are vulnerable - SF Fire Credit Union suffered a data breach on August 18, 2022, exposing the sensitive information of some members. So, what can you do to protect your financial information? One of the best things you can do is work with a financial institution that is committed to data security. Look for a company that has been certified by the Payment Card Industry Data Security Standard (PCI DSS). Together, we can fight back against cybercrime! What Is PCI DSS? In 2004, major credit card companies like Visa, MasterCard, Discover Financial Services, JCB International, and American Express established the Payment Card Industry Data Security Standard (PCI DSS) to safeguard credit card information and protect against data theft and fraud. The PCI DSS is a set of security standards that organizations must follow to process credit card transactions. Any organization that stores, processes, or transmits cardholder data must comply with PCI DSS. This includes businesses of all sizes, from small online retailers to large banks. In this blog post, we will take an in-depth look at the role of PCI DSS in finance industries such as Banks, Credit Unions, Insurance Companies, Investment Companies, and Brokerage Firms. The that organizations must meet. These requirements cover a wide range of topics which are included in the given infographic below: PCI DSS has 12 requirements Role of PCI DSS in the Finance Industry: As we’ve seen, PCI DSS is a set of security standards designed to ensure the safety of cardholder data. Now, let’s take a closer look at how PCI DSS positively impacts the finance industry. The finance industry is one of the most heavily regulated industries in the world due to the sensitive nature of the customer data it handles, including credit card numbers, Social Security numbers, and bank account information. There are several reasons why PCI DSS is important for the finance industry. Firstly, it helps to protect customer data from fraud and theft. Secondly, it can help to reduce the risk of a data breach. Thirdly, it can help to protect financial institutions from fines and penalties. By complying with PCI DSS standards, financial institutions can ensure the safety and security of their customers’ data. Now, as we continue below, we’ll explore the importance and essential role of PCI DSS in the finance industry! 1. Reducing the Risk of Data Breaches: By implementing the security controls mandated by PCI DSS, such as firewalls, encryption, and access controls, financial institutions can significantly reduce their risk of experiencing a data breach. Data breaches are a major concern for the finance industry with the average cost of a data breach in the financial sector amounting to $5.72 million according to the IBM Cost of a Data Breach Report 2021. PCI DSS requirements can help mitigate the risk of data breaches by requiring financial institutions to implement robust security controls. These include firewalls to protect networks from unauthorized access , encryption to scramble data and prevent it from being read by unauthorized individuals , and access controls to restrict access to sensitive data . (Requirement 1) (Requirement 3) (Requirement 7) By implementing these security controls, financial institutions can make it more difficult for criminals to steal customer data. The importance of reducing the risk of data breaches cannot be overstated. According to the Verizon 2021 Data Breach Investigations Report, 96% of breaches in the financial services industry were financially motivated. By complying with PCI DSS requirements, financial institutions can help to reduce the risk of data breaches and protect their customers, their businesses, and their reputations. Learn more about PCI DSS and how it can help your organization reduce the risk of data breaches. 2. Increase in Customer Trust: In the contemporary digital milieu, engendering trust amongst customers is of paramount importance for any business, financial institutions being no exception. When a financial institution garners the trust of its customers, it is more likely to retain its patronage and even receive recommendations from its acquaintances. One avenue for establishing customer trust is adherence to the Payment Card Industry Data Security Standard (PCI DSS) requirements. These security standards have been formulated to safeguard cardholder data and demonstrate a financial institution’s commitment to protecting customer information. By delineating how customer information is employed to enhance their experience, financial institutions can assuage concerns and foster trust. With 79% of customers harboring concerns regarding how companies utilize their data [Pew Research Center], transparency is crucial. In addition to complying with PCI DSS requirements, there are several other measures financial institutions can implement to increase customer trust. These include: ● Listening to customers ● Providing helpful content and tools ● Being strategic with customer data ●  Prioritizing transparency ●  Being consistent ●  Doubling down on customer service ●  Sharing values The most significant driver of financial trust is the confidence that the institution has in protecting customer data. Offering quality products and services and helping customers meet their financial goals are also important factors. Thus, compliance with PCI DSS requirements and implementing other trust-building measures can aid financial institutions in building customer trust and augmenting their bottom line - a mutually beneficial situation! 3. Reduce the Costs: By precluding data breaches and eschewing regulatory penalties, financial institutions can diminish their costs. The implementation of security measures such as regular vulnerability scans can assist in the prevention of security incidents. (Requirement 11) By adopting proactive measures to prevent data breaches and comply with regulations, financial institutions can preserve funds and safeguard their bottom line. The cost of cyberattacks in the banking industry has attained a staggering $18.3 million annually per company. In addition to the direct financial losses incurred due to cyberattacks, these breaches also undermine user trust. Thus, by instituting robust security measures and complying with regulations, financial institutions can not only reduce their costs but also engender customer trust. 4. Improved Employee Security Awareness: Improving employee security awareness is a must for financial institutions! Employees are often the weakest link in a security chain. They can make mistakes that lead to data breaches, such as clicking on phishing links, opening attachments from unknown senders, or using weak passwords. A study by CybSafe found that only 11% of businesses provided a cybersecurity awareness program to non-cyber employees in 2020. And 20% of organizations faced a security breach as a result of a remote worker. The good news is that PCI DSS requires regular training and awareness programs for employees. This can help improve their understanding of security risks and best practices. Requirement 12.6 By investing in employee security awareness training, financial institutions can reduce their risk of data breaches and other security incidents, ultimately saving money and protecting their bottom line. 5. Enhanced Security Controls: The PCI DSS provides a robust framework for implementing security controls that protect cardholder data. By following these guidelines, financial institutions can significantly reduce the risk of data breaches and safeguard their customers’ sensitive information. For instance, mandates the use of anti-virus software to defend against malware attacks, while Requirement 6 ensures that systems and applications are designed and configured to minimize the risk of unauthorized access or data loss. Requirement 5 By adhering to these and other PCI DSS requirements, financial institutions cannot only protect their customers’ data but also strengthen their business by building trust and confidence. 6. Growth in Brand Reputation: Data security is of paramount importance for financial institutions to engender customer trust. Customers seek to engage in business with companies that they can trust to safeguard their data. The PCI DSS provides a set of security requirements to protect cardholder data and earn customer trust. A robust brand reputation can lead to augmented customer loyalty, attraction of new customers, and improved sales. When customers trust a company, they are more likely to engage in business with them again in the future, recommend them to others, and spend more money with them. Financial institutions that adhere to PCI DSS requirements can enhance their brand reputation and augment their bottom line. Here are some additional tips for enhancing your brand reputation: ● Let customers know what you are doing to protect their data. Be transparent about your data security practices: ● If there is a data breach, take steps to mitigate the damage and communicate with customers about what happened. Respond quickly to security incidents: ● Make sure your employees know how to protect customer data. Invest in security training for employees: ● Work with a security firm that can help you implement and maintain a strong security program. Partner with a reputable security firm: By following these tips, you can enhance your brand reputation and protect your customers’ data. Additionally, we have already discussed the impact of PCI DSS in the banking sector of the finance industry. You can check out our blog post on this topic here: “ ” How does PCI DSS impact banking and banking applications? Consequences for Non-Compliance With PCI DSS in Finance Industry: By complying with PCI DSS, your business can avoid monetary penalties from payment processors or credit card companies. These penalties, called “non-compliance fees,” can range from $5,000 to $100,000 per month. Compliance also helps to prevent legal consequences and expensive lawsuits that may arise from data breaches. ● You can avoid monetary fines from payment processors or credit card companies by complying with the PCI DSS standards. Monetary Penalties: ● You can avoid lawsuits from customers harmed by a data breach by taking steps to prevent data breaches and by responding quickly and effectively to any breaches that do occur. Legal Consequences: ● You can minimize the damage to your reputation and customer loyalty by taking steps to prevent data breaches and by communicating with customers openly and honestly about any breaches that do occur. Damaged Reputation: ● You can minimize the loss of customers by taking steps to protect your customers' data and by communicating with them openly and honestly about any breaches that do occur. Loss of Customers: ● You can avoid forensic audits by taking steps to prevent data breaches and by responding quickly and effectively to any breaches that do occur. Forensic Audits: ● You can avoid payment brand restrictions by taking steps to comply with the PCI DSS standards. Payment brand restrictions: ● You can minimize the damage to your brand reputation by taking steps to protect your customers' data and by communicating with them openly and honestly about any breaches that do occur. Brand reputation: ● You can avoid additional fines by taking steps to comply with the PCI DSS standards from the start. Reactive compliance: This approach can lead to increased customer trust and loyalty, which benefits both the institution and its customers. Instead of facing monetary fines, forensic audits, payment brand restrictions, and damage to their reputation, compliant organizations can reduce their risk of fraud and protect their business. So, let's focus on the positive and work towards a secure and trustworthy financial industry! Conclusion: In conclusion, understanding the role of PCI DSS in the finance industry is crucial for any organization that handles credit and debit card payments. Compliance with these security standards can have numerous benefits, including reducing the risk of data breaches, increasing customer trust, and enhancing brand reputation. At VISTA InfoSec, we specialize in helping businesses achieve and maintain PCI DSS compliance. If you have any further questions or if your organization is not yet PCI DSS compliant, please visit our website for more information or leave a comment with your query.

AMERICAN EXPRESS

americanexpress.com

10K+ employees

Since 1850

COMPANY RANKING

AMERICAN EXPRESS

EVERGREEN INDEX #812

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AMERICAN EXPRESS

americanexpress.com

10K+ employees

Since 1850

COMPANY RANKING

AMERICAN EXPRESS

EVERGREEN INDEX #812

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