Payment Picks: Who's the 'Fraud-est' of Them All - New Research on Surging Payments Fraud

This past week saw more advancements in the payment space. A new research commissioned by ACI Worldwide and Aite Group shows a breakdown of fraudulent activity per country, to help get a better understanding of where fraud primarily generates.

A new ruling in the EU’s consumer directive came into effect recently, prohibiting merchants from charging surcharges within the Euro Zone. The entry joins a growing list of new regulations set to help protect EU consumers.

Ewallet service provider, NETELLER, revamped its terms-of-service. The payment platform is now strictly prohibiting actions involving virtual currencies. Western Union also refreshed some aspects of its executive team with the appointments of a new board member and CFO.

New Research Shows Global Fraud Rates. UAE Most Fraudulent with 44% Share

Recent research results provided by global payment firm, ACI Worldwide, and leading researching firm, Aite Group, show fraud levels from around the world, ranking which countries have the highest and lowest levels of fraud on a global scale.

The research was conducted on 6,100 consumers, spanning across 20 countries. According to the results, the country with the highest global fraud rate is the United Arab Emirates (UAE) with a 44% global fraud rate. In close position at second place was China, with a 42% global fraud rate.

When it came to the lowest global fraud rates, Europe came on top with Sweden being the country with lowest amount of card fraud and having a global fraud rate of just 10%. The Netherlands came in as the second lowest fraudulent region, with a 13% global fraud rate.

Globally, an estimated one out of four consumers have fallen victim to card fraud within the past five years.

You can read the full article here.

UPDATE: EU Consumer Directive-Ban on Credit Card Surcharges Goes into Effect

A recent update to the EU’s Consumer Rights Directive, which goes into effect today, is the inability for traders and merchants to charge a surcharge for credit card-based transactions.

The new ban on surcharges means traders are not allowed to charge more than the actual cost of processing a card, an issue associated primarily with travel and event tickets. The new addition to the directive joins a list of new consumer-based regulations throughout the EU.

You can read the full article and the full list of changes here.

NETELLER Ices out Bitcoin and Digital Currencies in Updated TOS

Ewallet service provider and subsidiary of payment giant, Optimal Payments , NETELLER, lashes out against virtual currencies and now strictly prohibits its use in its revised terms-of-service.

NETELLER’s new terms of service has added to its list of prohibited transaction types the term “virtual currency." What the inclusion of virtual currencies into NETELLER’s terms means, is that any type of action related to Bitcoin and other internet-based currencies such as, Litecoin and Dogecoin are prohibited.

“[...] using NETELLER to facilitate the trade, exchange, purchase or sale of bitcoins, or any other virtual currency," the new addition to NETELLER’s TOS.

You can read the full article here.

Western Union Appoints New Board of Directors Member and CFO

US-based financial services and communications has refreshed its managerial staff with the appointment of a new Board of Directors member and a new CFO, in the form of Robert W. Selander and Raj K. Agrawal, respectively.

Robert W. Selander, pictured, will join the Board of Directors effective today, July 17, 2014. Selander served as CEO of MasterCard Incorporated and MasterCard International from April 1997 until July 2010. In July 2010, Mr. Selander served as Executive Vice Chairman of MasterCard Incorporated and MasterCard International from July 2010 until December 2010.

Before being appointed CEO, Selander served as Executive Vice President and President of the MasterCard International Europe, Middle East, Africa and Canada regions. Other relevant financial experience includes positions at Citicorp and Citibank, N.A.

Agrawal’s new position as CFO is now permanent, after serving as the company’s interim CFO since last January. He joined Western Union in 2006 and held key positions as treasurer, and also served as senior vice president of finance for Europe, Middle East, Africa and Asia-Pacific.

You can read the full article here.