• TABLE OF CONTENTS •
What does the future of financial services look like?
Millennials Seriously Question what Large Institutions Say
Millennials Expect Digital Services – Prefer Mobile
How to Make Millenials Love Your Bank
On November 17, U.S. Secret Service revealed that $30 million in counterfeit money had been uncovered and seized in Peru on November 15. This is quite the historical counterfeit money bust: it is the largest amount of counterfeit money ever seized by the Secret Service.
Traditionally, “skimming” meant secretly taking small amounts of money from a larger amount of money, such as taking a couple of dollars from the cash register when the boss wasn’t looking. But today, skimming colloquially refers to card skimming.
October 1, 2016 was the first anniversary of EMV’s adoption by the United States. Businesses who have not yet adopted the EMV standard are exposed to the fraud liability shift imposed by the standard.
It is often said that the act of counterfeiting money is as old as money itself. No matter the type of currency used throughout history – whether it was the metal coins used in Lydia in 640BC or the cowry shells that were used as currency in Orissa, India until 1805 – there was sure to be someone intentionally attempting to pass off a counterfeit version as the real thing.
Since the beginning of the year, 7 states have issued updated versions of state identification cards - i.e.: driver licenses and identification (ID) cards - to meet the requirements of the Real ID Act.
Chip-enabled (EMV) credit cards are designed to be more secure than magnetic stripe cards because the ability of the chip to create dynamic, single-use data that is nearly impossible for fraudsters to counterfeit. At least, that is how the main advantage of EMV credit cards was touted by the consortium of card-issuing banks and other institutions that had been suffering billions of dollars of losses for years leading up the October 1, 2015 deadline for US businesses to adopt the new EMV standard.