Today, core banking software stands at the center of this digital upheaval, reshaping how financial institutions operate, serve their customers, and compete in a global marketplace.

1. Instant and Real-time Banking

 In today's on-demand world, consumers expect banking operations to happen instantly. Real-time processing, once a luxury, is now a necessity. From transferring funds to checking account balances, instant services provide customers with the convenience and efficiency they demand.

2. Cloud Infrastructure

 As financial institutions aim for scalability, flexibility, and cost-efficiency, cloud-based core banking solutions are becoming the go-to choice. By leveraging the cloud, banks can reduce infrastructure costs, ensure higher uptime, and adapt swiftly to changing regulatory or market conditions.

3. Open Banking and APIs

 The rise of open banking initiatives has paved the way for third-party developers to create a plethora of innovative financial solutions. Through the use of APIs (Application Programming Interfaces), banks can integrate with various fintech platforms, extending their services and offerings.

4. AI and Machine Learning

 Artificial intelligence (AI) and machine learning are not just buzzwords; they're tools that enable predictive analytics, fraud detection, and personalized customer experiences. By analyzing vast amounts of data, these technologies can offer insights that help banks make informed decisions, streamline operations, and enhance customer satisfaction.

5. Enhanced Security Protocols

 As digital transactions increase, so does the risk of cyber threats. Core banking systems are focusing on multi-layered security protocols, including biometric authentication, two-factor authentication, and end-to-end encryption, ensuring that customer data remains protected.

6. User-Centric Design

 Modern core banking software prioritizes user experience. Intuitive interfaces, personalized dashboards, and mobile responsiveness are now standard features, ensuring that both bank employees and customers have a seamless experience.

7. Sustainable Banking

 In response to global concerns about climate change and social responsibility, many core banking solutions are integrating features that promote sustainable banking. This includes services that facilitate green investments or tools that enable carbon footprint tracking.

8. Decentralized Finance (DeFi) Integration

 With the rise of blockchain technology and cryptocurrencies, some core banking software is now offering integrations with DeFi platforms. This allows banks to provide services related to crypto trading, lending, and borrowing.

Amid this digital transformation, platforms like Crassula have emerged as robust solutions. They exemplify many of these trends by offering white-label banking software that's both flexible and user-friendly. With such tools at their disposal, financial institutions can confidently navigate the evolving landscape of the banking sector.

In conclusion, the future of banking is digital, interconnected, and customer-centric. As core banking software continues to evolve and incorporate the latest technological trends, financial institutions can look forward to a future that's efficient, innovative, and aligned with the needs of the 21st-century customer.

By Muzammil Shabudin, Risk Advisory Lead for SAS UK & Ireland.

News that The Bank of England had initiated an external review of its forecasting models, to ensure that it was doing everything possible to better respond to economic disruption, was welcomed by many back in June.

The review followed months of uncertainty and criticism from politicians accusing the Bank of repeatedly failing to predict the rise and persistence of UK inflation. The Bank of England Governor, Andrew Bailey, admitted that it would take “a lot longer than we expected” for inflation to come down. This has left economists continuing to warn of further interest rate rises and mortgage lenders rushing to reprice loans, meaning the problems facing the UK economy are clearly not going away.

Further pressure was applied when a cross-party group of MPs called for an overhaul of forecasting processes, deeming that the Bank of England’s modelling was not producing accurate results.

This situation brings to the fore the importance of good model management, especially given the economic turbulence witnessed in recent years. If the models relied upon by the financial services sector are no longer able to accurately forecast events - such as interest rate rises – then economic stability becomes much harder to maintain.

For this independent review to be deemed a success, a structured approach must be taken, using a risk and control audit methodology and the use of consistent, robust and scalable analytics techniques. Here are some of the key elements that should be considered.

Ensuring good governance

It’s important to point out that forecasting and risk models are only as good as the governance framework in which they operate. No matter the quality of the data that goes in, if organisations are not continually reviewing their processes around model development, usage and reporting, there is a chance that these models become unfit for purpose.

A clear governance framework will also help to ensure that any models requiring amendments or recalibration are easily and quickly identified. With automated modelling techniques now becoming far more common, organisations such as the Bank of England need to ensure that their forecasting and risk models are fully explainable.

This becomes all the more important when faced with criticism or scrutiny from regulators or MPs.

Of course, the Bank of England has thousands of models in place so questions will need to be asked around how broadly they want to consider their models, how in-depth they want to go and whether or not they want to review or rebuild every model. Similarly, there is a question around how far back into the data management space the review ought to go.

When looking at risk mitigation, the auditors will also be focused on the controls in place to mitigate risk, whether or not they have been effective to date and if they remain fit for purpose. If the risk mitigation process is found to be overly manual or overly automated, this will raise questions about its effectiveness.

All of these questions need to be considered before the review begins, to ensure that the outcome is satisfactory.

Advances in technology and the need for greater regulation

Aside from the external factors that have made forecasting more challenging, namely the global pandemic and war in Ukraine, rapid advances in technology have also raised questions.

The increased adoption of artificial intelligence (AI) and machine learning (ML) means that forecasting and risk models are now able to evolve much faster than they previously would have done. Without the right technology in place, this can soon start to create challenges.

In fact, regulation around model risk management processes is already becoming more stringent, with the Prudential Regulation Authority (PRA) having recently directed UK banks to improve model and data governance processes through the introduction of new model risk regulation.

The Supervisory Statement SS1/23 highlighted the fact that UK banks were lagging behind international peers when it came to ‘effective and robust’ model risk management (MRM). Not only did this leave them open to damaging losses, inaccuracies could have an impact on the overall stability of the UK economy.

With this in mind, the new proposed standards contain five key principles that have been designed to reduce the probability and severity of future crises in the financial sector. Covering model identification and model risk classification, firms must have an established definition of a model that sets the scope for MRM, a model inventory, and a risk-based tiering approach to categorise models to help identify and manage model risk.

There is also a focus on good governance, with firms required to promote good MRM culture from the top down, setting clear model risk appetite, approving the MRM policy and appointing an accountable individual to be responsible for implementing a sound MRM framework.

Alongside this, firms must have a robust model development process with clear standards for model design, implementation, selection and performance measurement.

Given the volatility of the market and challenging economic backdrop, firms will also be required to regularly test their data, model construct, assumptions and outcomes - key processes that will help to identify, monitor, record, and remediate any limitations and weaknesses within the models.

In addition, the PRA has introduced independent model validation to ensure that recommendations for remediation or redevelopment are actioned as quickly as possible so that models are suitable for their intended purpose. Should models be under-performing, firms also need to take quick action, often in the form of an independent review to ensure that they are working effectively.

Taking action

SAS works with organisations across all aspects of the financial services sector, having partnered with over 80 banks to implement robust MRM processes. Given the rapidly changing environmental and digital landscapes, as well as the aforementioned increasing use of AI and sophisticated modelling techniques, now is undoubtedly the time for firms to adopt a more strategic approach not only to MRM but all model management.

As we have seen recently with The Bank of England coming under fire, inadequate or flawed design and implementation of models can lead to adverse consequences that pose significant risks to both their own financial stability and the overall economic stability of the UK economy.

Although the entire customer relationship management (CRM) software category has been experiencing rapid growth in recent years, Salesforce has consistently stayed ahead of the pack, especially due to its comprehensive array of tools and AppExchange integrations. These include native modules and third-party tools for lead enrichment, financial modeling, human resources, presales prospecting, and configure price quote (CPQ).

In 2023, Salesforce’s projected revenue is $31.4 billion, representing 18% in year-over-year growth and more than twice the company’s 2018 figures. 

CRM platforms act as a type of ground zero for sales workflows, creating an effective and concise springboard for researching, contacting, analyzing, sorting, and prioritizing sales leads. Over 150,000 clients, many of them of an enterprise scale, choose Salesforce as their go-to CRM solution. Since 2021, Salesforce has claimed well over 20% of the entire CRM category’s market share, with this percentage increasing each year.

As more companies make Salesforce a central part of their sales workflow, teams are discovering the useful systems it has in place to support the sales pipeline. Of these, CPQ software is rapidly becoming essential for companies looking to optimize sales and automate quoting services. Using a CPQ in Salesforce can be a major efficiency booster for revenue teams. 

Let’s discover just how effective CPQ software is in the world of Salesforce-based sales workflows.

Introduction to CPQ and CRM-Integrated Workflows

The sales performance management sector, which aims to optimize sales processes to maximize revenue velocity, is rapidly expanding across the globe. Within this sector, CPQ is a popular tool that helps to improve quoting accuracy and efficiency.

CPQ software is a dynamic system of tools that allow businesses to configure products and services, adapt prices based on guidance margins, and rapidly generate precise sales quotes for new potential customers. As the complexity of sales has increased, with more moving factors integrating into daily workflows, CPQ tools have become essential in the world of sales.

Salespeople can rapidly create accurate quotes by using CPQ software. These tools take information from current price margins, stock levels, potential discounts, and even market data to generate competitive deals for both businesses and customers. Beyond increasing accuracy and maximizing potential profit margins, CPQ software also saves sales teams huge amounts of time by streamlining closing paperwork in line with its automatically generated quote.

Although CPQ tools can convert into the forefront of an effective and optimized sales system, they are not out-of-the-box solutions. They sometimes require a great deal of initial data collection, collation, and tinkering before they can deliver personalized quotes to your audience.

Understanding Requirements and Gathering Data

The sales tech stack is already notoriously complicated, with several tools, systems, and software packs that salespeople must be brought up to speed with. Before deciding to integrate CPQ into a workflow, it’s important to define your objectives, pain points, and desired outcomes. Not only does this reduce the likelihood of adopting a redundant system, but the clear objectives outlined will help to streamline integration.

A business may decide to use a CPQ tool to close more deals, reduce internal communication friction or boost sales cycle velocity. Whatever the reason, clearly outlining motivations will help to facilitate an easy adoption process.

For your CPQ system to work effectively, it must have access to all product pricing parameters, shipping and customization options, and discounting guardrails. When it comes to formula effectiveness, CPQ tools work best with structured data that’s organized and standardized.

Configuring CPQ and Optimization Feedback Loops

Whether you are using your CPQ from within your CRM or via a standalone app, you need to configure two-way data sharing between these platforms.

Considering how vital a CRM platform is to the sales process, pairing this with a comprehensive CPQ tool can work wonders. While many salespeople have experience using CPQ tools, there are always a few individuals in each organization who need a helping hand. Instead of overwhelming your team with another new tech integration, providing structured user training can help to bridge any technological gaps.

What’s more, ongoing training sessions allow your team to stay up to date with any new updates and launches that your CPQ system may publish. By testing and refining your usage of CPQ tools over time, your team will be able to continually push for further efficiencies, providing even more benefits to your company. 

Final Thoughts

By integrating with CPQ systems, alongside a plethora of other sales-oriented tools, Salesforce has managed to gain and retain an impressive segment of the CRM industry. By radically improving the sales process by decreasing the time it takes to generate a quote, complete the necessary sales paperwork, and move through the sales pipeline, CPQ tools have become integral to this sector.

The integration of CPQ optimizes the sales process, helping to reduce back-and-forth discussions per sale, increase proposals per month, and even boost the average deal size that each agent covers. 

The two-day conference will be held at the innovative Tottenham Hotspur Stadium and will also host the hotly contested Fintech Awards London 2023.

In addition to providing attendees with a wealth of opportunities for learning and networking in the sector, Fintech Week London's shrewd choice of location will allow privileged access to the fintech elite of the UK's first city. The venue's amenities include numerous breakout areas, open-plan and private suites, and a broad range of experience ctivities that will include stadium tours and 'The Dare Skywalk', the UK's only controlled descent from a stadium roof.

Topics to be addressed during the conference will include world economic challenges, the growing presence of embedded frinance solutions, the ever-increasing importance of fintech as a social good and the impact that cryptocurrencies have on our daily lives. Leading experts and speakers will address these issues and more across an ambitious programme of talks.S Speakers hail from leading fintechs, banks, regulators, private equity firms, investment and media companies, with major players and challengers all receiving representation.

Confirmed speakers include:

• Rajesh Agrawal (Deputy Mayor of London for Business)
• Tom Bentley (NatWest Mettle)
• Joel Blake OBE (GFA Exchange)
• Simon Boonen (ING)
• Charlotte Crosswell (CFIT)
• Craig Fox (Silicon Valley Bank)
• Andrew Griffith MP
• Matthew Long (FCA)
• Silvia Mensdorff-Pouilly (FIS)
• Betsy Samuel (Thredd)
• Louise Smith (Innovate Finance)
• Sabine VanderLinden (Alchemy Crew)
• Sam White (Freedom Group)

The event's full programme and list of speakers will be revealed shortly. Information on booking a place at the event, or becoming a partner, is available on the Fintech Week London website.

By Bruce Martin, CEO at Tax Systems

Yet, within this important movement, a key aspect of finance – tax – can often be neglected, with many organisations missing significant opportunities to boost effectiveness as a result.

In reality, this is not surprising. As a constituent part of the overall finance function, tax may not be viewed as a priority area when organisations come to implement digital transformation projects. Moreover, tax is ultimately driven by compliance, so the effects of any changes implemented here are felt much less widely than those in other key areas of finance – which are more likely to have a significant impact across the business. As a result, the percentage of the overall finance budget dedicated to digital tax projects typically pales in comparison to other finance functions.

Think of it this way: in getting Environmental, Social, and Governance (ESG) planning and implementation initiatives off the ground, for instance, businesses tend to do the bare minimum until regulations or other pressures force more urgent change. The same idea can be applied to allocating time and resources to tax transformation. What’s more, the unique needs of each business, its position in the finance and tax lifecycle and the proficiency of the finance team play important roles in the budget allocation relating to digital transformation projects.

In this context, and with many CFOs coming from an accountancy rather than a tax background, it’s simply more likely that they will focus on areas more aligned with their roles and experiences.

Untapped potential

And herein lies a growing problem and an important opportunity for positive change. By overlooking tax transformation, many businesses are missing out on valuable insights and efficiencies. Often seen as a compliance box-ticking exercise, businesses do what's needed to remain tax efficient and compliant. Yet, beyond these core objectives, tax transformation holds immense potential.

In practical terms, what does this mean? Implementing tax transformation is all about enabling tax professionals to focus on their areas of expertise: evaluating tax positions and maximising efficiency, while automation assumes the role of handling repetitive tasks. While this could be unsettling for some, the objective is to use advanced tech tools to boost efficiency and productivity. It’s certainly not – as some people fear – about using AI to replace jobs, and for those people at the sharp end, tax transformation frees them to do the jobs that fit their expertise, not the jobs that automation can replace.

In this situation, tax professionals are empowered to focus on more value-add tasks that can make a material impact on business performance.

These are crucial considerations given that the general direction of travel is clearly in favour of greater digitalisation of the tax function at all levels. This includes HMRC, which is gradually integrating technology more deeply into its capabilities and processes. As they work towards building a “trusted, modern tax administration system,” changes they bring forward will inevitably be reflected in the way organisations interact with them.

Ultimately, using technology to deliver tax transformation can undoubtedly contribute positively to a company's cash flow and overall financial strategy. Organisations can only reap these benefits, however, if they adopt a mindset which sees the tax function as being driven by more than just regulatory compliance.

By viewing it as an integral part of a wider digital transformation strategy, it becomes possible to leverage the capabilities of both tax professionals and emerging technologies for maximum impact. In the future, those organisations that give tax transformation the investment and strategic insight it requires will be ideally placed to deliver on the capabilities and efficiencies that have become synonymous with the digital age.

The wearable technology market is rapidly expanding - when walking down the street; it feels like everyone has a smart watch or ring tracking their health, sleep, exercise, and even “energy levels.” But one specific type of wearable is gaining traction: payments. Payment-enabled wristbands, rings, and watches are seeing growing popularity as convenient alternatives to traditional payment methods. However, the technology available for wearables today requires each manufacturer to integrate directly with each and every bank/issuer in the market. Sometimes we’re talking about 1000’s of banks in each market. That creates an impossible mission for innovative wearables manufacturers to offer a credible ‘pay’ capability. At Curve, we recognized the potential of these passive wearables and saw an opportunity to leverage our wallet functionality to revolutionise the payment experience and help manufacturers get to 100% bank coverage. Curve’s wallet functionality also allows customers to attach multiple existing credit and debit cards to the Curve app, and charge those cards through the single Curve card. This “multiple cards in one” functionality makes Curve uniquely positioned to take on the passive wearables market – whereas previously, people could only connect one single card to their smart ring or watch, now they can connect all their cards.

It could have been a risky move, entering an entirely new market – wearables – when we were previously so focused on our original project. Expanding our horizons and jumping headfirst into a new opportunity it’s paid off tremendously. Over the last two years, Curve has focused on forging strong partnerships with leading wearable companies, including Swatch, Garmin, Samsung, Wearonize, Fidesmo, Tappy, Xiaomi, and Digiseq. These collaborations have allowed us to seamlessly integrate our game-changing technology that enables multiple cards to be connected to a single wearable device, a feat that was previously impossible with passive wearables. By doing so, we’re creating a unified payment experience that supports a wide range of payment wristbands, rings, and watches.

Our strategic partnerships have significantly expanded the wearable payments ecosystem. These collaborations have enabled partners to offer an array of customizable wearable options, catering to a diverse range of preferences and styles. While smart devices are bound by the need for software, charging, and screens for interaction, passive wearables can take on almost any form. This flexibility allows manufacturers to really let their creativity flow. Innovators in the space have pushed creative boundaries to enable everything from shirts to jewellery to accept payments. The success of these partnerships is evident in the numbers - wearable customers who attach Curve are more engaged and exhibit higher retention.

Curve is actively exploring ways to support our passive wearable partners in targeting large, traditional fashion brands. Many fashion brands have signature aesthetics that customers use to identify a brand. Through Curve’s successful partnership with Swatch, we’ve proven demand for payments-enabled traditional watches. By combining our payment technology with the design expertise of fashion brands, we aim to create a new breed of fashionable and functional wearables. This strategy will not only broaden the appeal of wearable payment devices but also help our partners tap into new market segments.

In addition to our efforts in the passive wearables space, Curve is exploring opportunities with a number of smartwatch brands. By collaborating with these companies, we can bring the benefits of Curve’s wallet functionality to a wider range of devices, enhancing the payment experience for smartwatch users as well, without much investment required from the smartwatch brand.

Breaking into the passive wearable industry was a marked departure from our traditional channels and serves as a prime example of how it’s worth taking a chance to explore non-traditional customers. As we continue to push the boundaries of innovation, our vision for the future of payments extends beyond just wearables. We no doubt will enter new, currently unconsidered categories. We are committed to raising the bar of customer experience while guiding customers on their journey to financial freedom. Forging strong partnerships with leading wearable companies is a significant contributor to making this vision a reality. By exploring different market segments, embracing new form factors, and targeting untapped opportunities, Curve can confidently shape the future of finance for the better and serve as a model for others to follow.

Whether you're writing a check or receiving one, there are several security features you should look for to safeguard against fraudulent activities. 

In this blog post, we will explore five crucial check security features, that help you make informed decisions and protect your financial well-being.

Enhanced Check Printing Technology

Advancements in printing technology have introduced additional security measures to protect against fraud. Checks printed with high-resolution printers using specialized inks, like Carousel business checks, can incorporate intricate designs, patterns, or guilloche backgrounds that are challenging to replicate. 

These features make it harder for counterfeiters to create convincing fake checks and help ensure the integrity of the check's appearance.

Tamper-Evident Features

Checks with tamper-evident features are designed to show visible signs if someone attempts to tamper with or alter the check. Look for features such as "VOID" patterns or words that appear when someone tries to erase or modify information on the check. 

These tamper-evident features serve as a strong deterrent against fraud and provide a clear indication of any tampering attempts.

Watermarks and Security Threads

When examining a check, pay close attention to watermarks and security threads. Watermarks are subtle images or patterns embedded into the paper, visible only when held up to the light. These features are difficult to replicate and serve as an effective deterrent against counterfeit checks. 

Security threads are thin, embedded strips that run vertically through the check. They are visible when holding the check-up to light, providing an extra layer of authenticity.

Microprinting and Holograms

Microprinting is a security feature that involves printing tiny, intricate text or patterns on the check. These minute details are difficult to reproduce accurately, serving as an effective method for detecting counterfeit checks. Look for microprinting in areas such as the signature line or borders. 

Holograms are another advanced security feature to check for. These three-dimensional images or patterns are challenging to duplicate and provide a visible indicator of authenticity.

Chemical Reactivity and Security Inks

Chemical reactivity is an innovative security feature that involves using special ink that reacts when subjected to chemicals such as solvents or bleaches. This reaction typically results in a change of color or a noticeable mark, indicating tampering or alteration attempts. 

Similarly, security inks are designed to be difficult to remove or alter without leaving visible evidence. Ensure that the checks you handle have these advanced ink features to protect against fraud.

Sequential Numbers and MICR Encoding

Checks usually have sequential numbering printed on them, which helps in tracking and identifying each check. Verify that the numbers are printed clearly and are in a consistent order. 

Additionally, Magnetic Ink Character Recognition (MICR) encoding is a specialized printing method that uses magnetic ink for specific numbers and codes on checks. These magnetic characters are highly resistant to tampering and counterfeiting, making them a critical security feature to look for.

Security Padlock Icon and Check Verification Services

Many check designs incorporate a security padlock icon, indicating that the check has undergone additional security measures. This icon serves as a visual reassurance of the check's authenticity and enhances its overall security. 

Furthermore, there are check verification services that provide an added layer of protection against fraud. These services allow banks to verify the authenticity of the check against a pre-registered database, minimizing the risk of accepting fraudulent checks.

Why Protecting Your Check Matters

Protecting your check matters for several important reasons:

Financial Security: Your check contains sensitive information, including your bank account number and personal details. If it falls into the wrong hands, it can lead to unauthorized access to your funds or identity theft. Protecting your check helps safeguard your financial security and prevents potential financial losses.

Fraud Prevention: Checks are a common target for fraudsters who attempt to alter or forge them. By implementing security measures and staying vigilant, you can significantly reduce the risk of falling victim to check fraud. Protecting your check helps maintain the integrity of your financial transactions and prevents fraudulent activities.

Reputation and Trust: Your checks reflect your financial credibility and reputation. If you issue or accept checks that are prone to fraud, it can damage your reputation and erode the trust others have in you. By protecting your checks with robust security features, you demonstrate a commitment to financial integrity and enhance trustworthiness in your financial interactions.

Legal Compliance: Checks are governed by various laws and regulations, and failure to protect them adequately can have legal consequences. For instance, if you issue a check that is later altered or used fraudulently, you may be held responsible for any resulting losses. Protecting your checks helps ensure compliance with legal requirements and mitigates the risk of legal complications.

Peace of Mind: Knowing that your checks are secure provides peace of mind and reduces financial stress. By implementing recommended security measures, you can rest assured that your checks are less vulnerable to fraud attempts. This peace of mind allows you to focus on your financial goals and day-to-day financial activities without unnecessary worry or anxiety.

Trust in the Banking System: Checks are a widely accepted and trusted form of payment. By taking measures to protect your checks, you contribute to maintaining the overall trust and reliability of the banking system. Your efforts to safeguard your checks help ensure the continued viability and effectiveness of this payment method for yourself and others.

Conclusion

Protecting yourself against check fraud requires a keen eye for security features. By paying attention to watermarks, security threads, microprinting, holograms, chemical reactivity, security inks, sequential numbers, MICR encoding, security padlock icons, and check verification services, you can significantly reduce the risk of falling victim to fraudulent activities. 

Always remember to trust your instincts and report any suspicious activity to your bank or relevant authorities promptly. With the right knowledge and diligence, you can confidently write and accept checks while safeguarding your financial well-being.

There’s no doubt that financial organisations in the UK take the threat of financial crime and fraud seriously. The recent True Cost of Compliance report from Oxford Economics and LexisNexis Risk Solutions shows the cost of financial crime compliance for an average UK firm stands at over £194 million per year.

Financial organisations have invested huge amounts in technology, software, and training over recent years to counter criminal attacks. Fraudsters and scammers, however, are relentless in their determination to circumvent these sophisticated security processes and their most recent approach is to weaponize banking customers.

The weaponization of true customers

Effective customer due diligence is often built on a chain of robust checks, knowledge, and understanding. Multi-factor authentication at onboarding and login – relying on layers of knowledge and intelligence drawn from the user themselves, their device, and their patterns of online behaviour – can be extremely effective at keeping criminals out. Realising this, criminals use genuine customers to gain entry. 

Multifaceted fraud attacks

Once in, a fraudster in full control of their victim can instruct them to send money wherever they please – effectively making them complicit in the fraud. Known as automated push payment (APP) fraud, it’s a massive issue for UK banks, costing victims over £600m in the first half of 2022 alone.

Alongside APP scams, application fraud and Account Takeovers (ATO) are two other types of attacks that prey on genuine customers.

Application fraud is a broad term, but the fundamental approach is that a fraudster opens an account with an organisation using identification attributes that are either fake, stolen, or both. The primary objective is usually to abscond with funds or to receive transfers of stolen money to the account. In both instances, the owner of the stolen information is unwittingly weaponized and only suffers the consequences later when the bank pursues them for unpaid debt, fees, or fines. 

ATO fraud sees a fraudster take control of a genuine customer’s account, without the true holder’s knowledge or consent. Personal information, login details, and passwords can be obtained via the dark web or a combination of social media skimming and phishing or smishing attacks, or through manipulation. Once access is gained, the fraudster has free rein to empty accounts, apply for credit, or make high-value purchases, without the victim’s knowledge. 

Consumer expectations for online and mobile services to be quick, convenient, and seamless only add to the challenge for financial services providers in addressing these criminal attacks. This is where behavioural biometrics signals come into their own, as part of a multi-layered fraud solution.

Distinguishing between patterns in human behaviour

Behavioural biometrics offers firms the ability to measure and uniquely distinguish patterns in how people behave. To be clear, these insights are quite distinct from physical biometrics, such as facial and fingerprint recognition. 

Pure behavioural biometrics technology concentrates on the individual traits and habits that make us human. The speed and cadence of our typing, how much pressure we exert on the screen, the typical tilt of our device, and which hand it’s held in – known colloquially as ‘type and swipe’ signals – that every device detects when in use. The unique advantage of leveraging this intelligence is that it can’t be mimicked or stolen by a fraudster.

Sophisticated machine learning analyses a customer’s behaviour to form an expectation of how they act. This intelligence helps build a unique profile of the customer that can be used to authenticate them at subsequent logins, protecting both them and the organisation from fraud attacks. The benefit of this in helping improve the experience for genuine customers and also preventing APP scams is clear – a victim being manipulated by a scammer is likely to display altered behaviours during a transaction. Typing erratically or making errors due to stress, pausing as account information is dictated to them, or switching between typing and holding their phone to their ear – behavioural biometric analysis can flag these anomalies and alert the bank to consider imposing additional layers of security, or pause the transaction altogether.

Of course, no single piece of intelligence – whether digital or physical – is a fool-proof fraud detection measure by itself. But, combined with myriad other layers of data and intelligence, behavioural biometrics form a completely passive layer of user authentication, requiring no additional interaction or effort from the genuine customer.

Click here to learn more about behavioral biometrics.

Cryptocurrency mining is a computationally intensive task, which requires electricity and computing power. 

Miners solve complex mathematical problems by using computers to process transactions on the blockchain or other digital ledger in exchange for payment in cryptocurrency. The process is also known as crypto-extraction because it involves extracting data from blocks of information that are then used to mint new coins.

Cryptocurrency mining has become increasingly popular in recent years, but it also comes with its own set of risks and potential for malware infection.

What Is Cryptocurrency Mining?

Cryptocurrency mining is the process of verifying transactions on a blockchain network, like Bitcoin and earning rewards for doing so. The process involves using computer hardware to solve complex mathematical equations that validate transactions and add them to the blockchain ledger. Mining is crucial to the operation of Bitcoin and some other cryptocurrencies because it creates new tokens and releases them into circulation.

Bitcoin mining refers to the process by which Bitcoins are created or generated - through solving complex math problems. These cloud miners also serve to verify transaction records - cryptocurrencies are created through mining.

If you're interested and want to know how to buy Bitcoin, you can purchase it from a cryptocurrency exchange or an individual seller. There are many reputable exchanges available, such as KuCoin, Coinbase, and Binance, that allow individuals to buy Bitcoin and other cryptocurrencies with fiat currency or other cryptocurrencies.

Cryptocurrency Mining and Malware Dangers

Cryptocurrency mining is an energy-intensive process, and malware can make it even more so. Malware that mines cryptocurrencies uses your computer's resources to generate digital currency for the person who installed it on your machine. This means that you'll have slower performance and possibly even overheating issues if you have a laptop or other portable device.

Cryptocurrency mining malware is a type of malware that uses your computer's processing power to mine cryptocurrency. It can be installed through phishing emails, malicious ads, and fake apps.

Malware can also steal personal information from your devices, which could be used for identity theft or other nefarious purposes. And because it's stealing resources from multiple computers at once, this kind of malware makes them more vulnerable to other attacks while they're being used by hackers to mine crypto coins.

Cryptocurrency mining malware is not always malicious; it can be used for legitimate purposes as well (for example, in the case of Monero). However, if you notice your computer slowing down or overheating while it seems like nothing is running on your machine--that might be an indication that you have crypto-mining malware installed on it.

Risks Associated With Crypto Mining

Malware Infections: Cybercriminals can infect your computer with malware, such as viruses or Trojans, which can be used to steal your cryptocurrency or personal information. To avoid this, make sure to use reputable mining software and keep your anti-virus software updated.

Overheating: Cryptocurrency mining can put a heavy strain on your computer's hardware, causing it to overheat and potentially fail. To avoid this, make sure to monitor your computer's temperature regularly and invest in proper cooling systems if necessary.

Electricity Costs: Cryptocurrency mining requires a lot of electricity, which can drive up your electricity costs. To avoid this, consider the cost of electricity before starting to mine and make sure to choose an energy-efficient setup.

Legal Risks: Cryptocurrency mining is not legal in all countries, and some countries have strict regulations regarding cryptocurrency mining. To avoid legal risks, make sure to research and comply with the laws in your country.

Ponzi Schemes: Some cryptocurrency mining schemes are Ponzi schemes, where investors are promised high returns but the profits are generated by new investors. To avoid this, make sure to research and invest only in reputable mining operations.

Crypto Mining Malware Example

Cryptocurrency mining malware is a type of malware that uses a computer's resources to mine for cryptocurrency. The process involves solving complex math problems and producing new coins in return.

Cryptojacking malware is similar to crypto-mining malware, except it doesn't require any user interaction or consent. It runs in the background, mining cryptocurrencies from unsuspecting users' computers without their knowledge or permission.

What is Cryptojacking?

Cryptojacking is a method of cyberattack in which malware is used to gain control of a computer and use its resources to mine cryptocurrency. Cryptojacking can be done by installing malicious software on the victim's system, or by compromising a website with code that hijacks visitors' computers for mining purposes.

Cryptojacking can happen with any type of cryptocurrency, but it's most common with Monero (XMR) because it's an anonymous currency and has more privacy features than other coins like Bitcoin or Ethereum

Cryptojacking malware can be installed through phishing emails containing links to infected websites or files. Alternatively, it may come bundled with other software downloads that users don't realize contain malicious code until it's too late (e.g., fake Adobe Flash Player installers).

How To Avoid Malware

Here are some tips on how to avoid these risks and protect your computer:

• Use reputable mining software: Avoid using unknown or untested mining software as these may contain malicious code that can harm your computer or steal your data. It's best to stick with well-known and reputable mining software that has been thoroughly tested and reviewed by other users.
• Keep your software updated: Updates often include security patches that can help prevent malware from infecting your computer. Make sure to keep your mining software and operating system up to date with the latest security updates.
• Use anti-virus software: Install trusted anti-virus software that can scan your system for potential malware infections. This can help detect and remove any potential threats before they can cause harm.
• Avoid suspicious websites and downloads: Be cautious when downloading any files or visiting websites related to cryptocurrency mining. Some sites may attempt to install malware or trick you into downloading harmful software.
• Use strong passwords: Always use strong passwords for your mining accounts and wallets. This can help prevent unauthorized access to your accounts and protect your assets from theft.

By following these tips, you can help minimize the risks associated with cryptocurrency mining and protect your computer from malware infections.

Conclusion

The cryptocurrency mining craze has taken over the internet, and it's not hard to see why. It seems like everyone and their mother has started investing in Bitcoin or another altcoin, hoping that they'll strike gold with their next investment. However, while these virtual currencies may be great for making money or trading with friends, they can also be harmful if used improperly--especially on university-owned computers.

Cryptojacking malware can infect your computer without your knowledge by injecting code into web pages that run quietly in the background while consuming processing power needed for other tasks like homework assignments or projects at work (and sometimes even stealing information). Make sure that if someone offers free money today; just say no because there are some serious risks involved when dealing with cryptocurrencies.

In many cases, traditional banks are unable or unwilling to offer products to meet the needs of these businesses - capping their potential and their contribution to the economy.

“Companies with high-growth potential, particularly tech businesses or those with complex payment flows, can struggle to open a current account with traditional banks. Even when those businesses are regulated entities, they are often considered too high risk or too much of an ‘unknown quantity’ for mainstream providers.” Says Alan Smith, UK Managing Director, at fintech company Andaria, a new entrant to the UK market.

“For those who do manage to open an account, it can still be a lengthy process and result in an account setup and fees that aren’t ideal for the business. For instance, standard charges for BACS and CHAPS transfers and especially for those international payments made via SWIFT are too costly for many startups and SMEs.”

“Unlocking the growth potential of these overlooked and underserviced sectors is vital to ensure continued innovation for businesses and their customers. Companies in almost any sector can be caught in this situation but the issue particularly impacts those in the hospitality, insurance, crypto, and gaming sectors. That's why Andaria has launched in the UK - to offer a more suitable and easily accessible alternative to traditional business banking providers.” He concluded.

Andaria offers a set of pre-built account packages with transparent pricing and an online application and KYB process. This allows businesses to easily get their current account up and running. They also offer tailored services and pricing for those who have more complex requirements.

Andaria’s current accounts are now available across both Europe and the UK, supported by dedicated account managers and an online self-service portal. This enables businesses of all sizes to easily manage their payments from one central hub.

Andaria is backed by a team of world-leading fintech and banking professionals. The company is a regulated e-money institute in the EU and the UK, authorised by the Malta Financial Services Authority (MFSA) and the Financial Conduct Authority (FCA) respectively. 

People have to buy a lot of things every day, and the convenience of such tasks is important. But payments are usually followed by carrying a lot of cash, different cards, and other stuff. This is the reason why many people try to keep their funds online. 

And today, we are going to talk about the main advantage of Apple Pay. It is time to see what are the main benefits of using this service for all types of routines.

Apple Pay Is Simple To Use

The main advantage of Apple Pay is that it is extremely simple to use. This is the default application that you don’t even have to install. The main advantages are the following:

• The user-friendly interface. All the navigation of all your cards is available via this service, so you will have no issues with finding the correct card;
• The simplicity of adding cards. You can add a brand-new card the moment you got it, so it will also be helpful for many people. 

Even the user with average skills will be able to use Apple Pay successfully. However, the website has a lot more features to offer. 

The Accessibility Of The Service

A lot of people use Apple Pay daily, and with it, they can access the app whenever and however they want. This is because this application has a lot of great advantages, that provide you with great convenience. 

• Apple Pay can be used even without an Internet connection. You don’t have to be connected to the network to pay for your stuff. For this reason, Apple Pay can be used in areas, where the overall connection is bad. 
• You can use Apple Pay to complete online transactions. By scanning the QR code you can pay for different services, or you can pay for online features if the website supports Apple Pay. 
• If you have no phone with you, or its battery went empty, you can use your Apple Watch. Your Apple account will be synced immediately, and you will be able to use your watch to pay for different services. 

Apple Watch opens a wide range of services, and people can pay with it both online and offline, which makes this service extremely beneficial. 

You Can Add Any Sort Of Cards To This Service

The service is available for all iPhone users, and it works with all types of cards to make the experience comfortable for you. For this reason, Apple Pay can support:

• Regular credit and debit cards. All you have to do is to enter the digits from your card into the application, and it will give you the option to use them the way you want. 
• Virtual cards. This app works perfectly with virtual cards. The main advantage of it is that you can create your card and add it immediately. This way, you will be able to start working right ahead. 

Also, different prepaid cards can be added. It also comes as a nice option, which can help you while you are on a business trip. 

But if you were wondering about the security measures, you can be sure this application is fully safe. First, to use your card, you have to enter all the information about it. Such information is not available to third-party sides. Secondly, if you lose your phone or someone steals it, they will not be able to use Apple Pay without Face ID verification. Very comfortable. 

How to get started?

If you have a co-branded card solution provided, you can use Apple Pay by following these steps:

• Open the Wallet app on your iPhone.
• Tap the plus sign in the upper right corner.
• Follow the prompts to add your co-branded card solution partner's card to your Apple Wallet.
• Once your card is added, you can use Apple Pay to make purchases in-store, online, and in-app wherever Apple Pay is accepted.

It's worth noting that the availability of Apple Pay may depend on your co-branded card solution partner's policies and partnerships, so it's a good idea to check with them to ensure that you can use Apple Pay with your specific card.

How To Use Wallester With Apple Pay?

If you are interested in what service will greatly complement Apple Pay, there is an answer for you. Wallester is a brilliant co-branded solution for people who want to improve the experience of using Apple Pay. 

• With the help of Wallester you can create as many cards as you need. For this reason, you can immediately add your virtual card to Apple Pay to start using it immediately. 
• As an owner of a company, you can give access to cards to your workers, which will let them use Apple Pay for different transactions for your company. It will be convenient, including the fact that many people use iPhones. 
• Prepaid cards come as one of Wallester's services, so you can create a card with a limited balance for your needs and add them to Apple Pay. Such cards are commonly used for daily routines, so you will be able to add them every day to pay for your demands. 
• Wallester provides an opportunity to save receipts in the app, which will be amazing for providing you with a clear image of your expenses. 

All these features come in one ready-to-go solution. As you can see, this application looks like it was created to sync with Apple Pay. And, you can both use it for both your work and spare time.

As a result, businesses must take advantage of all available financial planning tools. In this article, we take a look at how business owners could use an economic calendar as part of their financial planning. 

An economic calendar is a completely free tool that provides a schedule of important upcoming financial events. This could include the release of economic data, bank decisions, speeches by policymakers, and government announcements. Using an economic calendar for financial planning in 2023 could make it easier to stay on top of the fast-moving industry and prepare businesses for potential market movement. 

Investment Planning

An economic calendar can be used to plan investments by identifying events that could impact certain markets and making decisions accordingly. For example, most economic calendars will provide information about the release of earnings reports which can be used to evaluate the strength of investments. Using an economic calendar, you can prepare to readjust your portfolio at key moments throughout the financial year. 

Big events can have a huge impact on the market so, investors must remain vigilant. Understanding when these events will occur is the key to beating the market and making good investment decisions. 

Budgeting 

Businesses must consider economic events when budgeting. By doing this, you could identify potential risks and economic opportunities that could help you to stretch your business budget. 

You may need to adjust your budget throughout the year to suit different market conditions. Economic calendars could help you to prepare for this so that you don’t miss any opportunities. 

Risk Management 

Economic events can impact businesses in several ways including changes in interest rates, changes in regulations, funding cuts, consumer spending changes, and changes in exchange rates. However, the risk of being affected by these events could be considerably mitigated by using an economic calendar to prepare. 

By staying up to date with economic events, you could develop an informed risk management strategy that will help your business to stay afloat despite potential economic changes. 

Cash Flow Management 

To increase your business's cash flow, it is important to be aware of upcoming economic events and plan accordingly. Events that you should be aware of include interest rate changes, economic downturns, and changes in consumer behaviour. Each of these events could have a direct impact on your cash flow. 

The best way to prepare for these events is to use a calendar that provides insight into key decisions and announcements. You can then plan around these events to ensure that your cash flow is not disrupted. 

Economic calendars are very useful tools that business owners could use as part of the financial planning process. You can find a range of excellent free calendars available online. A good idea is to use a calendar that can be filtered to show events that are most important to your business.