Biometric banking: Security safeguards for cashless commerce

According to the 2014 LexisNexis True Cost of Fraud Study, fraudulent activities cost retailers billions of dollars every year. The combination of massive breaches due to stolen card numbers, expansion into unfamiliar territories in mobile and alternative payments, and fraudsters’ efforts of using counterfeit cards before the standardization of integrated circuit cards for authenticating transactions, led to merchants losing 0.68 percent of their profits last year.

Businesses have been left in a much worse financial standing while the number of factors conspiring to challenge fraud prevention efforts increased. With cashless transactions happening outside the confines of the secured network of the home or a virtual private network, ample opportunity is created for fraudsters to illegally access and utilize banking information despite passwords set by customers. In order to win over illegal account takeovers and card thefts, cashless payments now integrate biometrics for added authentication. Among these innovations are:

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1. Advanced fingerprint scanner embedded in payment cards and mobile devices that reads prints without a requiring dedicated place for where to tap the finger;

2. VeinID scanner that transmits infrared light to one’s finger and authenticates via the resulting vein pattern;

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3. Myris that banks on the difficulty of forging the eye and scans the iris through an infrared light for added authentication;

4. Nymi that takes the form of a wristband that verifies identities based on the heartbeat’s electrical pulses by looking at electrocardiogram waves; and

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5. Intel’s True Key technology which instantly detects face relying on characteristics that make the face unique, among others.

The variety and versatility of cashless trades and mobile technology denote that biometrics can provide a lot more options than simply having a screen lock feature on smartphones. Protecting customers from fraud keep them loyal patrons, but with the evolving fraudulent methods, banks and other commercial establishments must ensure that their security systems are up-to-date and seamless as to not be intrusive.  

Breder Suasso guarantees high levels of efficiency and confidentiality in keeping all client transactions secure from anywhere in the world. Visit this website to learn more about the company’s financial services and products.

The mechanics of trust-building in financial services

Financial service companies are in need of a fresh start following the recent crisis in the sector. In this regard, companies see it crucial to regain the trust and loyalty of not only existing customers, but also new ones. Part of the challenge is dismantling discomfort in traditional practices that have failed to meet customer expectations.

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In its annual global study, the Edelman Trust Barometer reported that unethical business practices, failure to keep customer information secure, irresponsibility during a crisis, sub-standard work conditions for employees, and misrepresentations within and for a company are major causes of clients’ distrust.

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Furthermore, the report identified key attributes that result in winning back customer confidence. Customer engagement and integrity of products and services are seen as the most relevant elements in building trust. In recognizing and understanding customer preferences and needs, financial service companies are expected to deliver improved service, fight and challenge biases and doubts, widen the transparency clause to bridge the trust gap, allow clients seamless access to information relevant to their financial goals, and make them proactive partners every step of the way.

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Opportunities come with the changing landscape of the financial services market. Providing true value and the best outcomes to clients entails building customer confidence and trust. To achieve this, financial service companies must strengthen and maintain a constructive relationship with clients and partners, while adhering to standards set by integrity as they work collaboratively in protecting, managing, and growing client assets.  

Offering world class financial services, Breder Suasso is a company that guarantees a personal approach for each client to maintain high levels of efficiency and confidentiality. Visit this website to learn more about the company’s financial services and products.

Safe havens: The best countries for opening offshore accounts

The Bloomberg Business Index, a profile of the world's most affluent, reveals at least 30 percent of the world's top 200 billionaires have put their wealth in offshore accounts. To these offshore banking clients, the benefits of offshore banking—security, privacy, and tax relief, among others—prevail over the stigma and misconceptions ascribed to it.

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Options for overseas banking have been around for more than 300 years as financial instruments that take an investor's hard-earned resources under their wings. A widespread political tumult in Europe prompted Switzerland to offer itself as a haven of wealth preservation in the late 18th century. The country has since become home to trillions of dollars of outside investment from New York to Moscow.

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But as other island nations offer the same financial stability and safety Switzerland offers, and as the U.S. trains its guns on Swiss banks to feed its war on alleged tax dodgers, is the Alpine country still among the best places for opening foreign accounts? The simple answer is yes. Even in the face of intimidation from the U.S.' Internal Revenue Service, Switzerland remains largely unflinching in its confidentiality principles. After all, majority of Swiss banks' clients, who are based elsewhere but the U.S., are placing their coffers in banks within the Swiss territory not for the country's tax incentives, but for its political and economic stability and the unrivaled expertise of its wealth managers.

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But as earlier said, other countries are also attracting the ultra-rich to hedge their wealth. Australia has some of the safest banking institutions in the world, inviting the Chinese elite and other affluent Asians to move their assets down under. And while it may be getting more difficult to open an offshore account in Singapore, plowing foreign resources in Asia's central financial hub remains worthwhile—three of the world's 50 safest banks are headquartered there, according to Global Finance. Needless to say, nothing is safer than investing in the world's richest, most stable economy.  

New Zealand-based Breder Suasso carries safe and efficient offshore financial transactions to clients anywhere in the world. Explore the benefits of offshore investing through this website.

The beginner's guide to opening an offshore account

To the uninitiated, opening an offshore account can be intimidating, and frightening, even, particularly as propaganda wars between public officials during elections threw shade on such investments.

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But the truth is, offshore accounts, if disclosed properly and done with a dependable banking institution, are a legally and financially sound way of protecting assets. Billionaires are advised by their wealth managers to open offshore accounts to shield their hard earned investments from financial instability. Multinational companies need them for cross-border business transactions. Expatriates apply for these so they can survive and do business in countries to which they decide to move.

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So how are offshore accounts opened? Investopedia and other sites lay down the basics: offshore banks typically ask for personal information, while a notarized copy of identification cards, utility bills, and similar documents are supplementary references. They could also ask for documents from the applicant's current bank that indicate good credit standing. Potential clients need to provide the bank with specific documents, such as inventory of assets, sales contracts, and the like, if the accounts are to be opened to satisfy real estate, insurance, and other international business transactions.

Offshore accounts can be applied for with or without the help of an intermediary, who is simply another entity who handles the paperwork and engages in most of the initial dealings with the offshore bank. Make sure to get a trusted and transparent one. An intermediary’s reticence or failure to disclose relevant information should be taken as red flags.

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However, future account owners should bear two things in mind. First, each offshore bank and each offshore jurisdiction has its own rules for opening and managing the accounts. For instance, some offshore financial services do not offer legal or tax advice, hence this must be obtained from an independent service. Examine the fine print with a team of experts in international law and wealth management experts to be spared from any headaches in the future.

Second, you must tread with great caution. Offshore banking, like domestic banking, is not completely safe from being used for illegal activity. Unusual banking activity, such as transactions that are extremely large, remarkably frequent, and not in line with the account owner's stated purpose could all be indications of fraud. The best line of defense: communicate all transactions with the banker to avoid being subject to scrutiny. Refer to this guide for safer offshore transactions.  

Breder Suasso is a company that assists investors in dealing with the particularities of offshore investing. Visit this website to learn more about its services.

An Ancient Banking Philosophy that Still Works

Breder Suasso is a private banking company operating out of New Zealand that employs a unique, different, yet proven philosophy of money and financial management that has worked for more than 4 centuries. Based upon the approach as developed by the Lopes Suasso family back in the 1600s during the Dutch Golden Age, it is not surprising that such a traditional and logical approach to money management is still effective in today’s world. The Lopes Suasso family learned very early on that the key to success as private bankers was to focus upon the needs and concerns of their clients. They understood that by paying attention to their clients, their success was guaranteed.

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Breder Suasso employs this same timeless and important attitude when it comes to working with their clients, many of whom are high net worth individuals as well as profitable international corporations. Under both cases, their clients understand what should be expected of a quality private banking group and Breder Suasso is expert in delivering such results as a normal way of operating their business.

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While providing such standard banking necessities as international debit cards that can be relied upon to work no matter where in the world their client may happen to be at any given moment, Breder Suasso always goes further in ensuring that their customers get more than the basics. For instance, business accounts can always depend upon efficiently managed business payments and transactions, particularly since Breder Suasso is capable of dealing with more than 20 of the world’s major currencies.

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Private bank accounts are also accorded equal attention and valuable services. With instantaneous access to their accounts no matter where they might be traveling or residing, their private banking clientele are never at a loss to get an update as to their financial status. Of equal importance is the fact that these clients also may hold funds in a variety of currencies, and are able to perform transfers and exchanges smoothly and inexpensively.

These are just a few of the reasons that Breder Suasso stands at the forefront of the private banking industry. Once you try their services, you will see the vast difference that a quality and professional private banking group can deliver.

Clients Trust the People and Processes of Breder Suasso

As a senior executive in an international business, you have money management companies approaching you regularly for your business. You are asked by your bankers, your accounting firm, offshore firms and many wealth management companies. How do you best assess the ability of these providers to serve your needs, ensure your confidentiality and follow through on their promises? Sometimes you are willing to stay with your current providers, despite their shortcomings, because making a change is so disruptive. Putting yourself and/or your company through this disruption is only worthwhile if your new vendor can meet and exceed your expectations. With this thought in mind, it is worthwhile to include Breder Suasso into the mix of prospective providers. Their forex services, international money management, trust structures, and administrative services are highly valued by many clients.

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Of most critical importance in evaluating a new provider is the degree of trust you feel for its people and processes. Can you trust the provider for discretion and confidentiality? You do not want unauthorized people to learn about your transactions. A corollary to confidentiality is electronic security. Does the provider enlist the latest, hack-proof technology to manage and move your funds? It is critical that the firm can protect your funds. Breder Suasso can confidently answer “yes” to all of these questions.

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The next aspect of trust that is important is whether the firm will do what it says it will do. If you need funds transferred in three different currencies at pre-determined times, can you rely on the firm to follow through? If you need foreign tax issues addressed for your operations abroad, will the firm handle them properly so that you do not have repercussions later? Again, Breder Suasso can answer “yes” to all of these concerns.

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Trust is the most important consideration to address as you look for an international financial services provider.

Different types of offshore banks and accounts

If one is living or working abroad, regularly travelling overseas, or hopes to retire to another country, then an offshore account is highly recommended. Offshore banks take deposits and investments from non-resident individuals and businesses to which the country’s own citizens have no access.

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Offshore banks can be divided into two groups:

Retail and commercial banks

These banks offer the same services as any bank one can find in country of residence and they are designed for trade and savings but also offer investment opportunities. They commonly operate with multi-currency accounts. Initial deposit may require a minimum amount of $1,000 and higher. Banks services are managed through the Internet which allows transactions from anywhere in the world.

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Types of banks accounts typically handled by retail and commercial banks are the following:

• International bank account – Marketed to expats that allow them access their funds wherever they are in the world through international ATM, online access, over the phone via 24/7 call canter service.

• Multi-currency offshore bank account – Account holder can enjoy having a dollar, euro, yuan, etc., accounts in one multi-currency offshore account number. These will benefit those who frequently need to move money between countries and currencies with the advantage of preferential exchange rates.

• Offshore business bank account – Usually preferred by customers who want to take advantage of the tax benefits that come with the account. It provides access to profitable offshore funds and is an indispensable tool for those conducting international business - whether offline or online.

Breder Suasso, an example of an offshore commercial bank, is living up to its tradition of a family of trustworthy financiers which provides world-class solutions to clients securing their business and wealth overseas. Private and corporate clients, including offshore and non-resident bodies, can easily open an account online. Asset protection, privacy, and investment profitability are top priorities of the company.  

Private banks

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These institutions are focused to saving and high-level investing and are only accessible to relatively wealthy people. Minimum deposit is $100,000 while others require half a million dollars. They offer premium service by developing a personalized investment pattern for each client with the help of a personal banker. Investment opportunities are only available to their exclusive clients. A private offshore bank account is offered with the benefit of a much more hands on approach in the management of the client’s portfolio.  

Breder Suasso redefines the dynamics of offshore banking in the competitive financial market. Visit its official website to learn more of its services.