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.