Threat actors are leveraging sophisticated technologies, like automated scripts and botnets, to amplify their card testing attacks, allowing them to exploit vulnerabilities at an unprecedented scale and speed. These attacks, known as enumeration attacks, inflict operational expenses and $1.1B annually in fraud losses,1 accounting for a significant portion of global fraud. To combat this threat, Visa, a leader in digital payments, announced updates to its Visa Account Attack Intelligence (VAAI) offering with the addition of the VAAI Score, a new tool that uses generative AI components to identify and score enumeration attacks. The VAAI Score, which will be available to U.S. issuers first, will help reduce fraud and operational losses by assigning each transaction with a risk score in real time to detect and prevent enumeration attacks in card-not-present (CNP) transactions.

“Enumeration can have lasting impacts on our clients and there’s an immediate need for tools that can better detect and prevent these attacks in real-time,” said Paul Fabara, Chief Risk and Client Services Officer at Visa. “With the VAAI Score, our clients now have access to real-time risk scoring that can help detect the likelihood of an enumeration attack so issuers can make more informed decisions on when to block a transaction.

Thirty three percent of enumerated accounts experienced fraud within five days of a fraudster obtaining access to their payment information2. By using generative AI, components to learn normal and abnormal transaction patterns, Visa’s VAAI Score identifies the likelihood of complex enumeration attacks in real-time to help reduce fraud without compromising the integrity of Visa’s performance and accuracy. The tool has been able to reduce the false positive rate by 85% compared to other risk models, as the VAAI Score focuses on specific signals for enumeration allowing for a stronger performance3. VAAI Score can help issuers with:

• Reduced fraud and operational losses: Helps identify complex enumeration attacks in real time which can help reduce follow-on fraud from validated accounts and operational losses due to enumeration such as customer center calls and card reissuance and help safeguard clients.
• Improved cardholder experience: Helps identify when legitimate cardholder transactions are not impacted, while giving issuers a tool to proactively decline transactions at risk for enumeration attacks.
• Real-time transaction scoring: Provides a real-time risk score in 20 milliseconds4 which can help clients in identifying enumeration and using it in their authorization decisioning when used with a rules engine.

“With access to advanced technology, fraudsters are monetizing stolen credentials faster than ever before,” said Michael Jabbara, SVP Global Head of Fraud Services, at Visa. “Enumerated transactions impact the entire ecosystem, and with the VAAI Score, we’re giving our clients a sophisticated tool that can help prevent cardholder accounts from being compromised and stop fraudulent transactions before they happen.”

The VAAI Score model has been trained on more than 15 billion VisaNet transactions and has six times the number of features compared to previous VAAI models to help better assess suspicious enumeration transactions. Visa’s approach uses noisy data to train the highly accurate real time AI model. By evaluating each CNP transaction against enumeration patterns, the new risk scoring model derives a two-digit risk score that helps predict the likelihood of enumeration to help better determine when to approve, and when to decline, transaction.

At Visa, security and reliability are top priorities year-round. Over the past five years, the company has invested more than $10 billion in technology, including to reduce fraud and increase network security. More than a thousand dedicated specialists protect Visa’s network from malware, zero-day attacks and insider threats 24x7x365. In FY23 alone, Visa helped to proactively block $40 billion in fraud5, preventing many from ever knowing they were at risk of a potential fraudulent transaction. We encourage consumers to stay alert and think about where they are shopping and who they are sharing their information with stay safe.

Source: Visa

Cash transactions, though less prevalent than mortgaged deals, offer distinct advantages. Firstly, they expedite the purchase process and completion as there’s no waiting on financing. Additionally, cash buyers often wield a stronger negotiating stance, demonstrating a commitment to sellers.

With a house cash buyer, both parties can sidestep stringent lender criteria, enjoying greater flexibility, while cash transactions eliminate the risk of denied financing, ensuring guaranteed completion. With no loan origination fees, overall costs are reduced and there’s greater privacy as financial details are kept confidential. Ultimately, cash offers afford a level of freedom and efficiency that’s hard to replicate with mortgaged purchases.

What is a cash buyer?

A cash buyer is defined as an individual who can purchase property outright using funds readily available to them, without relying on a mortgage or loan. However, to qualify as a cash buyer, the individual must have the necessary funds available at the time of making an offer.

Cash buyers, typically represented by house-buying companies or property developers, bring with them a distinct advantage: immediacy. With funds readily available, these buyers offer swift transactions, often completing purchases within days rather than weeks.

Source: Unsplash

Does the sales process differ for cash buyers?

The process is no different, particularly from the seller’s viewpoint. The notable distinction lies in the fact that cash buyers do not need to secure a mortgage, reducing the complexity of the process significantly. However, a cash buyer should conduct thorough due diligence, undertaking the same assessments that a lender would before committing to purchase a property. This entails activities like surveys and property searches, albeit typically completed more swiftly by cash buyers compared to the slower pace involved with lenders.

Are there disadvantages to selling to a cash buyer?

It’s important to weigh the notable drawbacks as well. Firstly, cash offers often fall below market value, as buyers capitalise on the appeal of a quick transaction. Consequently, sellers may end up settling for less than they would through conventional sales channels.

Moreover, despite the promise of a cash transaction, there remains the possibility of deals collapsing if the buyer has a change of heart or encounters unexpected challenges. The cash buyer market is also susceptible to scams, spanning from undisclosed fees to abrupt price reductions.

While selling a property can present various challenges, opting for cash offers can provide distinct advantages that streamline the process and mitigate risks associated with traditional sales channels. Cash transactions offer immediacy, expedite completion, and afford sellers greater negotiating power.

However, it’s crucial to acknowledge the disadvantages too. Collaborating with reputable professionals can help sellers navigate these complexities and ensure a smoother transaction process. Ultimately, cash offers represent a viable option for sellers seeking efficiency and certainty in their property transactions.

Imagine greater control over your time, the liberty to pursue passions, and the peace that financial cushion brings. This narrative isn’t reserved for tycoons or financial gurus; it’s accessible to anyone willing to learn the dance of dollars and sense. 

In this article, we will explore various lifestyle benefits of smart money management. 

The Freedom of Choice

One significant thing smart money management gifts you is the freedom to choose. It unshackles you from living paycheck to paycheck, enabling you to make life choices that spark joy rather than decisions based solely on financial necessity. 

Imagine deciding to take a career break, start a business, or travel without the specter of monetary constraints looming overhead. This level of autonomy is powerful; it forges a sense of well-being as you navigate life’s waters on your own terms. 

Cultivating Peace of Mind

Besides the freedom of choice, a strategic approach to our finances can help lay the groundwork for enduring peace of mind. It’s not merely about growing savings but nurturing a buffer against life’s unexpected turns – the job loss, the medical emergency, the leaky roof.

This tranquility transforms stress into serenity – no small feat in an uncertain world. It empowers us to face challenges with calm and poise, knowing that our financial bulwark stands firm. 

Embracing Experiential Richness

Smart money management is an ally to those who value life’s tapestry of experiences. Rather than merely accumulating possessions, it paves the way to gather moments that become memories. This philosophy encourages putting funds aside for travels, family gatherings, and personal growth adventures. 

Engaging with different cultures, pursuing hobbies, or simply having the means to enjoy a special dinner – these are not trivial indulgences but vital components of a well-rounded life. It is through these experiences that we often discover our most profound joys and learn lessons that shape who we are. 

Building Generational Bridges

Another lesser-told story of astute money management is its capacity to extend benefits beyond a single lifespan. It’s about the legacy we build, the financial education we pass down, and the security we can offer to future generations. 

By investing wisely and saving regularly, you’re not simply hedging against future market downturns; you’re crafting a foundation that your children, and perhaps even their children, can stand upon. This intergenerational bridge supports more than just wealth – it undergirds values of stewardship, responsibility, and vision, ensuring the prosperity of tomorrow’s kin. 

Fostering Personal Growth

Smart money management does more than secure financial stability; it acts as a catalyst for personal development. As you navigate through the complexities of investments, budgets, and savings plans, you inevitably hone skills in critical thinking and decision-making.

These are not merely abstract competencies; they translate into everyday life, enhancing your ability to plan, solve problems creatively, and set disciplined goals. 

The journey towards fiscal wisdom is replete with lessons that mold character and foster an entrepreneurial spirit. This educational odyssey not only enriches your bank account but also expands the horizons of your capabilities. 

Nurturing Healthy Relationships

Prudent financial management often reverberates positively in our relationships. Money, a common source of stress and contention, can instead become a channel for collaboration and trust when handled with care.

Couples who align on financial goals and habits tend to navigate life with less friction and more synergy. Additionally, friends or business partners with a shared vision for money matters find themselves on firmer ground. Also, the ability to generously support loved ones in times of need without endangering one’s own fiscal health fortifies bonds. 

Simplifying Credit Navigation

In the tapestry of smart money management, tools like credito.com.mx serve as valuable guides through the ever-changing terrain of Mexico’s credit card landscape. The task of selecting the right credit options – balancing rates, rewards, and terms – becomes less daunting with such resources at your disposal.

Such tools offer clarity amidst complexity, helping individuals make informed decisions that resonate with their financial strategy and lifestyle goals. Access to transparent comparisons and expert advice means you can secure credit facilities that amplify your purchasing power while safeguarding your financial health – a sure-footed step towards fiscal prudence. 

Securing Early Retirement

Finally, smart money management lights the path to what many consider the ultimate benefit: the prospect of an early retirement. The discipline involved in regular savings and investment can culminate in the freedom to step away from full-time work sooner than expected.

It’s not merely about stopping work; it’s about having the choice to pursue work that aligns with your passions, without financial pressure. This reward for years of fiscal prudence offers a new chapter where time becomes your greatest asset. It’s an era for exploration, learning, and personal fulfillment on your own schedule – a fitting tribute to a life well-planned.

Conclusion 

Smart money management is more than a series of financial decisions; it’s a lifestyle choice with profound impacts. Each strategic move you make today echoes into the future, unlocking doors to freedom, peace, and fulfillment. 

As we’ve seen, the benefits extend far beyond personal gain, influencing relationships, personal development, and even generations to come. Embrace the principles of wise financial stewardship – your life’s journey can be as rich in experience as it is in wealth.

Saving money can seem like an uphill climb; after working so hard for it, seeing it just sit there might not be your ideal feeling. What if there was a way you could boost the pace of growth for your savings account? Enter high interest rates!

Consider interest rates like rewards for your patience: as rates climb higher, so does the value of money saved over time – like magic (almost). So how can these high interest rates become your savings superpower?

Finding Your Interest Rate Oasis: Discover High-Yield Accounts

Not all savings accounts offer equal rates of return – traditional banks usually only provide low rates that just keep pace with inflation – leaving your purchasing power declining with each passing day. But fear not; there are better solutions out there!

Today’s banks and credit unions often provide high-yield savings accounts with much higher interest rates than regular accounts – turning your savings growth from slow walking into an exciting jogging!

Shop Around to Secure the Best Offer

A little research goes a long way – don’t just settle for the first account that comes up; take time comparing rates offered by various banks and credit unions before choosing an account that’s right for you based on its interest rate alone; any small variance can add up over time!

Make Every Penny Count: Keep Your Balance Up

Most high-yield accounts require you to maintain a certain minimum balance in order to qualify for their high interest rates, like playing a game – meet your savings goal, win high interest prize! Therefore it is wise to perform some calculations and determine what balance can comfortably be maintained to maximize earnings and achieve maximum potential return.

Think Outside the Savings Account: Examining Other Options

Savings accounts offer great returns; however, depending on your savings goals there might be other avenues available to you. Certificates of Deposit (CDs) offer higher interest rates but lock away funds for an established time. Money market accounts offer flexibility with decent interest rates while providing check writing access.

Key Takeaway: High Rates Can Accelerate Savings Interest rates can be an invaluable ally when it comes to building savings faster. By opening accounts that work hard on your money for you and taking steps like finding accounts with higher rates that allow your savings goals – be they vacation expenses, mortgage deposits or that gadget you’ve had your eye on – to reach sooner, put those high interest rates into action now and watch how fast your savings grow!

Automate Your Wins: Set Up Auto-Transfer

Make saving effortless! By setting up automatic transfers from your checking account to a high yield savings account, automate payments “first”, guaranteeing savings grow steadily without ever even thinking twice! This way you “pay yourself first”, keeping savings growing over time without breaking a sweat!

Conquering the Rainy Day Monster: Emergency Fund First

High-interest accounts offer convenient savings opportunities; however, life often presents unexpected events which necessitate building an emergency fund of at least 6 months of living expenses as soon as possible in an easily-accessed account with minimal interest rate for maximum peace of mind!

Break it Down!

Achieve Your Savings Goal with Milestones mes Setting an ambitious savings goal can seem intimidating at first. Break your goal down into smaller and attainable milestones to keep yourself on the journey towards reaching it more rapidly through compound interest rates on smaller amounts of money deposited with banks over time. Celebrate every achievement, because it deserves celebration!

Bonus Round: “Found Money” Every penny saved adds up! Put on your inner scrooge hat and find innovative ways to increase savings – reduce subscriptions or sell unused items online; put tax refunds directly into savings accounts… every cent saved earns interest!

Seychelles, recognised as a crucial hub for brokers, provides B2Prime with a strategic platform to distribute liquidity locally across all regulated companies. 

The newly acquired security dealer license enables the B2Prime group to engage in crucial financial activities, such as negotiating and entering agreements for acquiring, disposing of, subscribing for, or underwriting securities. Additionally, it allows to manage securities transactions, handle sales, and manage portfolios of securities on behalf of the clients.

This significant development will greatly enhance the ability to operate efficiently within global markets, backed by a robust legal framework to offer these services under the strict regulatory oversight of the Seychelles Financial Services Authority (SFSA).

Importance of Seychelles License for B2Prime Clients

Seychelles is becoming an attractive location for brokerages, thanks to its strategic placement between Africa, Asia, and the Middle East and its supportive financial climate. With 182 brokers already registered in Seychelles, there is a clear need for a local liquidity partner that can streamline operations and offer advanced financial and technology solutions. 

In response to this demand, B2Prime has strategically expanded its presence by acquiring a security dealer license from the Seychelles Financial Services Authority (SFSA), the regulatory body responsible for the licensing and supervision of financial service providers, including security dealers.  

This development eliminates the need for local companies to seek out or connect with liquidity providers in distant financial hubs. Instead, they can directly access B2Prime’s extensive Prime of Prime level liquidity. 

B2Prime offers over 225 instruments across six asset classes in CFDs, including FOREX, Cryptos, Spot Indices, Precious Metals, Commodities, and NDFs, all through a single margin account. B2Prime clients benefit from deep liquidity pools sourced from Tier-1 providers, which ensure tight spreads and ultra-fast execution. Connectivity options, including OneZero, PXM, Centroid, T4B, FIX API, and cTrader, further facilitate seamless integration and efficiency.

“Establishing our operations in Seychelles opens doors to our Prime of Prime liquidity and enhanced service levels for local brokers, hedge funds, money managers, institutional clients, and liquidity providers. This step forward aligns perfectly with our goal of providing top-tier financial services worldwide and  enables us to offer even greater reliability and seize new opportunities in global markets.”

– Eugenia Mykulyak, Founder & Executive Director of B2Prime

Robust Financial Performance and Future Outlook

Following the strategic initiatives, B2Prime has recently disclosed the financial results for its parent company, B2B Prime Services EU, which highlights robust financial growth in the first quarter of 2024. Total assets in Cyprus surged to €28,969,690.98, a 40.32% increase from the previous year. Client assets held for trading also increased by 47.6% to €26,840,460.11.

In the same period, the shareholders’ equity rose by 8%, with year-on-year comparisons showing a 68% growth in total assets and a 64% increase in client assets held for trading. Notably, shareholders’ equity experienced an impressive 289% surge. Regulatory Capital Adequacy dramatically improved, too, with B2Prime’s own funds soaring nearly 600% from €503,000 to €2,728,000, far exceeding regulatory minimums with CET1 and Tier 1 ratios significantly above the required standards.

These figures highlight a strong balance sheet and show B2Prime’s ongoing devotion to growth and reliability. Soon, the company will also disclose the fiscal report for B2Prime Mauritius, which will further validate its position as a credible and reliable service provider to clients worldwide.

Final Remarks

B2Prime has been actively expanding its global footprint since its establishment in Cyprus in 2020 and Mauritius in 2023. The ongoing strategy aims to position B2Prime as a trusted partner in key financial jurisdictions worldwide. The recent acquisition of a security dealer license in Seychelles is a continuation of these efforts to offer Prime of Prime financial services and exclusive tools to local businesses in Seychelles, enhancing their capabilities and potential to succeed in the global marketplace.

The company is thrilled to start operating as a trusted liquidity provider in Seychelles and partner with local businesses! 

Reach out today for market-leading liquidity solutions!

Contact Info:

+230 46 555 26

info@b2prime.com

Corporate treasury departments are going paperless, and sooner than you might think, according to a new survey of more than 200 treasury executives conducted by Citizens. In fact, 94 percent of respondents who use checks today expect their company to transition to exclusively digital payments within the next five years.

While most mid-size businesses still use some form of paper payment for tasks such as paying employees, vendors and contractors, significantly fewer financial leaders view physical cash and checks as critical or important payment methods than did a year ago. Treasury executives also see distinct advantages to digitization. During the pandemic, companies who were more digitally advanced experienced far less disruption than those who were not. Nearly all respondents agree that digital treasury processes have helped with cash flow forecasting (97 percent), enhanced their financial visibility and control (96 percent) and positively impacted their company’s bottom line (91 percent).

“Mid-size companies are embracing digital payment methods and the pace of adoption will only accelerate from here,” said Michael Cummins, executive vice president and head of treasury solutions, Citizens. “As digitization takes hold, Citizens is focused on helping our clients navigate the landscape by providing customized payments solutions that are seamless, secure and convenient.”

The Citizens survey of 202 treasury executives at mid-size businesses ($50 million to $1 billion annual revenue) was conducted in February 2024. The survey assessed the adoption of various payment types and how businesses are continuing to adapt to the shifting payment technology landscape. Other key findings include:

• Adoption of digital payment methods continues to grow. Adoption of nearly all digital payment methods included in the survey increased year over year. For example, 84 percent of respondents report using business-to-consumer (B2C) payment alternatives (such as Venmo or Zelle), up from 58 percent a year ago, while 77 percent report using instant payments, up from 62 percent a year ago. On average, companies are using four different payment methods, the most common of which are B2C payment alternatives, instant payments, credit cards and Automated Clearing House (ACH) payments.
• With fraud risk top of mind, companies are trusting banks for payments support. According to the survey, perceived fraud and security risks are the number one factor holding companies back from leaning in on digitization. Further, even though less than one-third of respondents were impacted by fraud in 2023, 91 percent said they were concerned about it. With fraud risk top of mind, companies are increasingly choosing banks for payments support over third-party providers like fintechs. In fact, a higher proportion of respondents are relying on banks for support with their transactional needs compared to last year.
• Instant payments are increasingly important to companies. Seventy-seven percent of respondents report using instant payments, up from just 62 percent a year ago. Notably, 92 percent of respondents report using the real-time payments (RTP) network and 77 percent report using FedNow, indicating companies are using both channels as instant payment adoption grows.

Source: Citizens Bank

In February, the ‘Access Woman Network’ was launched, a social project led by the Bank’s employees, with the aim of promoting solidarity and love for others, providing social support to those who need it most.

Using the resources of the employees themselves and their families and friends, it was possible to raise around 4,000 sanitary towels, school materials, clothes, and non-perishable goods.

The initiative, which demonstrates Access Bank’s commitment to building a more supportive and equitable world, benefited hundreds of children and girls from shelters in the cities of Maputo, Beira, Chimoio and Nampula.

As part of the W-Initiative project, an empowerment initiative created to boost women through financial training, mentoring in business management and maternal health services, the Bank has already carried out some activities this year.

To celebrate International Women’s Day, the Bank organized a workshop with the theme “Inspiring Inclusion”. This event enabled women entrepreneurs to train through sessions led by experienced specialists. Throughout the session, topics such as leadership and the inclusion of women in society and the business world were addressed. It was also an opportunity to showcase the Pitch-a-ton Program, an initiative to support women entrepreneurs, which was created to provide women-led companies with opportunities to access world-class financing and business training, working in various areas and promoting the development of skills and job opportunities for candidates.

The Bank has also been focusing on developing skills for leadership and good corporate governance. To this end, in April it held a session on inclusion and diversity in the workplace. With the motto “What women who make it to the top of large organizations do differently”, the meeting brought together experts from well-known companies and organizations, such as Ernst & Young and New Faces New Voice. These initiatives reflect the Bank’s commitment to diversity and the inclusion of women in leadership positions, providing them with the necessary tools to achieve success in their professional areas.

Access Bank is thus reinforcing its commitment to remain a Bank focused on women, through various economic and social empowerment projects which, this year, will reach all the provinces where the Bank operates.

Now more than ever, scammers are taking advantage of the latest technologies like AI to deceive people. According to the FBI, across the United States people lost $12.5 billion to internet scams in 2023 alone. In the UK, fraudsters were responsible for nearly 1.4 million thefts during the first half of 2023 – the equivalent of one every 12 seconds.

To combat the growing threat of scams, Mastercard today announced Scam Protect, a suite of specialized solutions powered by cutting-edge AI technologies, which help identify and prevent scams. Mastercard is also partnering with organizations across the ecosystem to fight scams.

“Scammers are exploiting new technologies, making their deception and impersonation scams increasingly difficult for consumers to recognize,” said Chris Reid, EVP of Identity Solutions, Mastercard. “Building on our innovations in AI and key partnerships, we are supporting financial institutions with insights to better detect and prevent scams, while helping consumers learn how to spot them. This holistic approach means more people will be protected, fostering trust in our digital world.”

AI-POWERED IDENTITY SOLUTIONS    

By combining its identity, biometric, AI and open banking capabilities, Mastercard can help protect consumers across the spectrum of scams, from card-based and account-to-account payments to fraudulent account openings.

• Mastercard Identity assists in verifying that someone is who they say they are throughout the lifecycle of an account. This is critical because scammers open or take over accounts to fraudulently apply for credit, create so-called “mule” bank accounts to receive stolen funds, or to impersonate someone using a false identity.
• From the moment an account-to-account or card-based payment is initiated, Mastercard’s behavioral biometrics can access physical interactions across devices to identify any unusual behavior, such as hesitating while typing or interacting with the website or app.
• Specific to real-time account-to-account payments, Mastercard’s Consumer Fraud Risk solution provides banks with the intelligence to help detect and prevent payments to scammers. Now live in the UK with 10 large banks, Consumer Fraud Risk leverages AI and Mastercard’s unique view of account-to-account transactions, to help banks intervene in real time and stop a payment to a scammer before funds are sent.
• When a consumer initiates an account-based payment from their bank account, Mastercard enables account validation to confirm account ownership and validate identity details in real-time through Mastercard Open Banking, which draws on the safe exchange of consumer-permissioned data to facilitate frictionless and secure payments.

INDUSTRY COLLABORATION

Mastercard is also collaborating with organizations across the ecosystem to tackle scams, mitigate their impact, and educate consumers.

Telecommunications

Mastercard is partnering with Verizon to address the growing threat of scams. Today, Verizon’s robust network capabilities deliver advanced data analytics and insights, and produces authoritative research reports such as the Verizon Data Breach Investigations Report (DBIR) used by enterprises to understand and help mitigate emerging cybersecurity threats. Through its Call Filter product, Verizon also has protected over 80 million consumers from over 20 billion unwanted SPAM and scam calls.

Mastercard and Verizon are building on their long-standing partnership. They will collaborate on new solutions to protect consumers from scams across multichannel attack vectors. By combining Mastercard’s identity insights with Verizon’s robust network technologies, new advanced tools can be designed to more accurately block scammers.

“The security landscape is constantly evolving, as are scammers’ techniques, but one constant has been social engineering—using texts and phone calls to coerce people,” said Kyle Malady, CEO, Verizon Business. “Verizon and Mastercard share a commitment to helping protect consumers from security threats. By combining our expertise, we’re building solutions to identify and thwart scammers before they initiate contact.”

Financial Institutions

Banks in the UK, including NatWest, are the first around the world to utilize Mastercard’s AI-powered Consumer Fraud Risk solution to identify and prevent in real-time money being sent to scammers, while giving their customers peace of mind.

“Impersonation scams, which coerce people into sending money in good faith or paying for goods they think are genuine, require no security breach or hack. They just need to trick their victim,” said Nick Elliot, Head of Payment Fraud, NatWest. “As the sophistication of scams has progressed, so has our real-time monitoring and prevention of fraud. Together with Mastercard, we are using the power of AI to identify payments to fraudsters and stop them before money is lost. In combination with our programme of consumer education and guidance on precautions, we are enhancing the safeguards for all our customers.”

After launching in 2023, early indications of Consumer Fraud Risk’s impact are very promising. Last year, TSB estimated the amount of scam payments prevented in the UK over a year would equate to almost £100m should other banks mirror its performance.

Mastercard is also partnering with Entersekt, a global financial authentication company that is using Mastercard Identity to help financial institutions fight scams. Using Mastercard’s behavioral biometrics, Entersekt enables banks to “step up” higher-risk transactions, verifying a sender’s biometrics to authenticate the transaction. This extra step can protect senders before the funds leave their account.

Consumer Advocacy

Consumers are less likely to fall for a scam if they have the tools to identify and fight them. Mastercard is a supporting member of the Global Anti-Scam Alliance, which protects consumers worldwide from scams through awareness campaigns.

Together with the Global Anti-Scam Alliance, Mastercard will share knowledge and define joint actions to advocate for safe and secure ways to transact, interact, and protect consumers. As part of the Alliance, Mastercard recently helped establish the Global Anti-Scam Alliance chapter in Singapore, bringing together organizations in the region to collaborate on new solutions to protect consumers.

“We are pleased to welcome Mastercard to the Global Anti-Scam Alliance,” said Jorij Abraham, managing director, Global Anti-Scam Alliance. “Mastercard’s industry expertise and innovative technology will support our global network’s commitment to stopping scams and protecting consumers. We look forward to our continued collaboration in educating and empowering consumers worldwide.”

Source: Mastercard

This article will discuss a few strategies to increase your chances of getting approval for your Personal Loan application.

What Makes a Personal Loan Ideal?

Their unsecured nature is one of the primary reasons people opt for Personal Loans to cover various expenses like medical emergencies, education, home repairs, weddings, vacations, etc. Unlike other loan types, these loans do not require any collateral or security for approval. Minimal documentation requirements and a 100% digital application procedure further ease and accelerate loan approval. Competitive interest rates, flexible repayment terms, and easy eligibility conditions are some other features and benefits that make Personal Loans ideal for borrowers.

How to Calculate Personal Loan Eligibility?

When you fall short of funds, you may approach a finance company to apply for a Personal Loan. If you are an existing customer, you may check if you have a pre-approved loan offer in your inbox. The Personal Loan eligibility criteria usually depend on the following factors:

• Minimum and maximum age requirements
• Indian citizenship
• Employment, profession, and work experience
• Monthly income
• Credit rating and DTI ratio

If you qualify, approach the lender with your loan application and submit proof of your address, income, and identity to validate the details provided. The lender will thoroughly evaluate your application and send you a loan offer. You must carefully review and accept the loan offer to get disbursal in a few hours.

Tips to Improve Your Chances of Getting a Personal Loan

Top lending institutions like Hero FinCorp look at various factors to determine your creditworthiness. Here are a few tips to boost your chances of getting a Personal Loan approval:

Calculate Personal Loan Eligibility: Before applying for a loan, scan through the lender’s eligibility criteria and calculate your eligibility. Doing that will avoid rejection of loans for trivial reasons like income or age.

Track Your DTI Ratio: Using a large part of your monthly income to handle existing debts and obligations will reduce your creditworthiness to get a new or pre-approved loan. As a result, your chances of approval diminish, or the lender may charge a higher interest rate to cover up for the higher risk. Therefore, always maintain a DTI ratio below 40-50% to boost your chances of approval.

Apply for an Adequate Loan Amount: Calculate your expenses and apply for an adequate loan amount to get your application approved. Before applying for a loan, calculate Personal Loan eligibility using an eligibility calculator to check the loan amount you may qualify for. It largely depends on various factors, including your income, liabilities, repayment capacity, etc.

Avoid Applying for Multiple Loans Simultaneously: When you need urgent financial assistance, you may consider applying for multiple loans to boost your chances of approval. Although you may get approval from a few lenders, this is certainly not the best strategy to access a loan. Since every application pulls a hard inquiry on your credit report, it will eventually reduce your credit rating and your chances of approval.

Improve Your Credit Score: Lending institutions give a lot of importance to your credit score when scanning the loan application. Many lenders make credit scores a part of their eligibility criteria to calculate Personal Loan eligibility. Even if not, a good credit score improves your odds of getting the best loan offer at the most reasonable rates with favourable terms and conditions.

Making timely payments, reducing the DTI ratio, controlling credit utilisation, and diversifying the credit portfolio are the best strategies to improve your credit score and approval chances.

Add a Co-Applicant: Most Personal Loan lenders allow you to include your parent or spouse as a co-applicant. If the co-applicant’s income and credit rating are high, adding them to your loan application boosts your chances of approval even if your credit profile is not up to the mark.

Choose a Loan Plan Carefully: Before settling for a loan plan, thoroughly research all the available options and compare them to get the best deal. Even if you urgently need funds, avoid settling for the first loan deal you come across. These days, numerous financial players flood the market with competitive lending conditions. Stringently check and calculate Personal Loan eligibility to ensure you grab the best loan offer available.

Mention All Your Income Sources: When applying for a Personal Loan, the lender wants to ensure you can repay the loan on time without facing a financial crunch. So, apart from providing your primary income details, furnish additional information about your other income sources, including rent, interest, dividends, bonus, etc. A higher income will boost your chances of getting a loan approval and improve your eligibility for a bigger loan amount.

Opt for a Longer Repayment Tenure: A longer repayment tenure breaks down your EMIs into smaller amounts, reducing your financial burden and making repayments more manageable. Furthermore, smaller EMIs reduce your DTI ratio, increasing your credit score and boosting your chances of loan approval.

Enquire About Prepayment: Most lenders allow their borrowers to prepay their loans before the term completion. Always check for the prepayment option and the charges involved when opting for a longer repayment tenure. If you receive a lump sum amount during the loan tenure, you may want to pay off your loan with it to become debt-free sooner. However, check out the prepayment charges to ensure they do not exceed the interest saved.

These tips can help improve your Personal Loan eligibility and boost your chances of getting a quick approval. Choosing the right lender with the best loan offer will give you a seamless and stress-free experience from application to disbursal. If you have a solid repayment history, you may receive a pre-approved loan offer that can significantly accelerate your approval.

Mastercard announced a new mobile virtual card app that enables virtual commercial cards to be seamlessly added to digital wallets. The innovative app is designed to offer financial institutions more choice in how they deliver the secure and sustainable contactless payment solutions that companies increasingly expect.

For over a decade, Mastercard has pioneered virtual card solutions to simplify tedious expense report and reconciliation processes for employees, contractors, recruits, and consultants who often use personal cards or cash for reimbursable business expenses. As companies navigate changing payment preferences particularly from the entry-level workforce – with over two-thirds of millennials having adopted digital wallets1 – mobile technology is unlocking the next frontier of convenient contactless payments.

“Businesses worldwide are seeking fast and secure payment experiences, where payments can be made with just a click or tap, and finance teams can experience automatic reconciliation,” said Chad Wallace, global head of Commercial Solutions, Mastercard. “With today’s launch, we’re providing innovative tech that digitizes business and travel expenses, while also empowering businesses with more control of and visibility into their finances.”

The app leverages Mastercard’s innovative virtual card and tokenization platforms, enhanced data, and robust spend controls all within one easy-to-use interface. Accessing Mastercard mobile virtual cards is made seamless through the app so users can quickly experience the benefits of tap to pay. Mastercard mobile virtual cards can be used by organizations spanning a range of sizes and industries – including healthcare, insurance, fleet, higher education, and corporate travel.

Key capabilities and benefits of Mastercard’s mobile virtual card app include:

• Increased security: The app offers the ability to set up a biometric authentication and an added security measure using a PIN to view card details. Each virtual card is also tokenized, enabling the cardholder’s sensitive data to be replaced by a unique card number so sensitive account details are not exposed.
• Robust spend controls: Organizations can confidently stay compliant with expense policies using Mastercard’s transaction-level controls, which limit how, where, and when a mobile virtual card can be used.
• Flexible integrations: Financial institutions can quickly get to market through Mastercard’s user interface or flexible API-based integrations, and offer unique features such as customized card art.
• Holistic and seamless payment experience: The app provides a single interface to check the status of card balances and view pending and completed transactions, and is bank-agnostic, enabling users to access and manage virtual commercial cards issued by multiple participating financial institutions.
• Real-time and enhanced data: For each mobile virtual card created, custom data elements are automatically captured and matched to the transaction, providing organizations with increased insights into spending and automatic reconciliation to optimize back-office processes.

HSBC Australia and Westpac will be the first financial institutions to offer organizations and corporate customers mobile wallet functionality through the Mastercard app.

“We’re pleased to partner with Mastercard to bring mobile wallet virtual cards to our Australian corporate clients, providing them with a smarter, safer, and faster way to pay,” said John Scott, Head of Global Payments, HSBC Australia. “Mobile wallet usage is growing, with the Asia-Pacific region accounting for over half of the digital payment transactions globally2. As contactless payments continue to surge, it’s important that corporate clients have access to best-in-class payment solutions to keep their business secure and take advantage of the increased efficiency offered by the latest technologies. HSBC has a history of delivering innovative digital solutions to our corporate clients, and we’re proud to add to that legacy with the launch of mobile wallet virtual cards in Australia. We plan to launch in other markets later this year.”

“Westpac is pleased to be one of the first domestic banks in Australia to offer the new Mastercard mobile virtual card app to our corporate and commercial customers in addition to our existing virtual card capabilities. The global payments market is at an inflection point and the mobile wallet solution, combining digital innovation, real time processing and security through robust controls is another way we’re helping our customers,” said Jeff Byrne, Managing Director of Global Transaction Services at Westpac Institutional Bank.

The app will be available in other key markets for users with a commercial virtual card issued through an organization by a participating financial institution. Once registered for the app with an invitation code, users will find their commercial virtual cards automatically linked and ready to be added to select digital wallets for use across Mastercard’s trusted global network.

Source: Mastercard