June 5-6 2008 - Payments Conference: Payments Fraud: Perception Vs. Reality, The Federal Reserve Bank of Chicago, The Chicago Fed offices, www.chicagofed.org/paymentsystems
June 8-10 - 3rd Annual Underbanked Financial Services Forum, Doral Resort & Spa, Miami, The Center for Financial Services Innovation/Source Media, www.sourcemediaconferences.com/CFSI08/index.html
June 9-12 - Internet Retailer 2008 Conference & Exhibition, McCormick Place, Chicago Vertical Web Media LLC, www.internetretailer.com
(May 28, 2008) Visa Inc. is extending to PIN debit cards a process for reporting and recovering fraud losses from data breaches. In effect for credit cards and the Visa check cards since October 2006, the process, dubbed Account Data Compromise Recovery, will apply to Visa’s Interlink point-of-sale debit and Plus ATM networks beginning Nov. 1st.
The extension of ADCR’s provisions is not the result of any spike in PIN-debit fraud, according to Dave Van Horn, senior business leader, global fraud risk products. Rather, it’s an effort to streamline the fraud-recovery process for issuers and make it more it predictable for merchant acquirers, he says. “What we’re trying to do is align and simplify the process on behalf of our members,” Van Horn tells Digital Transactions News. “The process that used to exist for signature-based transactions exists for PIN-based ones.” Recently enhanced fraud-reporting systems for the debit networks make extending ADCR to Interlink and Plus transactions feasible, a Visa release says.(Continue Reading at Digital Transaction News)
Image via WikipediaIt appears from the data gathered by a recent PayPal survey, that online consumers have been spoiled by web sites offering low cost shipping. A statistically significant 43% of abandoned their shopping carts because shipping costs were too high. Here's the press release from PayPal...
SAN JOSE, Calif.--(BUSINESS WIRE)--A survey conducted by PayPal and comScore revealed that unexpectedly high shipping fees are the number one reason consumers abandon online purchases. Checkout abandonment is a significant challenge for online merchants, with an estimated two out of every three consumers failing to pay for items they put in their shopping carts.
“In today’s e-commerce climate, consumers expect their online-shopping experiences to mirror those found in the offline world,” said Arturo Perez-Reyes, professor of e-commerce at the University of California, Berkeley. “This survey shows that consumers are quick to walk away from online purchases when merchants don’t fully disclose critical information, particularly related to cost.”
The study also found that many consumers abandon their purchases for payment-related reasons. Of those surveyed, more than one in five shoppers didn’t complete purchases because their preferred payment option was not offered on the merchant’s Web site. Many shoppers simply think it is too much of a hassle to search for their wallets or purses – 21 percent did not complete online purchases because their wallets were not easily accessible.
Online comparison shopping is also a common reason for checkout abandonment. More than one in four indicated that they wanted to compare items at online and offline stores before making a purchase. However, more than one-third who abandon at checkout said they returned to the merchant’s Web site at a later time to complete the transaction.
A summary of the survey’s findings included:
43 percent of consumers didn’t pay for items in their shopping carts because shipping charges were too high
36 percent of purchasers didn’t pay for items because they felt the total cost of the purchase was more expensive than anticipated
27 percent of shoppers didn’t pay for items because they wanted to comparison shop at other Web sites before making a purchase
16 percent of consumers didn’t pay for items because they could not contact customer support to answer questions
14 percent of shoppers didn’t pay for items because they forgot their usernames and passwords for their store accounts created with the merchants
About the survey
The PayPal survey was conducted by comScore from March 25 to April 18, 2008. It surveyed online shoppers in the U.S. who recently abandoned the checkout flow on either a large or small merchant Web site. All respondents were asked about their most recent abandoned sessions.
June 5-6 2008 - Payments Conference: Payments Fraud: Perception Vs. Reality,
July 23-25 - MWAA Annual Conference,
