Britain is expected to reach “peak cash” in 2018 while Google responds to European data privacy regulations. And in other news, U.S. counterfeit fraud drops by 70%.
Here’s your weekly news roundup!
Google has updated their “right to be forgotten” Transparency Report. Recently in PaymentFacilitator.com, we reported on the impact of new European data protection regulations – including the right of individuals to be forgotten – on payment facilitators. But other tech companies have been dealing with similar requirements.
In 2014, the European Court of Justice passed a ruling giving European citizens the right to “delist” themselves from relevant search engine results. And Google, being a dominant search engine, responded with a Transparency Report detailing specifics about delisting requests, including the number of URLs delisted and not delisted, the number of URLs submitted for delisting and anonymized examples of some of the received requests, according to the company’s blog post.
Cybercriminals targeting Amazon authors. Cybersecurity news site KrebsonSecurity recently reported on an apparent fraudulent scheme involving fake books on Amazon’s self-publishing marketplace.
In the article, journalist Brian Krebs interviewed an author who said he suspected that a fraudster had posted expensive ($555) but fake ebooks on the site under his name, then purchased them using stolen cards, netting the 60% of the list price authors get from Amazon.
Britain speeds up pace in move towards a cashless society. 2018 is projected to be a marker year for Britain with their growing adoption of cashless commerce. The Guardian reports the most recent data covering Britain payment habits and what it means for 2018. Here are some of the highlights:
- 2018 will be the year the UK reaches “peak cash,” meaning debit cards are preferred over coins and notes for purchases.
- 2016 saw only 40 percent of consumers paying for purchases with cash, as compared to 62 percent in 2006.
- Bank of England data shows that while cash volume continues to rise with inflation, it’s doing so at the slowest rate since 1972.
Speculation around a potentially negative impact on society from going cashless still revolves around the elderly and unbanked citizens, according to the same article.
With Sweden also strengthening their push towards cashless, a broad review of central bank legislation questions the overall impact of a cashless society. More specifically, the targets in question for potentially negative impact are those who lack access to the digital economy, such as the country’s elderly, according to Bloomberg.
Mats Dillen, head of the parliamentary review, is quoted in the same article as saying: “If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructure.”
And for Sweden, which is already regarded as the most cashless society in the world, a halt in this forward momentum could prove challenging. As a result, the central bank is considering the need for an official form of digital currency that would work as a compliment to cash, instead of replacing it completely, according to the same article.
Visa: U.S. counterfeit fraud has dropped 70% thanks to EMV. According to an infographic recently released by Visa, counterfeit fraud dollars decreased by 70% in September 2017, compared to December of 2015, for those merchants who have successfully implemented the EMV chip upgrade.
Visa said the shift to EMV began in 2011, largely based on the ability for chip technology to greatly reduce counterfeit fraud (the leading type of fraud in the U.S. at that time). Since then, Visa reports more than 2.7 million merchants are now accepting chip cards and chip card transactions now account for 96% of all U.S. payment volume, according to the same graphic.
Go-Jek raises $1.5 billion from investors – raising the competitive bar for rivals Grab and Uber. Thanks to companies like Google and BlackRock, Go-Jek managed to surpass its planned fundraising goal by an impressive 25 percent. And according to Reuters, the Indonesian ride-hailing firm is now valued at roughly $5 billion – compared to more than $6 billion for Grab.
Beyond their ride-hailing capabilities, Go-Jek and Grab both offer mobile payments through their popular consumer apps.