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As 2021 comes to a close, MAC would like to wish its members, partners and other industry professionals a safe and happy holiday season. As we reflect on the past year for the industry, we would like to provide the readers of MAC's Dispatch a look at the most accessed articles from the year. Our regular publication will resume Monday, Jan. 5, 2022.
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Message from MAC President Stephen Prince
With the year coming to a close, we can look back at all that has been accomplished with satisfaction and awe. The support of an amazing MAC Staff in Mark Nelson and Brian Reddoch — I am truly thankful for their hard work and guidance as challenges were overcome and new ideas explored and implemented. In addition...
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MAC Announces A Volunteer Leadership Opening
The MAC Board congratulates Chris Bucolo on his new position as Industry Specialist, Security and Regulatory Compliance, and PCI Compliance at Amazon. Based on his new responsibilities, Chris had to withdraw from some of his current leadership roles within MAC for the time being. In accordance with MAC’s policy and procedure manual, Chris’ departure from the President-Elect position necessitates a special election. We will soon be announcing the spring election process for the MAC Board of Directors.
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Boarding more merchants faster is key to growing a merchant acquiring business, but it’s risky. KYC due diligence is more than simply a required “tick-the-box” task—it’s the first and critical line of defense against boarding bad actors. This series is designed for risk managers looking to implement the latest advancements in KYC technologies to speed due diligence and underwriting while increasing revenue and compliance.
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20. 2021 Google search trends in banking, digital, payments and fintech
The Financial Brand
What is on people’s minds these days as they contemplate spending, saving and borrowing as the “new normal” economy begins to reveal itself?
The closest thing to a crystal ball, short of expensive consumer studies, is a free service called Google Trends. The search giant gives everyone a way to examine trends in search on any subject. In fact, you can even compare multiple words or terms to see which appears to be hotter. The Google database for this service runs from 2004 to the present.
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19. Knowledge bites: Trends shaping merchant payment ecosystem in 2021
The Paypers
The MPE 2021 conference is the place where merchants, acquirers, and payment providers connect to discuss a variety of themes that are highly relevant for the payments and commerce industry considering these unforeseen circumstances.
Some of the topics that will be discussed are: the ‘digital’ acquirer's business models and operations; the merchant payments regulation in 2021; mapping the world of retail payments; optimizing merchant payments for omnichannel commerce.
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Boarding more merchants faster is key to growing a merchant acquiring business, but it’s risky. KYC due diligence is more than simply a required “tick-the-box” task—it’s the first and critical line of defense against boarding bad actors. This series is designed for risk managers looking to implement the latest advancements in KYC technologies to speed due diligence and underwriting while increasing revenue and compliance.
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18. The perfect theft: The increase in card-not-present fraud
ATM Marketplace
Fraud has always been an issue in the world of transactions, but since the pandemic, fraud has been on the rise, especially in regards to credit cards.
Digital card-not-present transactions have grown rapidly in popularity because it is an easy and convenient payment method for online shopping. The pandemic and safety concerns have increased contactless card use, accelerating the growth in popularity of CNP transactions around the world. Unfortunately, this has also led to CNP fraud rates increasing. In fact, an Aite Group report projects a 16.4% increase in U.S. CNP fraud this year.
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17. Top 5 fintech trends that will shape financial markets in 2021
Entrepreneur
The year 2020 was not the greatest for many industries due to COVID-19. But interestingly, the likes of fintech reported rapid growth during the pandemic. In the absence of physical contacts, consumers relied on virtual financial services to access and disburse funds and fintech solutions came through.
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16. Championing women in fintech — why and how?
FinTech Magazine
Fintech is a forward-facing industry driven by innovation. Increasing evidence demonstrates that diversity and inclusion results in more creative and innovative environments. Evidence also shows that firms with women in senior roles outperform firms without female representation, both in terms of innovative solutions and the firm’s bottom line. Not only would championing female entrepreneurship in fintech benefit innovation, but it would benefit women, men and the economy as a whole. So why aren’t there more women in fintech and how can we change this?
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15. A farewell to card swipes: Mastercard to start phasing out magnetic stripes in 2024
MarketWatch
The practice of swiping could soon be limited to thieves and online daters as Mastercard Inc. prepares a phaseout of the magnetic stripes that enable people to swipe their credit and debit cards.
Though magnetic stripes have been a fixture of payment cards for decades, the industry has pushed requirements in recent years that have shifted more payments over to safer chip-based technology, such that 86% of face-to-face card transactions globally now take place with EMV chips, according to a Mastercard blog post.
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14. What is happening in the B2B payment world in 2021?
Global Trade
2020 was such an unexpected year. Even if you saw the pandemic coming, I doubt anyone would have guessed in March that we’d still be talking about it in 2021. Or grasped how much it would change pretty much everything. With that mindset, it almost seems ironic to make predictions. Still, some clear trends in B2B payments have emerged from the year’s events and are likely to unfold in the next twelve months.
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13. Video: Goodbye cards, hello open payments
Forbes
This time three years ago, PSD2 came into force in Europe. It set in motion open banking initiatives across Europe, requiring banks to open up their financial data to third-party providers.
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12. Robinhood legal scrutiny seen as fintech opportunity
Roll Call
The frenzy driving the price of Gamestop Corp. shares up and down last month revealed weaknesses in the infrastructure of traditional U.S. capital markets that many in the financial industry say could be addressed with technology.
Robinhood Markets Inc., which operates an app that allows small investors to buy and sell stocks with no fees, is facing scrutiny from Congress and regulators over its decision to block users from purchasing shares of GameStop, AMC Entertainment Holdings Inc. and others during a market surge last month.
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11. Take a proactive approach to fighting digital payment fraud in 2021
Forbes
The trend toward digitization has been building momentum over the past few years. Since the onset of the COVID-19 pandemic, it’s even faster, especially in the payment industry. Cash apps, digital wallets and card-not-present (CNP) transactions are replacing cash, checks and physical credit cards.
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