Showing posts with label Australia. Show all posts
Showing posts with label Australia. Show all posts
Thursday 5 June 2014
'Electronic pickpocketing' looms as next threat in credit card fraud, police, security experts say
From ABC News
“Identity theft doubled from 2012 to 2013 and police are concerned about "electronic pickpocketing" as organised criminals get smarter and take advantage of weaknesses in Australians' defences.
A study by financial security firm Veda shows credit application fraud is at its highest level since 2009 in Australia, and the company says the main reason is the growing technical skill and innovation of organised criminals.
Queensland fraud and cybercrime detective Brian Hay shares that view, and has warned the ABC that identity thieves may exploit contactless credit card technology in order to wirelessly pick people's pockets.’
read more>>
Tuesday 20 May 2014
St George Bank to 'decommission' online banking for mobile
From ZD Net
“St George Bank was the first Australian bank to launch internet banking in Australia in 1995, but it also plans to be the first bank to deactivate the service and instead integrate its mobile banking platform across all of its channels.
St George Bank CIO, Dhiren Kulkarni, told ZDNet the bank has developed out a framework where by 2015 it plans to be a "mobile only" bank.’
read more>>
Labels:
Australia,
bank,
internet banking,
mobile banking
Thursday 30 January 2014
Mobile payments in Australia: state of the banks
From Computerworld
“Major Australian banks have made mobile payments a priority tech initiative and are in various stages of rolling out technology that lets customers pay with smartphones. Commonwealth Bank and Westpac are so far leading the pack, but ANZ Bank and National Australia Bank (NAB) say they are planning to make their own moves soon.
Mobile payments in Australia are largely based on near-field communications (NFC) technology, which can be embedded either inside a smartphone or a smart sticker that can be attached to the phone. NFC is included in many major Android, Windows and BlackBerry phones. However, Apple so far has not included NFC in the iPhone.”
read more>>
“Major Australian banks have made mobile payments a priority tech initiative and are in various stages of rolling out technology that lets customers pay with smartphones. Commonwealth Bank and Westpac are so far leading the pack, but ANZ Bank and National Australia Bank (NAB) say they are planning to make their own moves soon.
Mobile payments in Australia are largely based on near-field communications (NFC) technology, which can be embedded either inside a smartphone or a smart sticker that can be attached to the phone. NFC is included in many major Android, Windows and BlackBerry phones. However, Apple so far has not included NFC in the iPhone.”
read more>>
Labels:
Australia,
banking,
banking system,
banks,
mobile banking,
mobile payments
Wednesday 4 December 2013
Australian Police want ban on tap and go technology
From Herald Sun
“Australian Police want ban on tap and go technology, saying sloppy practices can promote crime.
“Australian Police want ban on tap and go technology, saying sloppy practices can promote crime.
Banks have vowed to push ahead with tap and go technology despite police concerns that it encourages crime.
Police want to ban banks' tap and go technology after vowing to take on big business over sloppy work practices.
The force said it is sick of "mopping up" for "totally slack" initiatives that it states encourage crime.
But Australian Bankers Association chief Steven Munchenberg said the police attitude was baffling given tap and go fraud was "extremely low".”
read more>>
Police want to ban banks' tap and go technology after vowing to take on big business over sloppy work practices.
The force said it is sick of "mopping up" for "totally slack" initiatives that it states encourage crime.
But Australian Bankers Association chief Steven Munchenberg said the police attitude was baffling given tap and go fraud was "extremely low".”
read more>>
Labels:
Australia,
banking,
banks,
fraud,
mobile payments,
retail payments
Monday 2 December 2013
ANZ class action suit set to begin in Australia
From BBC
“A class action suit filed against Australia and New Zealand Banking Group (ANZ), one of Australia's big four banks, is set to begin on Monday.
“A class action suit filed against Australia and New Zealand Banking Group (ANZ), one of Australia's big four banks, is set to begin on Monday.
Some 38,000 customers have taken the bank to court over claims that it charged them "exorbitant fees".
These include 'dishonour' fees on bank accounts, as well as over- limit fees and late payment fees on credit cards.
A lawyer representing the customers estimated the total fees charged by ANZ to be around A$50m ($46m).”
read more>>
These include 'dishonour' fees on bank accounts, as well as over- limit fees and late payment fees on credit cards.
A lawyer representing the customers estimated the total fees charged by ANZ to be around A$50m ($46m).”
read more>>
Labels:
Australia,
banking,
banks,
class action,
fees,
retail banking
Wednesday 24 April 2013
“Buggy” apps hurt customer experience in mobile banking
“Banks aren't using on-line banking properly, Australian mobile marketing firm, BanterMob, has claimed. The group studied 42,000 ratings and about 2000 reviews of Australian banking applications available in the four major app stores.
BanterMob director, Kelly Slessor, says the results show high levels of negativity and sub-optimal customer experience”
read more>>
BanterMob director, Kelly Slessor, says the results show high levels of negativity and sub-optimal customer experience”
read more>>
Labels:
apps,
Australia,
banking,
banks,
mobile banking,
mobile money,
mobile payments
Friday 22 March 2013
CommBank Introduces Kaching For Facebook and 'Signals' Insight Platform
From “Bank Marketing Strategy”
“Commonwealth Bank of Australia continues to be one of the bank innovation leaders, announcing two social-based platforms this week. 'Kaching for Facebook' is an extension of the already popular Kaching smartphone app covered in a previous Bank Marketing Strategy post, allowing customers to do basic transactions within the Facebook website.”
read more>>
“Commonwealth Bank of Australia continues to be one of the bank innovation leaders, announcing two social-based platforms this week. 'Kaching for Facebook' is an extension of the already popular Kaching smartphone app covered in a previous Bank Marketing Strategy post, allowing customers to do basic transactions within the Facebook website.”
read more>>
Labels:
Australia,
banking,
banks,
Facebook,
mobile banking,
social media
Monday 18 March 2013
What we are reading … 18th March 2013
Mobile Privacy: The Regulatory Trends - BankInfoSecurity http://dld.bz/cqwfn
Lost ATM card? Turn it off with this mobile app http://dld.bz/cqwcP
NAB installs new IT overhaul boss in search of A$800m savings http://dld.bz/cqwby
Bitcoin Tipper lets users tweet virtual currency http://dld.bz/cqKUK
UK bank fraud up in 2012, but how much do customers lose? http://dld.bz/cqwaZ
Mobile Payments: Managing Vendors http://dld.bz/cqvZe
Telcos losing mind-share in mobile wallet race http://www.finextra.com/News/FullStory.aspx?newsitemid=24629
Mitigating SEPA Compliance Risk http://www.finextra.com/Community/FullBlog.aspx?blogid=7452
Lost ATM card? Turn it off with this mobile app http://dld.bz/cqwcP
NAB installs new IT overhaul boss in search of A$800m savings http://dld.bz/cqwby
Bitcoin Tipper lets users tweet virtual currency http://dld.bz/cqKUK
UK bank fraud up in 2012, but how much do customers lose? http://dld.bz/cqwaZ
Mobile Payments: Managing Vendors http://dld.bz/cqvZe
Telcos losing mind-share in mobile wallet race http://www.finextra.com/News/FullStory.aspx?newsitemid=24629
Mitigating SEPA Compliance Risk http://www.finextra.com/Community/FullBlog.aspx?blogid=7452
Labels:
apps,
ATM,
Australia,
bank regulation,
Bitcoin,
fraud,
mobile,
mobile banking,
mobile payments,
mobile wallet,
money,
regulators,
SEPA,
UK
Wednesday 13 March 2013
What we are reading … 13th March 2013
Hackers hit Reserve Bank of Australia http://www.finextra.com/News/FullStory.aspx?newsitemid=24620
PayPal releases new mobile SDK; kicks off $100,000 global hackathon http://dld.bz/cpJ2s
Should Banks Charge Fees For Check Writing? http://bit.ly/ZmcsI8
Dutch retailers get cashless 'thank you' http://www.finextra.com/News/FullStory.aspx?newsitemid=24616
Bank of England and financiers 'set for showdown over balance sheets' http://dld.bz/cpJ2n
Britain Urged to Split Banks if New Rules Fail http://twb.io/13PsFeI
Find Out Your Financial Institution's Social Media Power Ranking http://bit.ly/ZvVqY3
Top Quotes from SWIFT Operations Forum Americas 2013 http://twb.io/15CFrvo
Stress Tests Don't Mean Banks Are OK http://www.bloomberg.com/news/2013-03-07/stress-tests-don-t-mean-banks-are-ok.html
PayPal releases new mobile SDK; kicks off $100,000 global hackathon http://dld.bz/cpJ2s
Should Banks Charge Fees For Check Writing? http://bit.ly/ZmcsI8
Dutch retailers get cashless 'thank you' http://www.finextra.com/News/FullStory.aspx?newsitemid=24616
Bank of England and financiers 'set for showdown over balance sheets' http://dld.bz/cpJ2n
Britain Urged to Split Banks if New Rules Fail http://twb.io/13PsFeI
Find Out Your Financial Institution's Social Media Power Ranking http://bit.ly/ZvVqY3
Top Quotes from SWIFT Operations Forum Americas 2013 http://twb.io/15CFrvo
Stress Tests Don't Mean Banks Are OK http://www.bloomberg.com/news/2013-03-07/stress-tests-don-t-mean-banks-are-ok.html
Labels:
Australia,
bank,
Bank of England,
bank regulation,
banking,
cash,
central bank,
cheques,
financial crisis,
hackers,
PayPal,
social media
Monday 16 August 2010
Australia not yet ready for mobile banking
While KPMG’s recently released global survey, “Consumers and Convergence IV” finds a dramatic rise globally in the usage of mobile applications over the past two years, but that financial transactions use lags other uses. The survey covered 5,627 consumers in 22 countries.
The Asia Pacific region leads the world - although there were increases globally from 2008 to 2010 for banking and financial transactions over mobile phones, Asia Pacific which has one of the highest densities of mobile devices, had the most significant growth in the adoption of mobile banking transactions.
An astounding 43% of Asia Pacific respondents make mobile banking transactions at least once a month, compared to 30% globally. But in Australia only 19% of mobile phone owners use their phone for banking monthly, partly due to the lack of awareness of mobile banking offerings. Surprisingly 40% of Australian respondents did not even know whether their bank offered mobile banking compared. This is much higher than the 10% in Asia Pacific and 24% globally.
In Australia, only 8% have conducted investment transactions over their mobile phones within the last 6 months, and only 5% in the last seven to 12 months. And interestingly, 87% had never made an investment transaction, such as selling a stock or bond, over their mobile. This is much higher than the 53% for Asia Pacific region and 71% globally.
Australia also lagged Asia Pacific region and global respondents when it came to the level of comfort in using their mobile phone for financial transactions. 21% of Australians are comfortable with mobile banking compared to 40% in the Asia Pacific region and 34% globally. Furthermore, 70% of Australians have never done any banking on a mobile device compared with 55% globally and 38% in the Asia Pacific region.
But as awareness and prevalence of mobile devices and comfort with their usage increases, this gap is expected to reduce quite sharply in the future, as the business advantages to both parties are quite substantial.
Peter Russell, KPMG Financial Services Partner sounded quite optimistic about the ability of Australian banks and consumers to catch up, saying “Australian banks have tended to let consumers find their mobile banking solutions and have focused on this channel as primarily a way to facilitate mobile payments. As Australian banks are rushing to develop and improve applications for smart phones and the Apple iPad tablet this gap will narrow very quickly. These numbers are not surprising given the maturity of mobile phone transaction activity. We predict growth in investment transactions as business conditions improve and the functionality of mobile applications to conduct transactions improves.”
"Mobile banking offers a real source of competitive advantage to Australia banks. While our results seem to show we lag other regions, Australian Banks are fast catching up following the release of a variety of mobile applications in the early part of 2009. Our survey provides Australian Banks with global and regional benchmarks of how popular mobile applications are likely to become in the very near future" Mr Russell advised.
The Asia Pacific region leads the world - although there were increases globally from 2008 to 2010 for banking and financial transactions over mobile phones, Asia Pacific which has one of the highest densities of mobile devices, had the most significant growth in the adoption of mobile banking transactions.
An astounding 43% of Asia Pacific respondents make mobile banking transactions at least once a month, compared to 30% globally. But in Australia only 19% of mobile phone owners use their phone for banking monthly, partly due to the lack of awareness of mobile banking offerings. Surprisingly 40% of Australian respondents did not even know whether their bank offered mobile banking compared. This is much higher than the 10% in Asia Pacific and 24% globally.
In Australia, only 8% have conducted investment transactions over their mobile phones within the last 6 months, and only 5% in the last seven to 12 months. And interestingly, 87% had never made an investment transaction, such as selling a stock or bond, over their mobile. This is much higher than the 53% for Asia Pacific region and 71% globally.
Australia also lagged Asia Pacific region and global respondents when it came to the level of comfort in using their mobile phone for financial transactions. 21% of Australians are comfortable with mobile banking compared to 40% in the Asia Pacific region and 34% globally. Furthermore, 70% of Australians have never done any banking on a mobile device compared with 55% globally and 38% in the Asia Pacific region.
But as awareness and prevalence of mobile devices and comfort with their usage increases, this gap is expected to reduce quite sharply in the future, as the business advantages to both parties are quite substantial.
Peter Russell, KPMG Financial Services Partner sounded quite optimistic about the ability of Australian banks and consumers to catch up, saying “Australian banks have tended to let consumers find their mobile banking solutions and have focused on this channel as primarily a way to facilitate mobile payments. As Australian banks are rushing to develop and improve applications for smart phones and the Apple iPad tablet this gap will narrow very quickly. These numbers are not surprising given the maturity of mobile phone transaction activity. We predict growth in investment transactions as business conditions improve and the functionality of mobile applications to conduct transactions improves.”
"Mobile banking offers a real source of competitive advantage to Australia banks. While our results seem to show we lag other regions, Australian Banks are fast catching up following the release of a variety of mobile applications in the early part of 2009. Our survey provides Australian Banks with global and regional benchmarks of how popular mobile applications are likely to become in the very near future" Mr Russell advised.
Labels:
Australia,
mobile banking,
mobile payments,
money transfer
Monday 26 July 2010
Australian Foreign Exchange Turnover
For those FX aficionados the Australian Foreign Exchange Committee has just released its April 2010 Semi-Annual Report on Foreign Exchange Turnover
You can access this information on the Reserve Bank of Australia website by clicking HERE.
You can access this information on the Reserve Bank of Australia website by clicking HERE.
Labels:
Australia,
foreign exchange
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