LATEST UPDATES
Callsign warns half of MENA consumers trust organisations less after receiving scams messages from fraudsters impersonating their brand name
Callsign , a digital identity pioneer , revealed that the rise of scams is harming organisations ’ reputations across the world . The global study of consumers revealed that just receiving a scam message purporting to be from any brand is enough for 49.8 % of them to lose trust in the organisation , regardless of any real association with the message .
Industries most targeted by fraudsters are financial services and e-commerce with consumers stating that of all scam messages they receive , 63 % claim to represent their bank or a retailer ( 36 %).
The scam problem is rampant across all communications channels . Globally , on average , individuals who receive scam messages via all channels receive 1,133 a year , with more than a quarter ( 27 %) saying they receive more messages from fraudsters than friends and family .
With 41 % of consumers admitting they don ’ t report fraudulent messages , the scale of scam messaging and victims is likely to be underestimated .
“ Fraud hides in volume and the rapid migration of the global population online in the last 18 months has led to the industrialisation of scams .
" The consequence is fraudsters are using the same channels we ’ re using to authenticate genuine consumers , and this is harming organisations ’ reputations with the decrease of trust in their brands ,” explained Stuart Dobbie , SVP , Innovation , Callsign .
BofA ranks number one in Nilson Report ’ s US Commercial Credit Card Rankings for seventh consecutive year
In an extraordinary year for payment trends , Bank of America once more retained its ranking as the top issuer of Visa and Mastercard commercial credit card solutions in the US .
The 2020 rankings , published by the financial industry publication , The Nilson Report , represent the seventh consecutive year wherein Bank of America has achieved the top honour .
“ Thanks to our diverse portfolio of card solutions , we were able to help clients of all sizes , from all industries , to continue their operations throughout the pandemic and even pivot to Paper-to- Electronic ( P2E ) solutions that could help address their Business Continuity needs ,” said Jennifer Petty , Head of Global Card and Comprehensive Payables in Global Transaction Services at Bank of America . payment types into a single tool . Virtual card offerings , specifically Virtual Payables , saw a notable rise in adoption in 2020 .
During 2020 , the bank experienced a 90 % increase in the number of Virtual Payables clients who wanted to expand the amount of their suppliers that accept card-based electronic payments . This led to a 53 % increase in suppliers signing up to receive electronic payments through the programme .
Bank of America ’ s commercial card programmes are designed to assist companies with managing their overall treasury and working capital needs . Programmes include purchasing cards , travel and expense cards and virtual card programmes , as well as comprehensive payables offerings that bring together all B2B
www . intelligentcxo . com
9