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BACKCHAT / DIARY
Backchat
the use of chip and PIN payments Stateside. We find this amusing because Europe, along with various other countries, ditched magnetic stripe cards, like the ones still in use in the US, years ago.
M
“PIN is the only truly secure form of cardholder verification in the marketplace today, and it offers superior security to our customers,” the retailer said in a statement. “And Visa has acknowledged in many other countries that chip and PIN offer greater security. Visa nevertheless has demanded that we allow fraud-prone signature verification for debit transactions in our US stores because it stands to make more money processing those transactions.”
In a move that surprised precisely no one, the UK’s Crown Office and Procurator Fiscal Service said in May that formal charges would not be levelled against Royal Bank of Scotland’s former senior directors, including Fred ‘The Shred’ Goodwin, for their part in misleading shareholders prior to the bank’s 2008 collapse.
No fair, cried Unite, the trade union for RBS workers. Rob MacGregor, Unite national officer for finance, commented: “It is staggering that eight years after the near implosion of RBS no one has faced criminal charges. The decision not to proceed with formal charges is a monumental injustice. While figures such as Fred Goodwin avoid being held to account, it is our members and the bank’s customers who have been left to deal with the fallout of their actions.”
Staggering? Erm, perhaps not. As someone (off the record, natch) once remarked to IBS Journal: “In Iceland, dodgy bankers go to prison for a very long time. In the UK, they get knighthoods.”
File under ‘are you sure about this?’ G4S is planning to capitalise on the likes of RBS and HSBC shuttering branches (see News section for more on this) by opening its own UK High Street banking units. The security services and outsourcing company is in talks with banks in the UK, Netherlands, Cyprus, Greece, Belgium and Ireland over the initiative.
G4S would provide cash handling and depositing services for customers of various FIs from the same outlet. It is no stranger to controversy, including fraud and human rights allegations, whilst in 2012 it came under fire for a failure to provide enough security guards at the London Olympics. A move into the High Street banking business would, then, appear to be a no brainer.
IN THE NEXT ISSUE Feature Focus: Alternative Channel & Lending Technology ustn’t laugh…Wal-Mart is suing Visa over its failure to mandate
Diary
JUNE 20-21: Retail Banking Analytics London,
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AUGUST
24-25: BankTech Asia, Jakarta
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SEPTEMBER
8-9: FinovateFall, New York
http://fall2016.finovate.com 26-29: Sibos 2016, Geneva
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OCTOBER
5-7: BAI Retail Delivery, Chicago
www.bai.org/retaildelivery 23-26: Money20/20, Las Vegas
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8-9: BankTech Asia, Kuala Lumpur
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