Pay by smartphone? Consumers Wary, Poll Says

As Apple unveiled a new service called Apple Pay that allows consumers to pay at registers using smartphones, nearly two-thirds of Americans say that way of paying does not appeal to them, according to a new survey by CreditCards.com.

Asked if they would use their phones to pay for items if they could, 44 percent of respondents said they never would, while 18 percent said “hardly ever.” Just 4 percent said they would always use phones as a method of payment, with 9 percent saying they would most of the time. The survey of 1,003 people, conducted Sept. 4-7 for CreditCards.com by Princeton Survey Research Associates International, has a margin of error of 3.6 percentage points.
Read Full Story at http://www.creditcards.com/credit-card-news/poll-consumers-wary-smartphone-payments-1271.php

UK “considering proposals” to criminalise failure to prevent economic crime

The UK government is considering whether companies should face criminal charges for failing to prevent fraud, money laundering and other economic crimes, according to the country’s chief prosecutor.

To read full story visit here.

RiskSkill.com – Corporate Risk Management, Risk Review and Compliance Solutions

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Bill Trueman, director of the UKFraud an independent global fraud watchdog, has formed an independent organization i.e RiskSkill.com which will provide its risk services globally. RiskSkill.com will consists of highly experienced eminent risk professionals, risk specialists and risk advisers who will provide their services to corporates, enterprises, banks, businesses and other commercial organizations for risk review, risk management, compliance solutions, due dilligence, legalities & ethical conduct, etc. to prevent them from big losses and headaches.

Whether you are a big organization or small organization if you are exposed to risks, big challenges, exposures, compliance problems, or any kind of risk, RiskSkill can provide you solutions for all this so that you can save millions. For more information on RiskSkill and their services visit their website at http://www.riskskill.com/

 

E-money – Is the FCA Going to ‘Wield the Whip’?

The FCA in London are making changes and will be starting to undertake more audits, checks and stronger enforcement upon their e-money licence-holders, passporting and passported organisations and will be looking for proper due diligence and clarity of compliance with regulations as they are now aware that there are issues in the market. How far will they go? It is unlikely that they will do a full job to ensure that everyone does as they should, and it is clear that they do not have the resource to enforce the regulations in the way that many markets – and in particular as the card-schemes do – but they must move forward as the lack of compliance is becoming somewhat dangerous.

E-money Licence Changes

Recent new financial services legislation in the UK has led to the Financial Conduct Authority (FCA) introducing a Payments Systems Regulator from April 2014. The ECB, and the European Commission are also proposing ways to regulate and police the whole e-money arena, as are the international card schemes. The FCA is now also starting to review and audit the e-money licences they have granted previously and for observance with ALL regulations and also best-practices. Click to Continue

Is the US ATM industry making too big a fuss about EMV?

Being based in Europe (though working globally), the U.S. reporting on EMV becomes more and more astounding to me as time goes by. The debate amazes us in Europe, and no doubt, observers globally, mainly because of the extremely strange logic being applied, and the major inaccuracies that are being propagated in the anti-EMV debates. So let’s get some of these issues aired.

EMV is a European thing. This is the most surprising revelation, and people have got to stop, stop saying this. The U.S. principle of “not invented here” does not apply. EMV is a wholly U.S.-developed, -owned and -domiciled solution that Europe adopted because of the mandates to do so coming out of U.S. companies, and because Europe saw the fraud problems looming.

With the obvious exception of Europay (which does not exist today), the original forefathers of EMV — Europay, MasterCard and Visa — are all U.S.-owned, -controlled and -headquartered companies. The EMV standards authorship and member organizations are all U.S.-owned and -based with the exception now of a Japanese and a Chinese company.

 

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10 Mistakes to Avoid on Your Management Plans

If you’re on a mission to turn away your investors then by all means explain to them how you want them to sign a non-disclosure agreement or that you don’t have any competitors. But if you’re serious about attracting competitors then you’d do best to steer well clear of these 10 classic business plan mistakes. Make an attractive business plan and a powerful power point presentation to convey all the information about your business so that they get right information about the business and can turn into real investors. Below I am going to explain some such important aspects one by one which can really help you:

1. Asking Investors to Sign an NDA

NDAs (Non-Disclosure Agreements) are not usually signed by investors, angel investors or venture capitalist , because the strategy or concept of a business is not normally confidential. Although an important partnership may be confidential, it is the execution of the concept and strategy that make the company successful. When the concept or strategy has to stay confidential this indicates that there are no blocks to competitive entry, and if it can be copied by a competitor then it probably won’t be sustainable.

Proprietary technology, however, is confidential. Although the business plan does not want to mention aspects of the technology that are confidential, it should include details of what the benefits are and how they fulfill the need of customers. During the due diligence process, serious investors will review the technology itself, and this is when the NDA should be discussed.

business management tips

2. Excluding Thriving Firms from the Competitive Analysis

Although you may be tempted to show how unique you are in your business plan by saying you have very few competitors, this doesn’t normally look too good from the investor’s point of view. If there are not many companies in the market space then this suggests that there may not be a large enough customer base for the company’s products or services. Including successful firms can often be positive because it suggests a large market size, as well as assuring investors that the company has a large potential for profit and liquidity:

3. Focusing on First Mover Advantage

It is not a good argument to focus on first mover advantage alone. Rather, it is imperative that a business plan includes the strategies that show how the company will develop long lasting barriers around the customers.

The business plan should discuss how the company will retain customers, which could include building network externalities, value-added services over time and the implementation of customer relationship management tools.

4. Presenting Generic Market Sizes

If you define the size of the market too broadly, the value to the investor will be very low. Far more meaningful is the relevant market size, which is equal to the sales of the company if it managed to capture a large % of its niche in the market.

5. Giving too Much Attention to Proprietary Technology

Proprietary technology is important when it comes to investment decisions, but what is more important is to display how this technology satisfies a large and as-yet-unfulfilled customer need. Unsuccessful companies often fail to truly understand the needs of their customers. Identifying the target markets that show these needs and detailing a plan to penetrate the markets is key to the success of funding and execution.

6. Exaggerating Partnerships with Known Companies

Even though forming partnerships is common practice, more important than who a partnership is with are the terms of the partnership. The equitable terms of the partnership must be explained in the business plan, along with the partnership structure and how the partners will both improve operations and sales for you.

7. Too Much Focus on the Future

Rather than just focus on projections of future performance, it is far more important to study the previous track record of a company. Demonstrating the past success of a company is a good practice for providing investors with confidence for the future, and it is therefore important for a business plan to show the company’s previous accomplishments.

8. Failing to Change the CVs of the Management Team to the Ventures Development Cycle

CVs of the key members of the management team should be included in the business plan, along with their responsibilities. These need to be tailored specifically to the growth stage of the company because different skills are required for launching, growing and maintaining a company. Whereas a start-up company would do better to focus on the success of the management in launching other companies, a mature company would get more from showing how members of the team operated successfully within larger enterprise frameworks.

9. Aggressive Financial Projections

The projections in the financial section of the business plan have to be realistic because many investors will go straight to this section. If a plan shows unrealistic or inconsistent operating margin and penetration then this will damage the credibility of the whole plan. Instead, accurate and credible projections and assumptions will translate into increased credibility and maturity. Companies can prove that their projections and assumptions are attainable by basing these projections on the performance of public companies in their marketplace.

10. Ignoring Fraud Prevention System

Whether you are 100% confident about the loyalty of your employees still you need to put a proper and effective fraud prevention and fraud detection system to curb any fraud losses. One can see in history that most of the time loyal employees and relatives have been found indulged in the frauds and scams which results in a huge loss to the enterprises. Even some CEOs, loyal employees and close persons have committed such financial crimes in many companies and organizations. By putting a proper fraud detection and fraud prevention system enterprises can save millions and billions.

If you are following these steps then definitely it is going to help you in raising capital for your business, but just remember these facts which i have mentioned above, as many entrepreneurs know everything but do not stick to the plan.

Bill Trueman is director of the UKFraud a leading fraud prevention and risk review service provider based in UK which provide valuable consultancy services for fraud prevention, fraud detection, risk review, risk management to corporates, banks, enterprises and government organizations worldwide. One can visit his website at www.ukfraud.co.uk

Bill Trueman
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Article Source: http://www.aboutmybusiness.co.uk/businesspost/business-management-tips

Two Key Fraud Organisations Support Charity Commission Proposals

UKFraud and Welfare Reform Group join forces in full agreement and support of the Cabinet Office consultation to propose greater powers for the Charity Commission that, in the cases of abuse of charities would effectively allow it to seize assets, replace trustees and/or put in managers to take over and to strengthen its ability to prosecute.

Many will have assumed that these powers would already have been in place given the size of the abuse of the problems and the £millions that get diverted by dishonest charities and errant charity trustees; and no-one would disagree that the money raised by charities should always reach the recipients that the money was intended for.

UKFraud and the Welfare Reform Group also strongly believe that the reforms should be extended to incorporate thinking that would support preventative measures too, as the focus on these proposals only cover the ways in which the Charity Commission should deal with abuse when it is discovered.

To deter and prevent fraud, consideration must also be given to requiring charities to provide full details on all key publicity, web-sites, documentation, correspondences and collection boxes that includes:

  • Fund-raising size of the charity
  • The percentage (or pence in the £) spent on charity staff salaries and expenses
  • The Percentage (or pence in the £) delivered directly in the hands of the intended recipients.

…. and then that these details would become a principle part of the auditing by the Charity Commission for accuracy.

Controls over the appointment of, duties required of and remuneration arrangements for all trustees, senior management and donation handling should also be key parts of an abuse-control regime.

Malcolm Gardner of the Welfare Reform Club said “Donations to charities are often made by people who have little to give themselves.  It is wrong that money given in good faith should end up funding lavish lifestyles for the greedy or to be lost through poor management, regardless of how noble the intentions.  It is important that charities and not-for-profit organisation are properly policed and regulated by a strong and focused Charities Commission.”

business & corporate risk review and mangement consultancy

Bill Trueman emphasised: “It is important that the Cabinet Office should strive to implement more and more preventative and deterrent measures against fraud attacks, in addition to their favoured tactical reactive/audit measures.” For more information on fraud prevention and detection strategies visit http://www.ukfraud.co.uk/

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