Global Payments, a payment processing company, suffered a data breach exposing over 1.5 million credit cards. Initially, the company said the breach was contained, but later investigations were vague and failed to provide key details. Banks monitored accounts while Visa removed Global Payments as an approved provider. Media and customers were unhappy with the lack of information from Global Payments. Moving forward, the company needs to improve security, provide clear breach reports, and understand crisis response as a long-term effort.
Payment fraud is a persistent threat in today's digital world. Even some of these fraud events were found connected with the best credit card payment companies to top credit card payment processing. Visit us at: https://webpays.com/best-credit-card-payment-companies.html
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With access to rich, real-time information, today’s consumers expect businesses to understand their unique needs in the context of their current situation. CIO’s, CDO’s and architects, however, face several challenges inhibiting them from utilizing their information assets to meet this expectation. In this session, we will share the latest practices and case studies from leading companies on their customer information management strategy helping them standout in the marketplace and get ahead of the competition.
Financial inclusion is the main means for financial inclusion. I am working for that exostively. It is important for readers. Please make it online. It is useful for the university teacher and students and other practitioners. For bank professionals also highly useful.
Payment fraud is a persistent threat in today's digital world. Even some of these fraud events were found connected with the best credit card payment companies to top credit card payment processing. Visit us at: https://webpays.com/best-credit-card-payment-companies.html
New Best Practices in Managing Customer Information OverviewManmohan Gupta
With access to rich, real-time information, today’s consumers expect businesses to understand their unique needs in the context of their current situation. CIO’s, CDO’s and architects, however, face several challenges inhibiting them from utilizing their information assets to meet this expectation. In this session, we will share the latest practices and case studies from leading companies on their customer information management strategy helping them standout in the marketplace and get ahead of the competition.
Financial inclusion is the main means for financial inclusion. I am working for that exostively. It is important for readers. Please make it online. It is useful for the university teacher and students and other practitioners. For bank professionals also highly useful.
Digital Lending Journy and Main Concerns .pptxetebarkhmichale
CRM 101: What is CRM?
This is a simple definition of CRM.
Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships to grow your business. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact management, sales management, agent productivity, and more. CRM tools can now be used to manage customer relationships across the entire customer lifecycle, spanning marketing, sales, digital commerce, and customer service interactions.
A CRM solution helps you focus on your organization’s relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business, and providing support and additional services throughout the relationship.
Who is CRM for?
A CRM system gives everyone — from sales, customer service, business development, recruiting, marketing, or any other line of business — a better way to manage the external interactions and relationships that drive success. A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location — and make information about every customer interaction available to anyone at your company who might need it.
With visibility and easy access to data, it's easier to collaborate and increase productivity. Everyone in your company can see how customers have been communicated with, what they’ve bought, when they last purchased, what they paid, and so much more. CRM can help companies of all sizes drive business growth, and it can be especially beneficial to a small business, where teams often need to find ways to do more with less.
Here’s why CRM matters to your business.
CRM is the largest and fastest-growing enterprise application software category, and worldwide spending on CRM is expected to reach USD $114.4 billion by the year 2027. If your business is going to last, you need a strategy for the future that’s centered around your customers, and enabled by the right technology. You have targets for sales, business objectives, and profitability. But getting up-to-date, reliable information on your progress can be tricky. How do you translate the many streams of data coming in from sales, customer service, marketing, and social media monitoring into useful business information?
A CRM system can give you a clear overview of your customers. You can see everything in one place — a simple, customizable dashboard that can tell you a customer’s previous history with you, the status of their orders, any outstanding customer service issues, and more. You can even choose to include information
The Next Recession is Coming... This is Your Survival GuidePhil Argue
This presentation was presented as a webinar in July 2018 with Early Growth Financial Services and Prepared Capital. The link to the webinar (with audio) is available here: https://preparedcapital.com/blog/the-next-recession-is-coming-survival-guide/
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Major impact on the mobile payments industry
Consumers and businesses have been forced to drastically change their purchasing habits
Banking industry works to maintain cash access, while keeping customers safe
The economic and human impact of this pandemic is significant
Payment Processing and Unlicensed Online Pharmacies by Damon McCoy
Presented at the 2012 Partnership for Safe Medicines Interchange on September 28, 2012
A presentation to Charities Aid Foundation clients - building resilience through effective risk management.Including business continuity planning, cyber risk, social media and more.
This presentation provides a comprehensive overview of the current insurance industry. The focus is to further explore life, health and auto insurance, as well as some new trends, ideas and disruptions facing this sector. From there, we move into a discussion on consumer tools. This section breaks down customer insurance behaviors, and the changes coming up in 2014. To end we take a look into how various companies are leveraging technologies to advance the industry.
Digital Lending Journy and Main Concerns .pptxetebarkhmichale
CRM 101: What is CRM?
This is a simple definition of CRM.
Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships to grow your business. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact management, sales management, agent productivity, and more. CRM tools can now be used to manage customer relationships across the entire customer lifecycle, spanning marketing, sales, digital commerce, and customer service interactions.
A CRM solution helps you focus on your organization’s relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business, and providing support and additional services throughout the relationship.
Who is CRM for?
A CRM system gives everyone — from sales, customer service, business development, recruiting, marketing, or any other line of business — a better way to manage the external interactions and relationships that drive success. A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location — and make information about every customer interaction available to anyone at your company who might need it.
With visibility and easy access to data, it's easier to collaborate and increase productivity. Everyone in your company can see how customers have been communicated with, what they’ve bought, when they last purchased, what they paid, and so much more. CRM can help companies of all sizes drive business growth, and it can be especially beneficial to a small business, where teams often need to find ways to do more with less.
Here’s why CRM matters to your business.
CRM is the largest and fastest-growing enterprise application software category, and worldwide spending on CRM is expected to reach USD $114.4 billion by the year 2027. If your business is going to last, you need a strategy for the future that’s centered around your customers, and enabled by the right technology. You have targets for sales, business objectives, and profitability. But getting up-to-date, reliable information on your progress can be tricky. How do you translate the many streams of data coming in from sales, customer service, marketing, and social media monitoring into useful business information?
A CRM system can give you a clear overview of your customers. You can see everything in one place — a simple, customizable dashboard that can tell you a customer’s previous history with you, the status of their orders, any outstanding customer service issues, and more. You can even choose to include information
The Next Recession is Coming... This is Your Survival GuidePhil Argue
This presentation was presented as a webinar in July 2018 with Early Growth Financial Services and Prepared Capital. The link to the webinar (with audio) is available here: https://preparedcapital.com/blog/the-next-recession-is-coming-survival-guide/
Social Media and Mortgage Regulation: What's Next?Smarsh
As social media use in the lending industry grows beyond advertising and office promotion, it is important to understand the regulatory efforts to monitor and manage what mortgage lenders and brokers are doing in the social space, and how to mitigate the risk of noncompliance. Join Andrea Lee Negroni, JD, and Smarsh Lending Compliance Specialist, Dan Carroll to discuss the current and future state of social media in the mortgage industry.
Major impact on the mobile payments industry
Consumers and businesses have been forced to drastically change their purchasing habits
Banking industry works to maintain cash access, while keeping customers safe
The economic and human impact of this pandemic is significant
Payment Processing and Unlicensed Online Pharmacies by Damon McCoy
Presented at the 2012 Partnership for Safe Medicines Interchange on September 28, 2012
A presentation to Charities Aid Foundation clients - building resilience through effective risk management.Including business continuity planning, cyber risk, social media and more.
This presentation provides a comprehensive overview of the current insurance industry. The focus is to further explore life, health and auto insurance, as well as some new trends, ideas and disruptions facing this sector. From there, we move into a discussion on consumer tools. This section breaks down customer insurance behaviors, and the changes coming up in 2014. To end we take a look into how various companies are leveraging technologies to advance the industry.
2. GLOBAL PAYMENT:
ABOUT THE COMPANY.
• A Fortune 1000 corporation
• Provide electronic transaction processing services for
• Merchants,
• Financial institutions
• Government agencies
• Independent Sales Organizations (ISOs)
• Multi-national corporations.
• Business throughout the United States, Canada, United
Kingdom, Europe, Spain, Russian and the Asia-Pacific region.
3. GLOBAL PAYMENTS:
ABOUT THE COMPANY.
• Business: Offer processing solutions for
• Credit and debit cards
• Business-to-business purchasing cards
• Gift cards
• Electronic check services
• Internet services, etc.
• Process approximately five billion transactions per year.
• Global Payments is not a well-known corporation
• Card-processing middleman between merchants and banks
• Global Payment handles $120.6 billion of transactions rung up
on Visa and MasterCard
4. THE CRISIS: CREDIT
CARD DATA BREACH.
• March 30, 2012. The crisis broke out from blog: Krebs on
Security.
• Soon afterwards, the events drew attention of multiple
newspapers, BBC News, and The Wall Street Journal, etc.
• Information of more than 1.5 million credit cards, including
MasterCard, Visa, and American Express, might have been
theft by hackers.
• The information may include card number, expiration date, and
security code, The Company’s share price dropped
dramatically.
• Global Payments’ fiscal first-quarter earnings fell 27% because
of the continued remediation charges related to the security
breach.
5. TWO STAGES OF RESPONSES
OF GLOBAL PAYMENT
Early stage:
• Right after the breaking out of the crisis, Global Payments did a
good job to convince people that the situation is “ absolutely
contained”
• The immediate response of the CEO
• Convince people that the breach situation was not as bad as
people imagined
• Immediately promised to set up a website to help consumers who
might be affected by the breach
• Commitment that the Global Payments will “continue to work with
regulars, industry third parties and law enforcement to help in the
effort to minimize the potential impact on credit cardholders.
6. TWO STAGES OF RESPONSES
OF GLOBAL PAYMENT
Three months later:
• The result of this event was not clear about what type and
quantity of consumers’ personal information has been stolen.
• It also failed to identify the customers that had been affected.
• The result of Global Payment’s investigation was too vague to
answer any substantial.
• This awkward situation made Global Payments’ promise
become empty talk, which disappointed both media and
customers.
7. RESPONSES OF
STAKEHOLDERS
Banks:
• Stepped up monitoring and would alert consumers to any
suspicious activity, issuing new cards as warranted.
• Encourage customers to monitor their accounts and contact
them if they do not recognize a transaction on their account
Visa and MasterCard:
• Declared that their own systems are safe
• Took actions to notify their customers to be cautious.
• Visa also dropped Global Payments from its list of approved
service providers
8. VARIOUS OTHER
STAKEHOLDERS
• The experts: worried about the over security of card industry.
• The privacy protectors: concerning the “Debit cards, which
have fewer protections than credit cards, should be very
closely watched.”
• The attorney: concerning the state law may affect the zero-
liability policy.
9. THE TWO DIFFERENT ATTITUDES
OF MEDIA RESPONSES
• Early stage, neutral attitude of media
• Three months later, generally unhappy about Global
Payment’s investigation results, because the results cannot
provide any accurately answer to any question that they
concerned
• How exactly does the intrusion of data occur?
• When did the data intrusion occur?
• How many accounts were affected?
• What type of data was accessed?
• What will Global's remediation efforts include?
10. THE RESPONSES OF
CUSTOMERS
• People have strong willing to be informed after the breach.
They were expecting that the company could provide more
accurate information regarding the
• People also think the company does not make enough effort to
protect customers’ information.
11. RECOMMENDATIONS
• First of all, Global Payment should justify its management
strategies to spend more money on information security.
• Secondly, in the response process, Global Payments should
provide accurate report about this crisis, and avoid unclear
terms.
• Thirdly, understand that the responses of a crisis are long-term
tasks.