“We have connected all of our lives — personal, professional and national — to the Internet. That’s where the bad guys will go because that’s where our lives are, our money, our secrets.”
Those were the prophetic words of then-FBI director James Comey, back in 2013, in a presentation on cyber-security to the Senate Homeland Security Committee.
Six years later, his prediction has proved to be spot on, and it’s created one of the great dilemmas of the modern age. Consumers increasingly want to be online – but so do the bad guys. Consumers want to feel safe against the growing tsunami of fraud threats – but they don’t want their user experience to suffer in the process. In a nutshell: consumers have greater access to digital channels than ever before, but fraud has increased and evolved.
Let’s look at the scope of the problem for a moment. Across the world, more consumers than ever have access to the Internet. In South Africa, that’s an estimated 51%, and growing daily. 95% of that internet access is via a mobile phone, according to the Pew Research Centre. At the same time, TransUnion is seeing fraud evolving and increasing globally. Between 2015 and 2018, through our iovation reputation reports database, we identified a 433% rise in the so-called ‘synthetic identity’, where criminals combine real and fake information to create new identities. A 126% rise in consumer account takeovers. A 146% increase in true consumer identity theft.
Why is this a problem? For one, ensuring a secure, seamless customer experience is fundamental for businesses to effectively grow and thrive in a digital world. But fraud has both a business and a customer cost, and any fraud prevention efforts must be balanced with the impact on the customer experience.
So what do we do? We need a multi-layered approach to manage ever-evolving fraud threats: there is no single ‘silver bullet.’ This approach includes device authentication, robust identity verification and a range of fraud detection tools. You need to know exactly who you are dealing with, and how to protect your genuine customers from fraudulent activities.
It’s also important that you don’t just validate the consumer. You validate the device and even the device network. Device-based authentication is one of the most powerful tools companies can use to fight fraud. If a device can connect to the Internet, you can recognise it without identifying personal information.
That means you can ask questions like: has this device been seen before? Are there any device risk factors present? Have there been any attempts to evade detection? Has this device been used to conduct an unusually large number of transactions in a short time period? Has this device been associated with past fraud?
The bottom line is that in the digital age, identity verification is no longer limited to a set of core documents and a few pieces of personal information. It is about understanding someone’s digital footprint, the devices they use and how they use them. Only by combining personal and digital data, can businesses truly protect their most valuable asset – their customers.
This article is based on a presentation made at TransUnion’s Financial Services Summit earlier in 2019.
Huawei Mate Xs foldable goes beyond design
The new foldable handset from Huawei ups the game with great performance and improved hinge design, writes ARTHUR GOLDSTUCK
“Falcon Wing Design.” Run those words over your tongue. It sounds cool, it looks cool and it feels cool. And it sums up the high-tech engineering that will make the new foldable handset from Huawei a formidable competitor in this fast-growing segment.
But it is not only design that sets the new Huawei Mate Xs apart. Unlike its predecessor, the Mate X, the device runs on EMUI10.0.1, an operating system based on Android Open Source Project. The software is based on Google’s mobile operating system, but is not affected by the United States government ban on Huawei using American technology. That means the phone operates like an Android 10 phone, but does not run Google Mobile Services (GMS), which includes the Play Store and its automatically updated apps.
Instead, it uses Huawei Mobile Services (HMS), which replaces the likes of Google Assistant with Huawei Assistant, and allows services like Gmail to run on top of a built-in email service. It allows browser-based versions of any Google service, like YouTube, to be accessed via an on-board browser, and includes workarounds for various other commonly used Google apps.
At first sight, one gets the sense that HMS and EMUI10.0.1 will quickly teach users that they are not as heavily dependent on Google apps as they may have imagined. Our first half hour spent on the phone suggested very little commonplace functionality that was not easily available. On a personal level, once Gmail is sorted for me, my apps needs are highly specific, rather than being dictated by an ecosystem – whether HMS or GMS.
But let’s get back to the Falcon Wing design. It was first used on the origjnal Mate X, but the new version, which features more than 100 interlocking parts, is made with a zirconium-based liquid metal, resulting in a hinge that is both more durable and provides a more satisfying 180-degree fold.
The flexible display uses a two-layer polymer structure, manufactured by adhering two layers of aerospace-grade polyimide with an optically clear adhesive. This, says Huawei, allows the display to produce great image quality, colour saturation and brightness while retaining a high degree of durability.
In folded mode, the Mate Xs is a dual-screen smartphone, with a 6.6-inch main screen on the front and a 6.38-inch secondary screen on the back. The secondary screen folds into an edge which serves as a grip when the device unfolds into an 8-inch tablet.
Unfolded, the Xs comes into its own. It offers Multi-screen Collaboration, which Huawei says “breaks down the boundaries between Windows and Android devices”. This means that it allows content to be moved easily between supported devices, and can allow two systems to be controlled from one device.
The phone also provides seamless Multi-window support, allowing two apps to be opened side by side, with a third one “floating” on top, and allowing content to be dragged between the apps – including text, images and documents. The Floating Window can be used to respond to instant messaging, for example, without closing the other apps.
Talking of apps, the Mate Xs debuts a revamped AppGallery, which Huawei intends to develop as a replacement for the Google Play Store. The company would, of course, want to suggest that it is a superior option, but that could take a few years more.
Read more on the next page about the cameras on the Mate Xs, along with the device specs.
Surviving tax season: An accountant’s tech guide
As we approach the February tax-year deadline, Xero SA country manager COLIN TIMMIS offers tech tips for tackling the number-crunching
We’re approaching the end of February, which means it’s officially coming to the end of the tax and financial year. It’s a difficult time for accountants and businesses as admin piles up, and task lists get longer by the day. And to top it all off, it’s summer too.
The good news is that it doesn’t need to be a time drain. Research from Xero found that accountants can save up to 15 hours a week by using cloud accounting. That’s an average of 54 hours per month or 27 days – an entire annual holiday allowance, plus change. When respondents were asked what they would do with this spare time, of those who chose non-work related activities, 30% would spend more time with family, while 22% selected more time at the beach.
Together with Simon Magner, Xero partner and Director of Iridium Business Solutions, we’ve come up with a checklist to help accountants and small businesses prepare for this busy time.
Ensure your bookkeeping is up to date
The first thing you need to do is to make sure that your bookkeeping is accurate and up to date. You don’t want to be scrambling for the information that you need at the last minute – doing the legwork to make sure all the data is ready will pay off in dividends when you come to generating the year-end report.
Check employee data
Remember that your employee data needs to be up to date, and it isn’t up to your employees to sort this out. If it’s not your responsibility to collect this data, warn the relevant people about the year-end in advance. You’ll need to gather all information on payroll and bonuses, while also collecting all receipts for expenses.
Use technology to help you
Admin-heavy work like invoicing, transaction imports, reconciliation, payments – and more – are time-consuming. Even though software can do all these tasks, they’re often done manually by accountants and business owners – which means there is more room for human error. Xero research reflects this too – a quarter of accounting and finance professionals said they could work smarter if they spent fewer hours on administrative tasks.
Having up to date records in real time using cloud accounting software allows you to make better business decisions in terms of your tax position and avoid any costly mistakes.
Don’t let the leap year fool you
Even though 2020 is a leap year, the last working day is the 28th of February – so don’t think you can file your return on the 29th. On that note, don’t leave it until the 28th, either – just in case issues pop up at SARS on the last filing day of the tax year.
Use previous data to guide you
Remember to use past data to inform your current return. Last year’s assessed profit should be used as a starting point to determine the minimum tax you should be paying as a business. And remember, if you made an assessed loss in prior years you could deduct it against the current year’s profits.
When experienced accounting professionals and business owners have to spend time inputting data, processing reports, and scrutinising invoices, they can’t work on strategy, pursue new business or developing client relationships. If accountants want to spend some time away from their desks during tax season, they need to invest in the right processes. It will save them time, energy and costly mistakes.