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Failed Payments a Costly But Avoidable Mistake

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Failed payments cost the global economy $118.5 billion in fees, labor, and lost business in 2020, a study from Accuity shows. That breaks down to $41.1 billion in EMEA, $33.7 billion in the Americas and $43.7 billion in Asia-Pacific (APAC). The average bank spent $360,000 on failed payments while the average corporate firm dropped a bit more than $200,000.

Failed payments are defined as those rejected by either a beneficiary or intermediary bank in the payment flow. Failure can occur due to inaccurate or incomplete information, data entry issues due to human error, or poor reference data and validation tools.

Those failed payments take a toll, as 80 percent of organizations with more than 20,000 failed payments per day said they lost customers from it. Customer service is affected, with 37 percent of organizations reporting a severe impact and nearly half indicating some impact.

While less than half of respondents said they were actively trying to reduce the rate of failed payments, more should put in the time, as a failed payments rate of five percent or above was what compelled 80 percent of organizations to act.

Increased automation can reduce the failure rate. Account number issues and inaccurate beneficiary details each accounted for one-third of the mistakes. While 60 percent of respondents said reducing manual processes was hard, the benefit of fewer failures seems to be worth the effort.

“From our research, we found that while organizations are well aware there is a cost to failed payments, most do not fully understand the impact both financially and from a customer retention standpoint,” Accuity global head of KYC and payment products management Dalbir Sahota said. “Tangible costs such as fees and labor might be easier to measure, but the intangible – including customer relationships – can be more difficult to repair. The payments market is fiercely competitive, so it is vital for organizations to take greater measures to improve their payments data to reduce their failed payment rate.”

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://www.crowdfundinsider.com/2021/07/177853-failed-payments-a-costly-but-avoidable-mistake/

Crowdfunding

Why Does this Perfume Smell Like Gas?

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Take a Look at these Pandemic Tattoos

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Curing Cancer Just Got Easier

Doctors just discovered that there’s a single protein linked to all kinds of cancer. And now, by targeting this protein, finding a cure for cancer might be more feasible. Learn more »

Why Does this Perfume Smell Like Gas?

In a recent survey, 20% of drivers said they were hesitant about switching to electric vehicles because they’d miss the smell of gasoline. But thanks to this new invention, now the switch should be easy »

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdability.com/article/why-does-this-perfume-smell-like-gas

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Crowdfunding

LEAKED: Startup Profits Revealed

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How much money could you potentially earn by investing in startups?

Well, if you’re a longtime reader here, you’ve seen countless studies on the returns you could have made in the private startup market.

But what about real-world numbers? In other words, actual profits that came from startup investments over long periods of time?

Well, that’s precisely what I want to show you today. You see, a well-known startup investor recently “leaked” his firm’s profit numbers from the past decade.

Today, I’ll share those numbers with you…

So you’ll be able to determine for yourself whether they live up to the hype.

Mutual Funds for Startups

Before we dive into the numbers, first let me explain where they came from.

Professional startup investors are called Venture Capitalists. And their firms are called Venture Capital Funds.

These funds are similar to mutual funds — but instead of investing in a portfolio of publicly traded stocks, they invest in a portfolio of startup companies.

One well-known venture fund is called Union Square Ventures (USV). Its offices are just around the corner from Crowdability’s headquarters in New York City.

USV was an early investor in startups including Tumblr (acquired by Yahoo for $1 billion) and Twitter (which now has a $56 billion market cap).

Profits Revealed

But Tumblr and Twitter are examples of its successful investments.

What about its not-so-successful ones? Or the ones where USV lost money?

Until recently, few people knew what the firm’s true overall returns looked like…

But a few days ago, the firm’s founder and Managing Partner, Fred Wilson, published a blog post including data on the firm’s REAL returns from the past decade.

According to Wilson, over the past 10 years, USV has earned an average of 58.6% per year.

That’s amazing. To put it in context, it’s nearly 10x higher than the stock market average of 6% per year, and it’s even higher than Warren Buffett’s average annual return of 20% per year.

And keep in mind: that figure includes USV’s winners and losers.

Not a Surprise!

To many people, these results were shocking…

But Matt and I weren’t surprised at all.

You see, we’ve been tracking and investing in this market for a long time. So we know how profitable it can be to invest in early-stage private startups.

For example, a couple of years ago, we reviewed a study from an investment research firm called Cambridge Associates. Cambridge advises some of the largest investors in the world — institutions like Harvard University and the Bill Gates Foundation.

In this study, Cambridge published the results on the long-term returns generated by early-stage startup investments. Simply put, it found that, over 25 years, a portfolio of startups generated an average return of 55% per year.

And as you can see, this study matches the real-world returns of USV almost perfectly!

Now It’s Your Turn to Get Started!

After reading this essay, you might be champing at the bit to dive into startup investing.

Well, our mission is to make that as easy — and as profitable — for you as possible.

Which is why Matt recently sat down for a 60-minute interview to reveal our proprietary strategy on Pre-IPO Cheat Codes.

As you’ll see here, these simple codes show you how to get access to the world’s next billion-dollar companies — while they’re still tiny (and cheap) startups.

Click here now to watch the full interview »

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdability.com/article/leaked-startup-profits-revealed

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Crowdfunding

Changing UK Cybercrime Patterns Outlined in PPC Shield Report

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British individuals and businesses have been scammed for £5.7m in losses from just under 15,000 reported cybercrime incidents so far in 2021, research from click fraud prevention firm PPC Shield reveals. Malicious hacking, fraudulent use of social media accounts and email scams are the top methods, accounting for 43 per cent of all reported activity. Malware/viruses, personal hacking and extortion are also common.

The under-40 crowd has reported the most incidents this year with 5,000, suggesting scammers and hackers are predominantly targeting those used to juggling multiple social media accounts, email addresses and banking apps.

While corporate cybercrime only accounts for 10 per cent of reported incidents, the £1.9 million in damages are one-third of the total figure.

The effects take a mental toll. According to ONS data from the Crime Survey for England and Wales (CSEW), 72 per cent of victims said they had been emotionally affected by their experiences, with almost one third indicating a moderate to severe impact –  mostly annoyance and anger. Ten per cent said they experienced anxiety, depression, fear and sleep disruption.

Four out of five offences (81 per cent) were committed by an individual (not an organization) that was unknown to the victim. According to Google, malware is being used less than at any point since 2007, but phishing websites have grown by 750 per cent. One in three folks who lost money learned through their financial institution.

When non-cyber assisted fraud is factored in, UK authorities have so far received 253,736 reports totalling £1.2 billion in losses this year. They have issued public warnings of phishing scams conducted over the course of the COVID-19 pandemic, with an increase in fraudulent text and calls to mobile phones, as individuals posing as bank employees, HMRC and even the NHS charging for fake COVID tests and track and trace.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178444-changing-uk-cybercrime-patterns-outlined-in-ppc-shield-report/

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Crowdfunding

Changing UK Cybercrime Patterns Outlined in PPC Shield Report

Published

on

British individuals and businesses have been scammed for £5.7m in losses from just under 15,000 reported cybercrime incidents so far in 2021, research from click fraud prevention firm PPC Shield reveals. Malicious hacking, fraudulent use of social media accounts and email scams are the top methods, accounting for 43 per cent of all reported activity. Malware/viruses, personal hacking and extortion are also common.

The under-40 crowd has reported the most incidents this year with 5,000, suggesting scammers and hackers are predominantly targeting those used to juggling multiple social media accounts, email addresses and banking apps.

While corporate cybercrime only accounts for 10 per cent of reported incidents, the £1.9 million in damages are one-third of the total figure.

The effects take a mental toll. According to ONS data from the Crime Survey for England and Wales (CSEW), 72 per cent of victims said they had been emotionally affected by their experiences, with almost one third indicating a moderate to severe impact –  mostly annoyance and anger. Ten per cent said they experienced anxiety, depression, fear and sleep disruption.

Four out of five offences (81 per cent) were committed by an individual (not an organization) that was unknown to the victim. According to Google, malware is being used less than at any point since 2007, but phishing websites have grown by 750 per cent. One in three folks who lost money learned through their financial institution.

When non-cyber assisted fraud is factored in, UK authorities have so far received 253,736 reports totalling £1.2 billion in losses this year. They have issued public warnings of phishing scams conducted over the course of the COVID-19 pandemic, with an increase in fraudulent text and calls to mobile phones, as individuals posing as bank employees, HMRC and even the NHS charging for fake COVID tests and track and trace.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.crowdfundinsider.com/2021/07/178444-changing-uk-cybercrime-patterns-outlined-in-ppc-shield-report/

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