Newsletter
August 2018 Newsletter
Fingerprint checks will be the new prevention for credit card fraud?
Credit card fraud costs have surged by approximately 14% in the past year and have accumulated to half a billion dollars per year in money stolen. This is why there has been a prompt on the industry to tighten its security measures to benefit consumers and businesses.
Currently 85% of all credit card fraudulent transactions are made online, hence it is crucial to protect your business online with security such as firewalls and provide your employees with the right knowledge about online scams. Many scammers are targeting online fraud as our personal security has dropped in the past years and getting credit card details has become easier.
In order for this figure to decrease, the need for a development in our transactional technology is important to improve the overall security for example, an advanced biometric process such as fingerprint or voice recognition confirmation.
There has been a 48% drop in face-to-face scams such as counterfeit cards and skimming (where details are stolen to make a transaction). This drop is due to the chips that have been incorporated into our cards for PayPass.
Read the full article at The Sydney Morning Herald here: https://www.smh.com.au/business/banking-and-finance/finger-print-checks-touted-as-online-card-fraud-surges-20180821-p4zytm.html