Card-not-present transaction to cost Retailers over 100 Billion

Over the last couple of decades, the use of credit cards is increasing rapidly and consequences lead to the online transaction through e-commerce. Transactions through credit cards are done in two ways; using the cards in POS or using the card information in online payment gateways.

The credit card fraudulent activities may conduct in both ways; card present fraud and card not present fraud. Usually, the loss of card present fraud bear by the card issuer and on the other hand the loss of card-not-present fraud goes to the merchants.

In both cases, there are significant security measures taken by the card issuers and also the payment gateways, but the fraudsters are continuously making their way out of those. Whenever the e-commerce is growing rapidly, as a result, the rate of a card-not-present transaction is rising several times and the fraudulent activities are occurring through online phishing. Recently a Research published the report that within 2018 to 2023 the retailers are going to lose almost around 130 Billion dollars due to card-not-present transactions. The assumption is really alarming whereas the impact will lead so many retailers to the winding up. Read the full post from here.

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Biometric Authentication to Stop Money Laundering in Pakistan

Recently The State Bank of Pakistan has mandated all of its banks to start verifying all of their account holders using biometric technology. The goal of this exercise is to stop money laundering in Pakistan. In the past; opening a bank account only requires the account holder’s details in printed/written form along with their id cards. However, after this current announcement, to open a bank account in Pakistan, one has to provide biometric data using an e-registration system. This procedure is also applicable for those who have registered before without biometric verification process. Many private banks throughout the globe have already deployed biometric identification solution to reduce fraud at their banks. Biometric technology help banks to know their customers better and revolutionize their KYC process. After implementing the biometric solution from M2SYS for customer identification in the microcredit loan process, this helped Grupo Monge (Costa Rican Capital Corpor...

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Why Should You Opt for Biometrics-as-a-Service for Your Work Environment?

The need for authentication and identification technology keeps on increasing exponentially with every year of technological advancement passing by. Using biological data that is unique to every individual is one of the best ways to determine and verify someone’s identity as it offers little to no room for error. That is part of the reason why the biometrics-as-a-service industry keeps on growing every year, expected to become worth over $2.9 billion by the year 2022. There is a multitude of reasons which make biometrics-as-a-service the ideal choice for many organizations and firms as opposed to investing in their very own internal biometrics systems and operations. One of the major advantages biometrics-as-a-service brings to its users is the fact that it allows you to avail a handy service and apply it to your system without having to worry about instability, affordable costs, and system maintenance. The upfront costs are low, there are little to no hidden or extra expenditur...

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