Since the start of the pandemic many issues have raised for the banks and financial institutions one such is the fraud of debit and credit card. Even though many national economies faltered from the virus and millions of people struggle with job losses but the fraudsters never stopped. Actually it is the opposite in fact, they may have taken the advantage of the crisis to aggressively pursue these fraudulent transactions. According to data from Experian and the National Hunter Fraud Prevention Service, fraud rates across all UK financial products rose by 33% year-on-year in April 2020. The most extreme rise was seen in fake cars and other assets finance applications saw 181 per cent rise while fraudulent payments through current accounts rose by 35%. Fidelity National Information Services found the dollar volume of fraudulent credit and debit card charges has also soared 35% year-on-year during the same period. Fidelity National Information Services found the dollar volume of fraudulent credit and debit card charges has also soared 35% year-on-year during the same period. But the uncertainty of this pandemic at the same time as this negative trajectory meant that the cardholders, banks and businesses will all be under intense pressure to find a sustainable and robust solution to end this payment fraud.
One of the solutions will be to move beyond passwords and pins. Many of the fraudulent transactions were caught by the Global banks and financial services before they hit cardholders directly which was a positive thing for the customers. But this doesn’t mean it is free of the fact that an ongoing spike in the fraud activities still persists and is a big challenge for both the consumers and banks.
A high level on trust and confidence should be instilled by the banks and card issuers amongst their customers that they are being watched and taken care of, in a proactive manner rather than just reacting to the frauds. A visible evolution from passwords and PINs, which have now become so synonymous with card and payment insecurity is very much required. And it becomes vital that the banks and payment providers should act in support of their customers and develop a secure and convenient solution that moves payments security fast forward from all these traditional ways.
And now the good news, there is already a secure way to authorize the transactions and safeguard the finances, in the form of fingerprint biometric payment cards. These cards deliver end to end encryption , which makes the user’s data and the card both secure. As it can be only used by the owner which reduces the potential for fraud and theft. It is therefore a products which strengthens the relationship and reputations at the same time. This method of authentication will not just offset the criminal challenge at hand but also protect the end users.
The challenge of fraud is met by linking the owner – physically – to their card via fingerprint authentication. End-to-end encryption further secures that card and person’s data to make an unequivocal connection between person and object. Biometric fingerprint cards also provide consumers with very high levels of privacy, as their fingerprint data is held securely on the biometric card, not in a shared database. The card owner’s fingerprint image is immediately transformed into an abstract biometric template, which is then matched and stored in the card’s secure element (SE). To conclude, the time has come to fight back and this time with innovative and extraordinary digitalized solutions and protect the consumers form frauds. And biometric fingerprint payment card is a start!