Card Fraud: Biometrics Will Save Your Money

Biometrics now can be used for preventing different types of card fraud.

Cards are the most popular way to pay across the world among digital consumers, and their use is growing year-on-year – despite the option to now pay via smartphones. The experts claim that 80% of consumers all over the world have debit or credit cards. Another well-known fact: nearly 3,5 billion payment cards are sold annually and half of them are contactless. A consumer research revealed that people around the world want to use contactless cards more frequently, but security concerns hold them back.

Biometric Security Systems: A New Solution for Contactless Payment Cards

Where contactless payments cards are very popular, recent reports reveal that contactless card fraud is on the rise. However, companies offer a reliable and simple solution: biometrics. What is biometric data and how can it help to prevent card fraud?

Part of the body such as a fingerprint, eye, face or voice is used to verify someone’s identity. It’s been hugely successful in the mobile phone market – 60% of smartphones now have biometrics – with a fingerprint most often replacing PINs and passwords for activities such as unlocking the phone and making mobile payments. The modern technology is now available to bring biometrics to payment cards. Which means consumers can have all the speed and convenience of contactless payments, with the added confidence and security of biometric authentication.

Looking for state-of-art solutions to enhance your financial data security?

Contact us →

The types of card fraud prevented by biometrics:

    • – payments using a lost or stolen card;
    • – someone the cardholder knows using their card without their approval;
    • – skimming – for example where a criminal uses a payment terminal to scan the card through the cardholder’s pocket;
    • – nobody can see over the shoulder what the PIN is;
    • – no risk of forgetting the card stuck in the POS terminal.

In all these cases and much more credit card fraud protection will save money of the cardholder and protect his personal data as well.

Biometrics in a card

Biometrics for Payment Security: How Easy to Apply and Use it Every Day?

As inventors claim, a biometric payment card is a credit or debit card that uses the cardholders’ fingerprint to authenticate transactions. It brings a layer of security that’s currently missing in contactless payments, without impacting the user experience of speed.

The biometrics and personal data stores inside the card’s biometric sensor and no one can access it because of the extra-safe encryption. It means if a customer loses his card or someone takes it away, no one else can use it. The card doesn’t need batteries or recharging and can be used with existing terminals designed for contactless or chip-based payments.

The card can be used globally as any other Visa or MasterCard. Embedded in the card is an ultra-thin, low-power fingerprint sensor. A consumer can touch this from any angle, so authentication is fast and simple. Manufacturing biometric cards is straightforward too as the sensors are integrated using existing manufacturing processes.

One of the great benefits of biometric payment cards is that they’re incredibly easy to use. There’s no need to remember a PIN code or provide a signature for contactless or contact payments. There are three simple steps:

1. The cardholder touches the sensor and taps the card onto, or inserts it into, the payment terminal.

2. The sensor takes an image of the fingerprint, which is matched against the images stored on the card.

3. If the image match, the payment is authorized.

If the image doesn’t match the cardholder will be asked to enter their PIN as alternative authentication to prevent unauthorized card use. Identity theft protection is another one benefit offered by the biometrics credit and debit cards.

Nevertheless, other experts claim there are still problems with biometric security. One the most often mentioned fact is that all biometrics is public. People leave voice messages (voice recognition), look at different things, including cameras (eye recognition), leave fingerprints on cups, mugs, and glasses (fingerprint recognition). So anyone can copy your biometrics and use to steal your money. They also talk about greater consequences: since a biometric reveals part of a user’s identity, if stolen, it can be used to falsify legal documents, passports, or criminal records, which can do more damage than a stolen credit card number.

So, summing it up, according to researchers and experts, biometrics provide another level of security, but it’s not foolproof. However, it is a huge step in preventing card frauds. Anyone can try the new technology and decide is it enough secure and easy for usage.

Make your business safe for you and your customers. Contact the experts at Computools at info@computools.com.

OUR SERVICES

Digital Optimization and Transformation Services for Business

We provide a wide range of digital business optimisation and transformation services. Our experts analyse the current state of clients’ business, develop a digital transformation strategy, implement innovative solutions and future monitor and maintenance them. Clients are able to increase the efficiency of business processes, reduce costs, improve their client’s interactions and accelerate company growth through the use of advanced digital solutions.

Technology Advisory

We provide clients with expert advice on using advanced technologies, helping them make informed strategic decisions for business growth and development. Our experts analyse current technology trends, provide recommendations, and develop customised strategies. Clients increase their innovation activity, optimise their IT strategies, reduce risks and increase their competitiveness with expert knowledge and advice.

Platforms & Products Engineering for Business

We engineer structured platforms and products that are aligned to business requirements. To do this, we analyse future product’s needs, design and develop, test, implement and provide post-implementation maintenance. Clients get increased business competitiveness through innovative digital products optimised for market or internal requirements.

Dedicated Delivery Teams

Our team of experts ensures reliable and timely completion of tasks, providing clients with ongoing support and service. We allocate teams, task them, and they plan, develop and test. The teams also provide regular updates and support. Clients get flexible and adaptive solutions to their business challenges, take minimal time to set up a team, and get a long-term and effective partnership.

Software Development Services for Startups

We provide startups high quality software development services, speed up hypotheses testing to find market fit faster, shortening time to market and helping their products grow. We do this through collaborative ideation, MVP development, testing and scaling. By working together, clients get to market sooner and minimise risks through an iterative development approach.

Digital Optimization and Transformation Services for Business

We provide a wide range of digital business optimisation and transformation services. Our experts analyse the current state of clients’ business, develop a digital transformation strategy, implement innovative solutions and future monitor and maintenance them. Clients are able to increase the efficiency of business processes, reduce costs, improve their client’s interactions and accelerate company growth through the use of advanced digital solutions.

Platforms & Products Engineering for Business

We engineer structured platforms and products that are aligned to business requirements. To do this, we analyse future product’s needs, design and develop, test, implement and provide post-implementation maintenance. Clients get increased business competitiveness through innovative digital products optimised for market or internal requirements.

Software Development Services for Startups

We provide startups high quality software development services, speed up hypotheses testing to find market fit faster, shortening time to market and helping their products grow. We do this through collaborative ideation, MVP development, testing and scaling. By working together, clients get to market sooner and minimise risks through an iterative development approach.

Technology Advisory

We provide clients with expert advice on using advanced technologies, helping them make informed strategic decisions for business growth and development. Our experts analyse current technology trends, provide recommendations, and develop customised strategies. Clients increase their innovation activity, optimise their IT strategies, reduce risks and increase their competitiveness with expert knowledge and advice.

Dedicated Delivery Teams

Our team of experts ensures reliable and timely completion of tasks, providing clients with ongoing support and service. We allocate teams, task them, and they plan, develop and test. The teams also provide regular updates and support. Clients get flexible and adaptive solutions to their business challenges, take minimal time to set up a team, and get a long-term and effective partnership.

Contact Us

Get in touch with us to discuss your project or hire an experienced team. Use the form below or send us an e-mail to info@computools.com

Thank you for your message!

Your request will be carefully researched by our experts. We will get in touch with you within one business day.

Related Articles

Explore all Articles

Thank you for your message!

Your request will be carefully researched by our experts. We will get in touch with you within one business day.

GET PROFESSIONAL ADVICE