January 3, 2015
Companies around the world lose US $3.5 trillion to fraud each year, according to a report by the Association of Certified Fraud Examiners. The average loss of revenue per organization is 5% annually. Stakeholders in the payments domain are trying their level best to innovate the way transactions can be secured. We are now witnessing how the traditional payments methods and tools are now evolving to more secured forms. Some notable companies are contributing in the transition to new highly secure payment technologies.
Here are some advancements in the payments domain that cannot go unnoticed:
From Simple Plastic Cards to Interactive Cards
Traditional debit and credit cards primarily display your card number on the front and the CVV number on the back. But how about cards which show some form of dynamicity making them more interactive and more secure from user’s standpoint.
MasterCard had collaborated with Dynamics Inc, an interactive payment cards maker. The interactive payment cards are built with features such as buttons, displays and LEDs. The cards come with multiple applications stored on the card itself, meanwhile assuring its compatibility across existing POS terminals. For security aspects, these interactive payment cards include a display and keypad to meet the purpose. When a consumer enters the correct unlocking code into the buttons of the card, the payment card number is provided on a display (for online use) and is written to the stripe (for in-store use).
Oberthur, a digital security firm, had acquired Nagra ID which produces multicomponent and other for ...