Financial fraud due to data breaches, cloning, phishing, malware, etc. is a global problem, with huge costs worldwide. Global card fraud losses reached $16.31 Billion in 2014, when global card volume totalled $28.844 trillion. According to The Nilson Report this loss will keep growing exponentially and will exceed $35 Billion in 2020. The total value of fraudulent transactions conducted using cards issued only within the Single Euro Payments Area (SEPA) amounted to €1,3 Billion in 2012. Of these, 60% are attributed to fraud resulted from online activities, where the customer does not physically present the card to the merchant. Fraud in e-banking is also significant, with €800M in fraud losses in 2014. Losses from online banking fraud rose by 48% in 2014 compared with 2013 as consumers increasingly conducted their financial affairs on the internet. Concerns about the safety of online transactions are a major and increasing issue for cardholders/consumers, card issuers, merchants and banks, with all parties risking significant losses due to fraud. Also, it is well known that the magnetic stripe on a credit card can be easily copied and that static PIN-codes can be easily intercepted, making fraud a major problem also in physical payments. The constant presence of security threats puts pressure on the financial payments industry to find quick solutions to ensure the security of sensitive payment information. Recently, the SecurePay recommended the use of strong customer authentication entailing at least one non-reusable and non-replicable element, and not capable of being surreptitiously stolen via the internet, as for instance fingerprint recognition. Also, in the wake of 500 million credentials being stolen from Yahoo, the White House, the National Cyber Security Alliance (NCSA) and more than 35 companies have launched a campaign to encourage individuals to move beyond user names and passwords.

Quardcard effectively protects against identity theft, fraud, and reply and data breach attacks, by replacing static authentication codes with dynamic data (OTP) generated by the cardholder’s fingerprint in all transactions (card payments in physical stores, withdrawing money from an ATM, authenticating to online banking, paying products or services through the web, etc.). It protects personal data against abuse and protects companies from unintended intrusion by fraudsters and industrial spies. Quardcard comply with SecurePay recommendations and holds the potential to revolutionize the payment industry, bringing security in physical and cloud transactions to a new level.

According to Jonathan Vaux, Executive Director of Innovation Partnerships at Visa Europe: "Biometric identification and verification has created a great deal of excitement in the payments space because it offers an opportunity to streamline and improve the customer experience. Our research shows that biometrics is increasingly recognized as a trusted form of authentication as people become more familiar with using these capabilities on their devices". According to Visa, two-thirds of consumers want to use biometrics when making payments.

Thus, the time for Quardcard is now!




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