Facts Accentuate that it's TIME to stop Typing and Start Swiping- Online banking fraud losses increased by 132% from £22.6m to £52.5m. This constitutes 8.6% of the total figure of loss for 2008.
- Cardholder-not-present (CNP) fraud loss has increased by 13% from £290.5m to £328.4m and accounts for a significant 54% of all card fraud losses
Losses from online banking fraud have increased by a significant 132% from the previous year with losses totaling £52.5million. (£22.6million in 2007). This sharp increase can be attributed, in part, to there being 43,991 phishing websites targeting UK banks and building societies in 2008, up 171% from 25,797 in 2007. As with identity fraud in general, consumers need to increase their vigilance. Phishing sites are becoming more prevalent and increasingly sophisticated.
2. We eliminate phishing, because we eliminate typing. (if consumers don't type, fraudsters can't swipe)
We can enable banks to provide their online banking customers with a PCI 2.x certfied PIN Entry Device which allows them to access their online banking account with the same security "present"ly used to access cash from an ATM. (sans cameras and skimmers)
What does this mean? The potential elimination of 62.6% of all card fraud losses!
It's Time to Secure the Online Banking Process...In the UK more than 21.5 million people now bank online. In the U.S. it is the preferred method. Yet it's unsafe. In fact Gartner recently called it "dangerous." (http://www.gartner.com/DisplayDocument?id=1157312)
Most fraud on online bank accounts involves a customer being duped into giving away their user passwords and security information via a phishing scam, or by their PC being infected with spyware designed to steal the information.
Either way, by eliminating typing, you eliminate the risks created by doing so. It's TIME for consumers to swipe their own card details vs. the fraudsters doing so.
Phishing
This is an e-mail that purports to be from your bank or another service such as PayPal, urging you to click on a link that takes you to a fake website identical to the one you would expect to see. You are then asked to verify your personal security information. If you type in this information you are actually giving it to a fraudster. (i.e. when you type fraudsters swipe, but when YOU swipe, you're not their type!.
Malware
This is a type of virus (malicious software) that can be installed on your computer and run without your knowledge. It is capable of logging your keystrokes thereby capturing your passwords and other personal information. (Again, if you "swipe" there are no keystrokes to capture and malware is useless)
Editor's Question: If your card information is going to be swiped,
wouldn't you rather be the one doing the swiping? It's time...
wouldn't you rather be the one doing the swiping? It's time...
