Recently several companies that are making use of this technology to prevent plastic card related fraudulent activities by making use of the concept of biometric fingerprint ( Scanner) activated debit and credit cards.


Companies like SmartMetric, Zwipe, and Visa have taken the initiative. It is being said that biometric fingerprint technology has the ability to change the scenario of the manner in which card payments are made worldwide thereby restricting fraudsters to carry out their horrendous activities.


However, there is an important implication in this. This concept can be applied for preventing fraud at that takes place at POS or Point of Sale. However, experts emphasize that preventing fraud at POS is just not enough; it has to be also effective for CNP or Card-not-present transactions.


Statistical data


The Nilson Report states that in the year 2014 alone, the losses incurred on credit card fraud amounted to a whopping USD$16.31 billion across the globe. And interestingly, United States alone suffered losses worth USD$7.86 billion. The type of fraud that caused the loss in figures includes losses from card-not-present transactions, stolen cards, lost cards, and counterfeiting. And what is even more striking is that experts still predict that fraudulent activity related to plastic cards (debit as well as credit cards) will amount to a loss worth more than USD$35.54 billion by the year 2020.


To counteract the fraudulent activities, MasterCard came into a contract with Zwipe in the year 2014 and the world’s first biometric contactless payment card was launched. It had fingerprint sensor that was integrated. Soon companies like Visa followed suit and its designs were based entirely on Visa (EVM) chip standard, MasterCard, and EuroPay. The aforesaid cards work on the principle of “match-on-card” authentication and makes use of biometric readers at the terminals (ATM).


Aside from the above, SmartMetric came up with EMV compliant biometric plastic card, which makes use of a built-in fingerprint reader inside the card, which enables to identify the identity of the cardholder.


Banking sector opt for prevention methods for credit card frauds

ATM CARD WITH FINGER PRINT SCANNER


The small chip that you get to see on your plastic cards is the first line of defense when it comes to preventing credit card fraud. In fact banks are carrying out experiments to improve upon means of combating plastic card frauds. In fact, fingerprint scanners are also CONTINUE READING https://www.achcodetechs.com/2018/04/atm-card-with-fingerprint-scanner.html

Ok

That means it would have a battery. lol

I hope people's finger wnt start missing

It could also use the power harnessed from the teller machine to power the fingerprint sensor

henry007:
That means it would have a battery. lol

The heat energy from the body might just be enough to power the card. I could be wrong tho

Scam

This however, would eradicate the "help me withdraw syndrome".

Thankfully they saw into the Nigerian brouhaha..

Please, is it going to reduce the long queue at our 'ATM'?



#Purple

DrPurple:
Please, is it going to reduce the long queue at our 'ATM'?



#Purple

No.