As digital payments become more sophisticated, so too does fraud. As the US shifts haltingly toward EMV one of the effects is likely to be that fraud that focused on the point of sale will head elsewhere. With consumers spending more online and on mobile, the need to verify people are who they say they are while protecting customer data is only becoming more acute.
Bringing the VC perspective to The Bancorp’s Finetics™ Studio during Money 20/20, is Dan Rosen, founding partner at Commerce Ventures based in San Francisco. Here, he talks about Commerce Ventures’ model and investing in the future of fraud prevention.
“We’re excited about identity and authentication – not just for commerce but also in terms of fraud prevention which is a very hot topic later. Will one technology dominate in the prevention of digital fraud? No it will be a mixture. It’ll be about accessing as many data feeds and sources to determine that someone trying to do a transaction is are who they say they are and to protect the identity of that person.”
Access Dan Rosen’s full interview, plus more insights on ‘EMV & The Future Of Fraud’ from Bancorp SVP payment acceptance Charles Crawford, Arroweye Solutions CEO Render Dahiya and Aite Group Retail Banking research director, Julie Conroy on The Bancorp’s Finetics blog.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Six seconds is all it takes for fraudsters to hack Visa credit or debit card security, a new research study from Newcastle University has claimed.