By Joshlin Sheridan, Marketing —
The rectangular pieces of plastic sitting in your wallet likely play an active role in your everyday life. You use them for a variety of purposes: anything from buying your lunch to watching the newest movie on Amazon. Whatever you use your credit and debit cards for, it’s important to keep them safe.
Catching Credit Card Fraud
In Ohio, two Brazilian nationals, 27-year-old Felipe Trovo Pena and 26-year-old Antonio Pedro de Oliveira Neto, were arrested and charged for possession and usage of over 250 counterfeit credit cards. How was this done? Allegedly the two men had skimming devices that captured card data. Using this data, they re-encoded counterfeit cards to withdraw money. Pena and de Oliveira Neto were caught in November after a bank’s ATM security camera was obscured while people made withdrawals.
In light of this recent event, how can financial institutions help avoid counterfeit card use in the future?
Protecting Cards and Accounts
With so many cases of credit card fraud circulating today, it is more important than ever for financial institutions to take measures to secure card and identity protection. To avoid bank card fraud, financial institutions could implement identity verification technology to ensure that the card owner is the one withdrawing money at an ATM. One such technology, IdentityDetect™ provides identity verification by analyzing responses and mouse, keyboard, or screen interactions when the subject is answering questions. IdentityDetect verifies customer identity within three minutes, and that small amount of time would be invaluable in ensuring that customer’s identities and accounts are safe.
What do you think; is it worth the wait?