For the ecommerce industry, credit card fraud has loomed
large as a limiting factor to industry growth for years. According to data from
the Federal Reserve, fraud only impacts a fraction of one percent of all
purchases made with credit cards, but the catastrophic impact of worst-case
scenarios is enough to keep many consumers wary of entering financial
information on the web. IFAN Financial, Inc. (OTC: IFAN), through its
proprietary iPIN Technologies, is giving consumers a better option, allowing
for online payments without the need to expose sensitive personal information.
To better understand the benefits of the iPIN system,
consider the effects of the 2014 data breach of nationwide shopping chain
Target (NYSE: TGT). Late last year, Target’s databases were accessed by
hackers, leaking personal information – including names, addresses, phone
numbers and email addresses – of more than 70 million customers around the
globe, according to CNN. For shoppers that used traditional online payment
channels, this hack would have put their personal information at risk. However,
using iPIN Technologies, consumers are able to make online purchases without
sharing sensitive personal information, effectively establishing a safer
channel for ecommerce payments.
“When you purchase online either using your mobile device or
on your PC on the internet [with the iPIN system] and you use your debit card
with your PIN, none of your personal information from your card goes to the
merchant,” stated Steven Scholl, Chief Financial Officer of IFAN. “They only
get the money sent from your bank.”
Moving forward, this technology could be more vital than
ever before. In October 2015, banks and credit unions throughout the United
States will begin adhering to the new Europay, MasterCard and Visa (EMV)
Compliance Mandate. Under this new regulation, participating U.S. merchants
will be required to upgrade software and hardware systems to comply with new,
chip-based payment cards. While these cards help in-person credit card purchases
become more stable and secure, the results in early adopting markets suggest
that online security could be a different story.
In Europe, credit and debit card fraud rose by 39 percent
over a six year period from 2004 to 2010 following the rollout of EMV-based
payment systems, according to Entrepreneur, and a 2014 European Central Bank
report indicated that card-not-present payments, including those utilized in
ecommerce transactions, were the source of approximately 60 percent of these
incidents in 2012. As the United States prepares to make the mandated jump to
this new technology, IFAN’s iPIN Technologies could provide the company with a
formidable platform to help it realize rapid growth in the years to come.
For more information, visit http://ifanfinancial.com
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