AUGUST 17, 2017
By Brian Richardson, CEO and Co-Founder, WIZZIT International
A study released in December 2016 estimated it takes around six seconds to hack a credit or debit card. That means working out the card number, expiry date and security code of any debit or credit in the same time it takes to click ‘complete purchase’. The research also seems to suggest it takes nothing more than guesswork.
The study, published by Newcastle University and released in December 2016 brings to light fears held by anyone completing an online transaction – what if the security policies in place aren’t enough and, if so, how easily can they be circumvented? In broader terms, does the nature of online payments unwittingly facilitate card fraud – and what can be done to protect consumers against it.
Time to face fraud risk
Banks have made strides to secure online transactions with secure payment gateways and One-Time Pin enabled functionality. These mechanisms, however, remain at the mercy of the site who chooses to implement them. With so many sites offering e-commerce options, there’s almost no way to ensure these regulations across platforms.
Giving customers control
No safety risks posed because the details can’t be used outside of the designated transaction. The details can be sent simply and quickly, as needed, to a smartphone. Low risk, high reward, ultimate convenience. The virtual card can even be used for third-party transactions – to students without a credit card to make payments or purchases, for example. And there’s no risk of them holding onto the card details for future use either.
This is an exciting FinTech innovation WIZZIT has been developing for the past few years, and was launched to market earlier this year. WIZZIT looks forward to partnering with banks to offer this smarter, safer offering to customers. In addition to addressing pressing security concerns, the possibility of a virtual card also opens a whole new word for the unbanked segment of the market to participate in booming e-commerce and online shopping – from which they’d otherwise be excluded.
No institution is infallible. As hackers and fraudsters find new and shrewder ways to conduct their heists, so too must financial service providers face realities of the modern retail environment and adopt an agile approach. This means offering solutions that better safeguard their customers from the risk of card fraud – or risk losing them (and a whole lot of money) forever.
Of all the market segments, the least serviced is the SME market – despite small business being the backbone of any economy. WIZZIT has developed a new tailor-made solution to address this gap.
Introducing the WIZZIT International Smart ESB. Developed over the last 10 years, it’s the ultimate solution for seamless integration with all existing and third party banking systems while maintaining complete security.
We can now offer an exciting range of end-to-end technology products for banks to service retailers and merchants in new ways.