With the celebration of Thanksgiving, the holiday season jumps into high gear. For retailers and the payments industry, there’s high anxiety. The move to EMV has helped with some of the point-of-sale concerns about fraudulent purchases, but, only to a degree.
As merchants convert to EMV, hackers are working at fever pace to maximize the use of stolen credit card data before newer systems recognize the problem. Bigger yet is the ever growing problem of card-not-present purchases. Online and mobile purchases are the source of major concern and there’s good reason for it.
In real dollars, the payments industry and retail merchants are bracing for a significant rise in online fraud. The value of fraudulent eCommerce purchases is expected to reach nearly $19 billion by 2018 according to research by the Javelin consulting firm. Consumers are calling for better protection with a recent consumer impact study finding 78% of consumers want more protection for their payment cards when shopping online. The fact is eCommerce is a powerful shopping force that will continue its dramatic climb and data protection is critical to the bottom line across key market verticals.
At a time when a large portion of consumers prefer the convenience and flexibility of card-not-present, eCommerce purchase options, fear is rising. A study conducted recently by NTIA (National Telecommunications and Information Administration) in the U.S. offers this not surprising snapshot. Of the group interviewed, 26% are avoiding buying products or services online because of security fears. This fear, the study found, spills over into the financial world because of these same concerns.
So, here’s my request to you. Give us a look. Here at Intellicheck, we have a deep understanding of these sorts of problems because meeting these challenges is what we do. Budget friendly technology solutions that curb fraudulent online and point-of-sale purchases are among our more recent product introductions. I invite you to take a look at Retail ID, Retail ID Mobile and Retail ID Online. These industry leading technology solutions go right to the heart of the problem. And, sadly, because underage drinking goes hand-in-hand with holiday celebrations, take a look at Age ID to see what we’re doing to spot fake IDs and fraudulent purchases.
Someone once said, “On the road to success, the rule is to always to look ahead.” At Intellicheck, we look to 2017 with excitement and high hopes for we believe the best is yet to come. To you and yours, our best wishes for a joyful holiday season steeped in the traditions of family, friendship, giving and peace.