The cost of fraud from stolen cards in the UK last year reached its highest level, almost £60m, since 2006 – according to figures released this week by the UK Cards Association. The association added that total fraud from cards rose by 16 per cent to £450m in 2013 but was nevertheless still lower than the 2008 high of £609m. Criminals targeting card users are using ‘distraction’ tactics to steal cards as they are being used in machines or in-stores – thrusting paper in front of them to cover their activities, asking for directions, or causing a commotion in a public place.
With Enysgnia’s Onescan solution, we store all your financial data in a highly encrypted form in our shopping online easier and more secure. It allows users to make purchases online without sharing their payment details – Onescan effectively authorises the payment without the need to provide the card information – and users only share the details required and nothing more, such as a delivery or email address.
What’s more, because Onescan works through the interaction of the phone and our secure cloud server, there is no central database and store of account information for the fraudsters to hack, and you would no longer need user names and passwords for every online store account.
Card fraud will always be a concern; but technology and user education can continue to do more to minimise the risk and reduce the losses.
19th March 2014