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Credit Cards Secured by Biometric Technologies
There are a number of embarrassing situations that are just a nightmare for cardholder. Feel no wallet in your pocket just before the cash register? See some unauthorized charges in your credit report? Loose you wallet with all your plastics in it? Very soon we are going to have no fear of these things, thanks to amazing technical progress.
Indivos Corp. which majors in computer hardware and software development has been working on an electronic system for making payments over a number of years. The thing about this system is that it enables transactions to be made by scanning customers' fingertips. A number of retailers have already expressed interest in testing the new system.
Such technologies as fingerprint identification, recognition of face and voice, fingertip and retina scanning are known as biometric systems and are practiced in business, police work and different industries. Now they are going to be introduced into credit card payments industry. One of the developers of biometric security systems is SmartMetric Inc. which is busy working out a credit card with unique anti-fraud security. What is more, biometric payments are going to be more time-saving and easier.
Retailers' primary need is increase sales volumes by means of attracting more customers. Thus they will boost their profits and this is the goal worth efforts. A lot of teasers have already been invented by retail business to attract new customers and keep the interest of the old ones. In addition to low APR credit cards, rewards programs and special services, new safe and quick ways of payment are promoted. And payments with a fingertip seem to become very popular soon!
Using new biometric registers, you will be able to make a credit card payment in a number of seconds, without swiping the plastic. It is even more fantastic that you won't have to carry your plastics while shopping: no wallet is needed! You will only have to have your hands with you. If you possess a rewards credit card for purchases at the grocery store, you will get your cash back even if the card is left at home.
Biometric credit card payment system is going to require new equipment and software to be installed in store chains.
However, representatives of the SmartMetric Inc. are sure this will sharply restrict the activity of ID thefts and fraudsters who have become very inventive to cope with many fraud protection systems. Your biometric features are individual, so your credit cards for purchases or for gasoline will be absolutely safe. The only risk of this is the possibility of someone hacking the database of biometric features.
Indivos Corporation is now in talks with Visa and MasterCard companies about partnership and future implementation of this technology.
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The XXI century is the century of high-speed and nanotechnologies. It seems people strive to speed up all processes to make this already hectic and sometimes chaotic rhythm of life even crazier. They are ready to shrink everything they can lay hands on to make nanotechnologies work. In fact people just want to make their life more convenient.
Contactless credit cards are another product designed to upgrade our life quality through saving customers' time during the checkout process. These new-age credit products are gaining more and more popularity with customers. The so-called wave card makes the checkout process easier and faster. The recent opinion poll proves that contactless plastics won many hearts. According to the survey's result, over 90% of wave cards owners find them to be very convenient and user-friendly. Plus such plastics are accepted nearly everywhere regular credit products are accepted.
The financial economy crisis in the US has been admitted the largest financial shock for America since Great Depression. US banks incur billion-dollar losses. The number of delinquencies keeps rising. Associated Press has announced the results of data processing on 17 trusts dealing with securitization of credit cards.
The results leave much to be desired, to put it mildly. The volume of credit card debt with a delay of 30 or more days has gone up by 26% as compared to October, 2007. Now it makes up $17 billion. It stands for over 4% of credit card debts. The information on card holders debts for Associated Press was provided by Bank of America and Capital One.
We are used to see credit cards the way they look today, and it is hard to imagine that they looked different and served for another purpose than paying for goods and services. We call them plastics. In fact, a century ago credit cards had a different shape, size and were not made of plastic.
The appearance of credit cards dates back to the beginning of the XX century. Who were they created for? The target audience was wealthy people. The cards could be used as business certificates and licenses for the so-called "loyalty programs" at some restaurants, gas stations and merchants. Those cards, you can be surprised, were made of cardboard.
Rapidly growing credit card crime rate causes more and more concern of credit consumers and credit providers as well. Credit card fraud is a number one card holders complaint to Federal Trade Commission. According to the statistics, over 85% of credit card owners that fell victims to credit scam discover the fraud only after they get turned down by credit issuers, having applied for a new credit card or loan.
Credit bureaus cannot stay indifferent to the problem of credit fraud and identity theft, in particular. Equifax, one of the three US major credit bureaus has introduced a new ID theft protection service. "ID Patrol" is a multifunctional tool that allows protecting customers from identity theft.
