Card-Not-Present Fraud Leads Amongst Cyber Crimes
Card-not-present (CNP) fraud is the unauthorised use of a payment card when the cardholder does not physically present the card at the time of the transaction. The information necessary to commit CNP fraud can be gained through a variety of methods including skimming, chargeback fraud, phishing, carding or the Black Market as well. We`ve described those methods in our latest blog article. [Link to a new blog article]
The fraudsters have the information about the cardholder’s account, which could have been acquired through various sources. This information could include the cardholder’s name, account number, billing address and even the CVV. Recently banks have introduced EMV chips to ensure the security of the consumers’ funds. Still, it cannot guarantee the consumers are protected against CNP.
Experts have predicted that over $70 billion will be lost globally in the next five years in “card not present” frauds. And yet, the masses prefer to use credit cards to make payments, with cryptocurrencies still vying for mainstream adoption.
The Blockchain is The Solution.
Using the blockchain technology can solve this problem. It is decentralised, which is why it’s so complicated for the hackers to find the access to the required card or transaction. It grants an advantage to be `incognito` by identifying each user with the specific amount of characters, meaning, if you are not sharing your number with others it is impossible to identify yourself for the third parties. The transaction data is stored through the plenty of data blocks, so this process is not as straightforward as the traditional one. There are a lot more advantages of using blockchain for the money transactions and buying goods or services; it is essential to understand that the impact of this technology is global and it is vital to know how it works on the early implementation stages.
The Crypto market is gaining ground, and it is only the question of the time when the blockchain technology will be used in numerous industries around the world. This process is already well established in a range of the countries and is gaining momentum.
It is the right time to join to this hype if you haven’t yet. Despite the volatility, digital currencies do have the potential to transform the world and offer many opportunities for contributors. And the IronX Exchange is here to serve this needs with the solid backing of IronFX Group, an award-winning global online trading platform with connections to top-tier financial institutions, and EmurgoHK Group, the creators of Cardano.
The future exchange combined the best of the experience in online trading and the blockchain to deliver the platform which will be client-friendly and will ensure the consumers’ safety. The IronX Exchange recently announced that its IRX Smart Contracts are Security Audited by the leaders in blockchain security Hosho and Hacken, Learn more about the bonus structure for the potential contributors at https://ironx.io/.
