- Bankcard fraud to cross $6 billion in 2018
- TrustGateway blockchain technology uses biometrics to block fraud
- System under consideration by two major U.S. commercial banks
The maturation of ecommerce has been a boon to consumers everywhere, turning the world into one global marketplace. Now, though you live in America, you can order goods from China; you can shop on Amazon even though you live in the Himalayas (http://nnw.fm/QbL89). Naturally, such trade involves customer-not-present (CNP) transacting, which is providing great opportunity for fraud. CNP fraud accounts for 70 percent of card fraud (http://nnw.fm/JdBS2). For 2018, it is projected to reach $6.4 billion in the U.S. alone, which, perhaps, is why two major U.S. commercial banks and one of the largest payment infrastructural platforms in the country are taking a look at a novel solution offered by GreenBox POS, LLC (OTC: GRBX). The company has developed a payment gateway – TrustGateway – that blocks CNP fraud with blockchain technology. The gateway is a major component of the company’s QuickCard payment system and is proving to be highly efficient in preventing fraud on the GreenBox payment platform.
Buying online with a bankcard is generally a smooth, seamless process, but behind the scenes, there’s a lot going on, some of which involves a “payment gateway.” After a purchaser submits his or her debit or credit card information to a merchant online, the payment gateway sends that information, together with the…
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