- Card fraud and data breaches cause billions of dollars in losses every year
- Netevia technology generates virtual single-use card numbers
- Targeted at $7.7 trillion global B2B payments business
Just like the single-use plastic shavers applied to remove a five o’clock shadow, credit card numbers have entered the realm of disposable goods. In response to the rising incidence of payment fraud and data breaches that expose millions of card numbers, innovative companies like Net Element, Inc. (NASDAQ: NETE) are devising solutions to stay ahead of the criminals. The global financial tech company has extended its Netevia platform to include a smart solution for enabling secure vendor payments that employs single-use credit card numbers. With losses from card-not-present (CNP) fraud expected to surpass $6 billion in 2018, the Netevia B2B platform couldn’t have come at a better time (http://nnw.fm/t1CcE).
Debit and credit card fraud disguises itself in many forms but, most often, materializes in CNP transactions. These are transactions in which the card is not physically presented, as when a consumer pays a utility bill using his or her desktop at home. The value of losses due to…
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