Credit card fraud attempts are increasing day by day. Highly trained and well-skilled groups are attempting fake calls to trap the cardholder. They are so strong in their goal of tempting people towards offering reward points. They ask all the details of the card and OTP, transfer multiple amounts in an instant.
The cardholder cannot get their money back in most cases as they authorise the transaction blindly. Unknowingly they lose the money and no bank or government authorities can help out.
These are the pure psychology frauds, because only by our lack of control on monetary reward. We fell into the traps of the fraudsters (like the Gators credit card fraud). They try to convince by repeatedly telling about the money we earn from rewards and without hesitation they ask the card details to deposit the money in our accounts.
However, to prevent this type of psychology frauds we suggest that the system should include the retina scan and facial recognition system for authorising the transaction. Every person has a smartphone with cam and a desktops/ laptop with the webcams.
So when the fraudsters try to initiate fraud. Every transaction, the system asks for the retinal and facial detection for approval. This keeps the fraudsters in check because they cant provide the information from a remote location.
Every person face and eyes are unique from other. They are complex password and strong key and lock. The pattern recognition software and complex AI can only do the job.
To build a strong security face recognition technology act as spy cameras. So each every transaction is referenced with not only the reference number but the face of the person involved in the transaction. For investigation and crime, departments can easily find the fraudster immediately. As and when the face is read by the face and retina recognition technology systems they give false alarms. These alarms provide the data like location and crime reports etic.. and mostly terminates the transaction automatically.
How does credit card fraud happen
Well the fraudsters demand you or force you to know this four important information
- Card number
- Expire Date
- CVV (Card verification value) or CVC (card verification code)
- OTP(one-time password)
They talk just like a genius bank service person. we have to remember that No bank in the world asks the above details in any circumstances. Along with these, a technology like IVR (Interactive Voice Response) plays important fraud tactics.
As we know any purchase or transaction happens with above details similarly IVR uses just the voice of the cardholder for initializing the transactions.
Prevention of credit card fraud
To prevent the Florida credit card fraud or bank of America credit card fraud biometric authentication fraud can be prevented along with the digital protections. Because after the fraud happens there is no guarantee that lost money will get back. Even the payment gateways or banks or any authority cannot guarantee the money back.
By biometry linking technology even if we give all details to the fraudster. Has he entered all the details into the systems or the PC the payment gateway software asks for the thumb impression, eye retina scan and face recognition process? Only authorised person biometry like fingerprints from database approves the transaction. If he is not authorised person the security software take his picture from his computer (or laptop or smartphone) webcam or camera. It sends that information to the authorities. If this technology is implemented in full-fledged it becomes the strong security and opens up all frauds and scams mostly it prevent the credit card fraud.