No More Excess: That Will Do Nicely
Credit Card Fraud Becomes a Thing of the Past
Credit card fraud is estimated to cost many millions each year and yet the banking community has failed to get to grips with the problem. Now there is no longer any excuse to leave the problem unchecked, thanks to Acro Logic. Its ideas service has developed two solutions that will significantly reduce credit card fraud, making it almost impossible.
The first solution is a simple idea that involves no significant technological changes and can be implemented almost immediately. It will work with existing credit card systems: in store, on the phone, and across the Internet. Even existing online order forms will continue to work as they are, with one major difference: virtually no credit card fraud. The cost of implementation is almost nil, as it just involves using the system in a different way.
The second solution provides a much higher level of security and not only stops credit card fraud but also offers extra advantages to credit card holders. This solution is based on the introduction of tried and tested technological components. It requires a new type of credit card, and some modifications to the associated banking system.
This credit card prevents fraud and also allows the card holder to have greater control over transaction details. An extra spin off of this technology is that credit cards can now be used safely as proof of identity and for making reservations, without the risk of unexpected charges appearing on the card. Similarly, it is much easier to stop those on-going subscriptions, in fact the card holder now has the upper hand.
Overall the technological costs are surprisingly low, because the need to regularly issue new credit cards is removed. A card holder only needs one card during the lifetime of their account. Of course, the real bottom line is the removal of that huge red mark that came from credit card fraud. Credit card fraud: a thing of the past. Not only will this directly increase profits, it will also boost confidence in online shopping to unprecedented levels and generate huge revenues.
Acro Logic also points out that this system is superior to "Chip and Pin". Chip and Pin is a useless security measure for those transactions that are made over the phone, or on the Internet.
Banks wanting details of these solutions should contact Acro Logic directly.
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