- 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 CNP fraud is set to reach $6.4 billion by the end of 2018, according to Statista, and will very likely continue to climb in the coming years, since the market for hacked card information seems to be thriving. In July 2018, American Banker reported that ‘the number of hacked U.S. credit cards whose information was offered for sale to other criminals on the dark web jumped by about two-thirds in the first half of this year.’ (http://nnw.fm/pG8go). Citing data from New York-based IntSights, the financial journal reported that ‘more than 4,000 credit cards per bank were on sale in the first half, up from about 2,400 in the second half of 2017.’
Also in July, retail giant Macy’s, which operates close to 700 retail outlets, said that hackers had recently (April-June) accessed customers’ card information. It wasn’t the first time such an attack had occurred. In 2014, the card information of 56 million customers was stolen from Home Depot, and in 2017, perhaps the largest security breach took place, when the credit card information of 143 million Americans was compromised after the systems of credit reporting agency Equifax were hacked.
One way to reduce CNP fraud is by using a different card number for each transaction, which is what the Netevia technology allows. With the Netevia platform, payments are safely and electronically delivered using a secure, single-use dynamic credit card number. These payments can only be processed by the designated single vendor for a specific amount, and have added controls for improved flexibility and security. Netevia works seamlessly with existing accounting systems and requires no complex setup or integration; it also comes complete with 24/7 customer support by phone, email or live chat. Netevia is a high-tech platform that looks set to act as a launching pad for NETE into the global B2B payments market, now valued around $7.7 trillion, according to the Statista 2017 B2B E-commerce report.
For more information, visit the company’s website at www.NetElement.com
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