myfoxorlando.com
New technologies to protect online shoppers - Posted: May 26, 2015 11:23 PM EST Updated: Jun 02, 2015 11:23 PM EST
By Dana Jay, Reporter
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ORLANDO, Fla. (WOFL FOX 35 ORLANDO) - By the end of this year, you're likely to have a new and improved credit card meant to protect you from fraudsters, but it will not protect you from fraud committed online.
Many exhibitors who attended a trade expo in Orlando this month say biometrics may provide the protection consumers and merchants are looking for.
EMV — which stands for Europay, MasterCard and Visa — is a credit card security standard that is meant to protect you when you shop in a store.
According to Steven Casco, the founder of the website CardNotPresent.com and the CNP Expo, when the credit card technology was introduced overseas e-commerce fraud rise went up. Casco said that when other countries have rolled the cards out out, “The in-person or card-present fraud drops to almost zero.”
“However, criminals don’t stop. They go online and they find very fertile ground for stealing and outright crime and fraud from merchants,” Casco said.
Many of the visitors and exhibitors who attended the CNP Expo in Orlando last week were looking for ways to secure online transactions. Some of them consider biometrics the best way to protect both merchants and consumers from the influx of online fraud.
"Whether it's our fingerprints, whether it's our voices, whether it's our eyes or what have you. It's going down a path where sooner or later we're going to be able to identify that we are who we are in a multitude of different was," Casco said.
An exhibitor called Validsoft demonstrated voice recognition technology that banks in the United Kingdom are already using to validate online transactions.
Validsoft Vice President Shawn Edmunds explained why using your voice is more secure than entering a PIN or password.
"In essence, it's not something that can be hacked. It's not something that can be stolen and it's always with me. So I'm not going to forget it, I'm not going to replace it," Edmunds said.
At the end of a transaction using the Validsoft system, a consumer utters the phrase “please complete my transaction” into an app on his or her cell phone.
Edmunds says the technology is already being used by banks overseas.
"What we do is we really enable a authentication and transaction experience with a high level of security," he said.
Mike Orlando, the CEO of a company called Fit Pay, told FOX 35 that biometrics could one day be collected via a wearable fitness tracker and used to authenticate a transaction.
His company has already developed a system that uses devices like a Fit Bit or a Jawbone UP to authenticate transactions without using biometrics.
"We think the authentication with a wearable device can replace those types of standard authentication models and it'll allow you to do a lot of things on line as well as in person," Orlando said.
Casco predicts it will only be a matter of time before biometrics are widely used to guard against the fraudsters that will be driven to internet transactions once EMV cards are commonplace in the United States.
“These technologies are doable today. The question is how do we roll it out? Who is first to adopt them?” Casco said.
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