Brazil Trumps US In Fight Against Payment Card Fraud

When it comes to dealing with payment card transactions, fraud remains one of the key concerns for all retailers. Brazil has adapted to this challenge by introducing EMV payments back in 2011, as well as other fraud prevention tools. This same technology is only now rolling out to customers in the US, five years after the facts.

Brazil is Well Ahead of Card Payment Fraud

Depending on which country one lives in, card payments are made through entering a PIN code or having the card swiped. In most countries around the world, swiping has not been used for several years now. But over in the United States, it is still the norm, and that needs to change sooner rather than later. This is why

EMV
technology was hyped a few months ago in the US, albeit Brazil implemented this technology back in 2011.

Ever since EMV technology has been introduced to the world, payment card fraud numbers have been on the decline. But that doesn’t mean the threat is over yet, as criminals are coming up with new ways to obtain sensitive payment information. Card not present fraud is becoming the new emerging trend, and card issuers are working on solutions for that as well.

Brazil is home to a large e-commerce market, with up to US$40bn in revenue to be generated in 2016. This is helped, in part, due to high card penetration rates, which let residents shop anywhere in the world. But at the same time, there are many different fraud protection solutions in place, creating a secure environment for both retailer and consumer.

Related Post

Machine learning, artificial intelligence, algorithms, and thorough verification are just some of the tools at the disposal of merchants in Brazil. There are user patterns to identify when it comes to online or physical shopping. Analyzing this information is a key component to reducing payment card fraud.

So far, Brazil has managed to remain on par – or sometimes slightly ahead – of the payment card fraud curve. The United States, on the other hand, are lagging behind by quite a significant margin. Internet criminals continue to target US-based retailers in their fraudulent attempts, and seeing a worrisome rate of success. Both large and small retailers in the US are facing significant fraudulent threats, and remaining vigilant should be the number one priority.

Source: Payments Source

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

3 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

3 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

3 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

3 hours ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

3 hours ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

4 hours ago