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

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

2 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

2 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

2 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

3 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

4 hours ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

5 hours ago