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Fraud reduction through biometric recognition

October 10, 2007 by admin  
Filed under News, News-Credit-Cards

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Credit card fraud will be reduced with the implementation of biometric recognition technology say APACS.

According the UK trade association for payments, chip and pin has made a positive contribution to reducing credit card fraud. However, the future of further tackling the problem rests with biometric recognition.

These technologies use iris and finger print scans to make the misuse of credit cards more difficult.

A spokesperson for the association said: “In ten years time we probably won’t be using a pin anymore, we’ll be using biometric forms of identification.

“At the moment that technology is not robust enough for the banking industry to use but in ten years time we will probably be using one of those methods.”

He added that “fraud losses” rose annually from the middle of the 1990s right up until 2004 but have fallen of late thanks to the application of chip and pin identification.

APACS carried out research published this month that revealed a reduction in credit card losses. It showed that losses in 2004 were £218.8 million, dropping to just £72.1 million in 2006.

This represents a 67 per cent decrease since the introduction of pin identification during transactions.

Tags: biometric recognition technology, decrease, fraud reduction, positive contribution, identification, application, Surveillance, biometric recognition

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