eCommerce Fraud Gone Wild

credit card fraud unlimited shopping

This past Sunday, I decided to take a relaxing stroll.  The air was crisp, the birds were chirping, families were decorating their houses for Halloween.  But the scariest sight to behold was inside my local Trader Joe’s!  Lines to check out ran the length of the store, people were angry, kids were screaming, Moms were stressing, ice cream was melting.  I’d never seen such chaos. I figured it must be the end of the world and nobody told me.  People must be stocking up on everything right?  Beer, vodka, tequila, you know – the essentials for the end of the world 🙂  So I grabbed my groceries and waited, and waited and waited … in a line that would not budge.  I asked the checker, why the long wait?  He said, “We got the New Chip and it takes forever to process.”  Instead of a swipe, the new cards “EMV” which stands for EuroPay, MasterCard, and Visa takes a push-and-wait 35 to 40 seconds for verification.  Is this push-and-wait the doom of plastic and the cataclysmic shift to mobile wallet payments?

At the point of sale (POS) machine, I noticed the “Android Pay” logo.  I had used the Google Wallet a few months earlier at Rite Aid, but it was limited on the stores that accepted it.  Google also re-branded the Google Wallet to Android Pay to make it sound like Apple Pay.  Today was my lucky day, I had an opportunity to try out Android Pay 😀  I pulled up the app and selected my electronic credit card of choice and gently put my phone against the POS machine.  In 2-3 seconds the cashier was looking at me in amazement and couldn’t believe how fast I paid. As he handed me my receipt, I thought “Wow, plastic is history!”

Flashback a few weeks ago prior when I was purchasing tickets on EventBrite they added Android Pay to the payment options.  I usually chose PayPal because it’s much faster than wasting my time on the web checkout entering CVV codes and my credit card info.  So I decided to give Android Pay a try.  With a few clicks, I was done.  Wow, “fast and completely painless!”

Because of the speed and security of electronic wallets, consumers will adopt electronic wallets very quickly in the next few years. The in person retail fraud will drop and most fraud will be in cyber space with eCommerce sites that use “card not present”.   With the introduction of eDNA, eCommerce sites can reduce their fraud by authenticating the user on the site or mobile device for a purchase. eDNA is a new technology that is derived from BioChronometrics which is passive user authentication based on a users behavior such as type, text, click, or swipe.  Message me if you need help with the flood of eCommerce fraud.  It’s not the end of the world, just the end of plastic!

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