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Author: archimedes -Tuesday,February 04 Check and credit card fraud |
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Date Posted: 19:07:02 02/05/03 Wed Check and credit card fraud is a major driver of retail biometric payments, which are tipped to total USD 285 million by 2007, or 7.1 per cent of the worldwide biometrics market, up from USD 9.5 million in 2002. “Biometrics at retail locations will be a small fraction of the entire industry”, Card Technology states, but a recent report found that 85 per cent of Americans would use biometrics to validate large credit card payments. Biometrics for the POS or check-cashing “could be the most profitable for retailers”, Card Technology asserts, with check fraud rising by 2.5 per cent annually, and exceeding USD 4.3 billion in 2001. ------------------------------------------------------------ Over 180 million checks, totaling USD 55 billion now pass through the US check-cashing industry, with merchants that cash checks, typically charging consumers 1 to 3 per cent of the check’s amount. Given the rate of check fraud in the US, the biometric check-cashing market will focus on enabling retailers to capture a customer’s fingerprint and store a template of the image for the purpose of recording that person’s transactions. [ Next Thread | Previous Thread | Next Message | Previous Message ] |