Have you wondered how innovations happen? Every innovation is just an extension of a small curiosity and the determination to be different from others. Most innovations are not the result of great IQ levels or so. It is simple out of box thinking which creates a masterpiece. I shall quote an example, and then it would be easier to understand.
I have already spoken about card not present fraud activities. A lot of research has gone into the area and people have come up with different technologies. The technologies range from profiling human behavior using neural networks to developing EMUE cards. All this looked too complicated to me and so was trying to find if any other company has come up with a simpler methodology.
I was surprised when I read about Verify Smart, a company which has come out with a simple logic to combat fraud in Card Not Present (CNP) or Point of Sales(POS) domains. It is a simple authentication procedure. Once a transaction has been made via CNP or at POS domain, Verify Smart sends the transaction details to the customer’s mobile. The customer should authenticate it via his PIN number. Fraudsters can clone cards, but will they steal phones too? The chances are very less and hence this procedure can be termed simply superb!
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