Solution protects retailers, restaurants and payment providers from contactless commerce fraud
Private identity company Incognia announced the launch of its fraud detection solution designed for retailers, restaurants and payment providers leveraging QR codes for contactless payments. This comes at a critical time; according to Gartner’s Consumer Pandemic Attitudes and Behaviors Survey, “40% agreed with the statement ‘I’m more willing to do business with stores or other commercial premises that offer contactless payment options.”
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With consumers ready to re-engage with vendors using contactless methods, health and security are top of mind as businesses push for faster adoption of contactless QR payments. U.S. merchants continue to be on high-alert for fraudulent transactions. In fact, for U.S. merchants, the cost of fraud is up 7.3% in 2020 from 2019. Every dollar of successful fraud now ends up costing U.S. retailers an astonishing $3.36.
“By 2024, 80% of ordering and replenishment will be touchless for most organizations. Customers have become more conscious about their health and safety, leading to changes in their consumption behavior in both their personal life and their work. One obvious change is the increasing popularity of contactless commerce, which enables end-to-end contactless self-service,” according to Gartner.
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Incognia’s fraud detection solution for QR code contactless payments uses location behavioral biometrics to verify buyer’s and seller’s real-time and historical location behavior to protect against fake QR codes, account takeovers and use of fake synthetic identities during transactions. The solution works for physical in store, remote and peer to peer QR code contactless payments. For consumers, Incognia’s technology creates a private digital identity that enables a user’s device to produce a unique location fingerprint, without compromising any of the user’s personally identifiable information. The digital identity is also matched to the recent behavior of the device and the known behavior of the account.
“The year 2020 has seen a surge in contactless commerce as retailers rapidly adapt to keep consumers and staff safe,” said André Ferraz, CEO and Founder of Incognia. “QR code contactless payments are seeing rapid adoption because of ease of use. QR codes can be easily integrated into retailer apps and scanned by consumers using a smartphone. We’re proud to provide our fraud detection solution to enable safer ways of doing business that are secure and frictionless.”
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