Financial technology (better known as FinTech) is everywhere, providing us all with better, safer and more convenient choices for how we manage our money – and the Da Vinci Choice card is right at the forefront of the revolution.
As cashless and digital transactions proliferate, the payment cards we use to fund purchases online, over the telephone, and in stores are in desperate need of a serious makeover. Indeed, it’s no secret that cybercrime and card fraud are on the up. Criminals are becoming increasingly sophisticated in the methods they use to steal our important personal information, using it to syphon off funds from our accounts.
Figures released earlier this year by UK Finance reveal that 937,518 cases of fraud were detected in the first half of 2017. To give you some perspective, that works out at more than 5,000 a day. Consumers lost over £366 million between them, with a further £101 million lost through bank transfer scams.
Millions with Contactless Cards at Risk
Contactless card payments are the pinnacle of convenience and indeed one of the greatest things that FinTech has provided for modern shoppers.
However, there is a trade-off. Being able to pay for goods worth up to £30 in-store without the need to enter a PIN or provide a signature, though convenient, carries much risk. If you lose your card or have your wallet stolen, it is of course very easy for an individual to treat themselves to a shopping spree on your behalf without ever drawing suspicion until that is, you discover your card is missing – by which point, it’s too late.
And it might still be too late even if you have reported that your card has been stolen. As revealed in The Express in January 2018, Martin Lewis’ MoneySavingExpert team discovered that crooks can still use a contactless card to make purchases even after it has been cancelled, due to the way transactions are processed.
Some shops process payments offline, which means that they do not immediately contact the customer’s bank to ensure that there are sufficient funds in the account and that the card has not been cancelled. What they do instead, is store up a batch and process the whole lot later – normally within 24 hours. But this means that an individual could potentially use your cancelled card for a whole day completely undetected.
Last year, Financial Fraud Action UK reported that contactless card fraud had soared 150% in twelve months, leaping from £2.8 million in 2015 to £6.9 million in 2016.
Online Fraud on the Rise
And it’s not just contactless payments that leave our funding cards at risk. With one in ten people having now fallen victim to internet scams, online fraud is now the most common type of crime in the UK.
FinTech has enabled the global spread of ecommerce – and this is indeed a wondrous thing. Today, with just a few clicks or thumb-swipes, we can purchase all manner of goods and services online and complete the payments from practically anywhere in the world. Clothes, food, hotel rooms, concert tickets, cars, mattresses, software, insurance – whatever we need, we can order and pay for it wherever we are.
But, again, there is a trade-off. With great convenience comes great risk, and criminals have learnt how to exploit weaknesses in ecommerce systems and the funding cards we use, to pay for all these goods and services for their own gain.
Identity theft – where criminals use stolen personal and credit card information to buy items or take out loans in someone else’s name – was reported to be reaching epidemic levels last year. Using fake emails and fake online storefronts to extract this sensitive information from shoppers, cybercriminals are stealing millions from unsuspecting consumers.
89,000 cases of identify fraud were detected in the first six months of 2017 – a rate of almost 500 a day – and more than half involved bank accounts and plastic cards.
The Da Vinci Choice Card – The Perfect Balance Between Convenience and Risk
FinTech is all about convenience. However, any financial technology services we use – be it a card reader in a store, or a payment gateway on an ecommerce site – should be as secure as it is practical.
Unfortunately, as many statistics reveal, this simply isn’t the case. Crooks and criminals are exploiting weaknesses in our funding cards and stealing our money.
But there’s one FinTech startup that has the solution – and that solution is the Da Vinci Choice card.
The same size and shape as a regular funding card, the Da Vinci Choice card is in fact much more. Completely fraud-proof and impossible to copy or clone, the Da Vinci Choice card is an electronic payment card that generates one-time PIN and security codes for purchases.
Including its own battery, eInk display screen, numerical touch keypad, microprocessor and supporting electronic components, the Da Vinci Choice card is a whole computer that slips neatly inside your purse or wallet.
The Da Vinci Choice card allows you to link up to eight of your existing funding cards into the one. All cards can then be used to simultaneously fund the Da Vinci Choice card as you use it to securely make purchases wherever Mastercard® is accepted.
You can make contactless payments using the Da Vinci Choice card, but you need to first enter your secret four-digit Da Vinci PIN into the back of the card itself in order to do so. This means that no matter if you lose it or have your wallet stolen, no one will be able to use the card – nor any of the funding cards you have linked to it – except you, creating the perfect balance between convenience and risk.
(Video source: youtube.com)
For online and telephone purchases, your Da Vinci Choice card will generate single-use-only security codes that become completely worthless once used. This means that it’s impossible for a cybercriminal to steal your funding card’s actual information, because this isn’t the information you actually share with an e-store.
When paying for purchases in a high street store or withdrawing cash from an ATM, the Da Vinci Choice card generates one-time codes that you use in place of your cards’ PINs, meaning that you’ll never have to worry about someone stealing your real PINs ever again.
The Da Vinci Choice Card – A Whole New Level of FinTech
FinTech is only successful when it provides both convenience and security – sacrificing one for the other is the fast way to getting scammed.
The Da Vinci Choice card delivers on all fronts. Providing payment convenience – you only have to remember one PIN to use any of your cards – and with the ultimate security where you need it most, the Da Vinci Choice card allows you to go cashless confidently, without compromise, and enjoy the peace of mind that only payment freedom can bring.
Launching in early 2018, enjoy the security of the latest FinTech payment card innovation and register for your Da Vinci Choice card today.