IFAN: Great relief from the evils that threaten electronic commerce
Gone are the days when you had to take a break from your busy schedule to plan shopping for special occasions, even regular trips. The development of technology alleviated this tedious experience of searching different streets to get that particular dress. Today, you can order or buy anything from home décor items to clothing at the click of a button, regardless of your location.
This development is definitely a boon in the hectic lifestyle, but it also has its downsides. Customers are often hesitant to make an online purchase due to credit card maladies such as phishing. In fact, rampant online credit card fraud has threatened e-commerce in many ways by scaring off potential customers. This is a major concern shared by both merchants and customers. An estimated $5.6 million is spent to ensure the security of online transactions; however, the inefficiency of these security systems in dampening attempts by fraudsters makes it a complete waste of resources.
In case you are among the many, then a new technology that allows a customer to use debit cards online without providing any credit card information could be a breather. On top of this, this cutting-edge technology is likely to save online merchants a fortune in fees as well. In short, this new IFAN technology is a WIN-WIN situation for both customers and merchants. While shopping with credit card, you may feel helpless enough whether you like it or not, but information such as CVV code, card number, etc. must be filled in to complete the transaction. What IFAN does for you is that it makes this procedure much more secure by transmitting information encrypted, eliminating any interference from third parties like PayPal.
Wondering how it works? IFAN eradicates the need for credit card numbers, making it impractical for scammers to steal your information. This is possible since when you use a bank debit card, you don’t actually have to provide any credit card credentials. In this case, banks consider the combination of a physical debit card and PIN code to be comparable to cash, known as a ‘card present transaction’. For example, when your debit card is swiped at a merchant along with your secret PIN number, it is validated as a ‘card present transaction’. In this way, the payment is made to the merchant, and yet the merchant does not record any of your valuable card credentials, such as numbers among others.
What is more reassuring is that the encrypted information that is stored on the debit card’s magnetic stripe or even digital chip is communicated directly to the bank in question. This process makes the entire shopping experience absolutely secure. In addition, when the information is communicated to the bank along with the PIN number, the programmed funds are released directly to the merchant in question without going anywhere near their card credentials.
It would not be wrong to say that ‘IFAN is quite revolutionary’. There are numerous options available to purchase such as eChecks, Western Union, prepaid credit cards and many more. However, despite these various options, you end up buying online using a credit card due to its ease of operation. However, by using these credit cards for your online purchases, you may be overlooking the fatal drawback that could accompany it.
The changing times, the needs of change in the approach of purchases. That is, online shopping through your laptop and desktop is all the rage. But along with it, smartphones are giving stiff competition, as various online merchants have software applications that can be downloaded to your phone, and you’re good to go. But the good news is that, to add to its efficiency, this fantastic technology can even be accessed through a smartphone.