IFAN: Great relief from the ills threatening e-commerce
Gone are the days when you had to take time out of your busy schedule to plan shopping for special occasions, even regular trips. The development of technology has eased this tiring experience of searching different streets to get that particular dress. Nowadays, you can order or shop for anything you want from home decor items to clothing at the click of a button, regardless of your location.
This development is definitely conducive to a hectic lifestyle, but it also has its evils. Often, customers are hesitant to make a purchase online because of credit card scams such as phishing. In fact, the prevalence of credit card fraud online has in many ways threatened e-commerce by driving away its potential clientele. This is a major concern shared by both marketers and customers. An estimated $5.6 million has been spent to ensure the safety of online transactions, but the ineffectiveness of these security systems to thwart fraudsters’ attempts makes it a complete waste of resources.
In case you are among the many, then a brand new technology that allows a customer to use debit cards online without specifying credit card information can be a reprieve. In addition to this, this state-of-the-art technology is likely to save online merchants a fortune in fees. In short, this new IFAN technology is a WIN-WIN situation for both the clientele and merchants. While shopping with a credit card, you may feel helpless enough whether you like it or not, but information like CVV code, card number among others needs to be filled in to complete the transaction. What IFAN does for you is that it makes this procedure much more secure by transmitting encrypted information, removing any interference from third parties such as PayPal.
Wondering how it works? IFAN removes the need for credit card numbers, making it almost impractical for fraudsters to get your information. This is possible because when you use a bank debit card, you don’t actually need to provide credit card credentials. In this case, banks consider the combination of a physical debit card as well as a PIN to compare with cash, which is called a “card-in-hand transaction”. For example, when a debit card is swiped at a merchant location along with your secret PIN, it is validated as a “card-in-hand transaction.” In this way, the payment is made to the merchant and yet none of your valuable card credentials, such as the number among others, remain unrecorded by the merchant.
What’s more convenient is that the encrypted information that is stored on the debit card’s magnetic strip or even the digital chip is transmitted directly to the relevant bank. This process makes the entire shopping experience absolutely safe and secure. Also, when the information is communicated to the bank along with the PIN, the intended funds are released directly to the respective merchant without you going an inch closer to your card credentials.
It will not be wrong to say that “IFAN is quite revolutionary”. Multiple shopping options are available such as electronic checks, WesternUnion, prepaid credit cards and more. However, despite these various options, one ends up shopping online using a credit card because of its ease of operation. Nevertheless, by using these credit cards for your online purchases, you may be overlooking their fatal flaw that can be noticed.
Changing times require a change in approach to shopping. This means online shopping with funds or your laptop and desktop is trending. But along with that, smartphones are giving serious competition as several online merchants have software applications that can be downloaded to your phone and you are good to go. But the good news is that to add to its efficacy, this fantastic technology can even be accessed through a smartphone.
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