Dorothy Lane, an American grocery chain, uses its loyalty card to identify the 30% of regular customers who account for 82% of its sales.
Next, we might have RFID chips embedded in shopping carts, shelves and her loyalty card that would identify the path she took through the store, what items she inspected but did not buy and so forth.
However, the prospect of identify theft and using other credit card numbers remains a risk.
Earlier this year, cybercriminals took aim at a group of online businesses and non-profits like scam.com, scamwarners.com, and 419eater.com, which try to identify and shut down online credit-card scams.
The New York Times magazine had a piece this weekend on the increasingly sophisticated techniques that credit card companies are using to identify those who can pay their debts.
"What is needed is a card which doesn't necessarily identify you but has sufficient authentication to make the process very efficient, " he told Computing.
Credit-card companies monitor every purchase and can identify fraudulent ones with a high degree of accuracy, using rules derived by crunching through billions of transactions.
Credit card firms have taken critical steps to fend off identify thieves, too.
Voting will be electronic - one machine will identify voters' fingerprints, and a second will recognise identity card numbers and register the vote anonymously.
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Visa is using payment information to identify shoppers in a particular mall by their payments on the card and them pushing them a coupon worth 20 percent off at the Gap store in that mall.
Best in class fraud detection vendors track various parameters of a transaction viz. the geo- location , device id, credit card eligibility of the consumer involved, etc. and try to identify a possible fraud, if any.
We believe that the acquisition is a step in the right direction towards improving the competitiveness of the card business, and it will definitely add value by helping Capital One identify customer requirements better, thereby allowing it to set aside lower provisions over the years to come.
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