Fighting fraud!
Irish firm heads to Jamaica with new credit and debit card security system
JAMAICANS COULD soon have another security option to protect themselves from credit and debit card fraud.
The Ireland-based firm LaabamOne is planning to launch a new point of sale antifraud software in Jamaica in July, and the company expects that this will significantly reduce the possibility of credit and debit card fraud.
Veronica Koppelman, who is in charge of marketing and training, is in Jamaica getting feedback from prospective businesses on the software.
“Businesses are definitely interested. Customers must feel safe when spending their hard-earned money. LaabamOne customers can purchase knowing that their faces are the new ‘chip n pin’ software,” said Koppelman.
According to Koppelman, with the software, customers will download an app to their mobile device which will ask the customer to open an account. The customer will then be able to transfer money to the app from their bank accounts.
When they go to pay for an item they will be asked to tap a Radio Frequency Identification device, which will enable their face to show up on the retailer’s system, confirming that the person using the card is the owner of that account.
The customer will then receive a message, and the money will be taken from their account.
According to Koppelman, the software took nine years to develop and has been piloted in India, where it is doing very well.
“Businesses lose a lot of money due to fraud. This is costing them millions of dollars every year, which is high risk to both business owners and their customers. This software protects both the business and the customer,” said Koppelman.
CEO of LaabamOne James Hannigan says another plus with his software is that businesses will no longer have to pay expensive credit cards cost.
“LaabamOne is a company which stops fraud, reduce business cost, provides a prompt payment system and streamlines businesses. Financial crime needs tackling (as) it blights both individuals and businesses from a range of industries,” said Hannigan.
“At LaabamOne, we are committed to using next-generation solutions that are simple to integrate into existing procedures. Our facial recognition offering does just that. As we roll it out across the UK, Ireland, Florida, Jamaica and the rest of the world, our aim is to have an impact on fraud, debit card and identity theft,” added Hannigan.
The LaabamOne app will be free to download to mobile devices and businesses will pay a one-off administration set-up fee of US$300. Thereafter, every transaction attract a one per cent charge.