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Scramcard, a startup founded by former Westpac chief security officer Simon Hewitt, wants to solve credit card fraud – with something that looks like a credit card.
Credit and debit card fraud cost banks and businesses over $16.31 billion globally last year. Banks absorbed 62% of the losses and merchants the other 38%.
As payment fraud becomes more sophisticated, annual worldwide losses are projected to top $35.5 billion per year by 2020, with total losses amounting to $183.29 billion from 2015–2020, according to a recent Nilson Report.
Scramcard’s answer is a credit card with a keypad on it. Instead of carrying around your cards and putting them into possibly infected terminals, you connect them to your Scramcard account and use that instead.