Glance Finds a Huge Drop in Fraud With New Technology
It’s one thing to say a product reduces fraud. It’s a welcome development, sure, but it’s a gift horse promptly given a dental exam. How much is fraud reduced? How long does it take? Is it an amount so trivial that the reduction can be explained away by fraudsters going on vacation? Glance, meanwhile, has a noteworthy claim on its side in that the newest version of its fraud prevention system went into Glance Pay eight months ago, and has as a result completely removed fraud from the equation.
That’s the report: the total elimination of fraud across all of Glance Pay’s live locations in just an eight month period. Glance Pay doesn’t even have a limit on its transactions; by comparison, Apple Pay tap transactions stop being valid for amounts over $100, but Glance Pay doesn’t have such a restriction.
There’s not much word about how Glance Pay manages to stop fraud on such a level, but its CEO, Desmond Griffin, offered some insights, saying “Our fraud prevention technology continues to exceed our highest expectations. We believe that our fraud prevention innovations have broad applications for virtually all non-chip & PIN payment scenarios and may be our largest IP asset to date. Our fraud prevention technology is a core part of the Glance Pay platform and is part of the reason we’ve been able to sign licensing deals recently totaling $2 million CAD with Cannapay and Active Pay.”
After all, if Glance Pay told people how the job was done, it would probably be a lot easier to find a way around it. However, there seems to be one point working in favor of Glance Pay’s fraud protection efforts. It’s available on the Apple App Store, where it hasn’t even had enough ratings to show a summary, as well as on Google Play, where it’s been installed between 5,000 and 10,000 times. It may be that Glance Pay’s success against fraud is stemming largely from the perception that it’s just not worth hacking.
Still, it could be that Glance Pay is rather just a really gifted anti-fraud system that everyone should be paying more attention to. Of course, if that’s the case, you’d expect a lot more people would be using this essentially fraud-proof mobile payment system.