Hey Lao,
According to wallet hub.com-
"Card issuers bore a 72% share of fraudulent losses in 2015 and merchants and ATM acquirers assumed the other 28% of liability, according to the Nilson Report, October 2016.
The following statistics will give you a better sense of the credit card and debit card fraud landscapes as well as how both have changed over the years.
Global Credit card and debit card fraud resulted in losses amounting to $21.84 billion during 2015. Card issuers and merchants incurred 72% and 28% of those losses, respectively, with the following transaction breakdown:
Card issuer losses occur mainly at the point of sale from counterfeit cards while merchant losses occur mainly on card-not- present (CNP) when customers buy online or pick up in a store.
During 2015 credit card and debit card gross fraud losses accounted for roughly 6.9 cents per $100 in total volume, up from 5.7 cents per $100 in 2014.
Retailers incur $580.5 million in debit card fraud losses and spend $6.47 billion annually on credit and debit card fraud prevention annually.
In 2011, 59% of the more than 37 billion debit card transactions that were made were verified by signature, 85% of all fraudulent debit card transactions involved signature “verification,” and $1.15 billion of the total $1.35 billion in debt card fraud losses (85%) stemmed from signature debit card transactions."
MY view is the losses that card issuers and merchants suffer are staggering. I myself have been a victim of card fraud. Of course the bank made it right, but is was a loss for them and a massive pain in the arse.
Apple pays woes are just one high profile example, the entire industry is burdened with these losses and they are increasing.
According to the recent Glance PR the platform has been live for one year now, in several hundred locations and has of the date of the release, not suffered a loss due to fraud. This shows real potential in retail applications.
My point is simple, I'm a simple guy, the outfit that invents a better and more effective mouse trap has something to sell. This is very possibly a better mouse trap I believe.
I would imagine this has not been lost on the Glance management team as they promote their product to who knows who.
Therefore I have a position in this one.
All IMHO
