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Blue Star Capital Plc

Biometric authentication: putting an end to contactless fraud

Contactless cards are continuing to revolutionise the way consumers pay for goods. Since launching back in 2007, the contactless payment method now accounts for more than 52 per cent of the UK’s monthly card transactions and overtook chip and PIN in July 2018. Yet, consumers are still fearful of the threat of fraud caused by tap-to-go payment cards. In fact, more than three-in-five (63 per cent) UK consumers are worried that their contactless payment cards could be used fraudulently, as found by new research from IDEX Biometrics ASA. 

While nearly half (48 per cent) of consumers believe contactless cards have made their in-store shopping experience more convenient, nearly three-in-five (57 per cent) are concerned that contactless transactions expose them to theft and fraud. 

Sthaler worked with music festival industry to develop a cashless, card-free payment system that was available to everyone. The company developed Fingopay, using VeinID technology, in partnership with Hitachi. Blue Star Capital PLC (LON:BLU) is an investing company with a focus on new technologies. Blue Star’s investments include a 0.9% holding in Sthaler.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.