How To Prevent E-payment Fraud?

Recently, e-payment fraud was happen at the digital payment software of NTT DOCOMO, one of Japan's three telecom companies, and SBI Securities, Japan's largest Internet securities company. This is another security hole of e-payment service after it took place in convenience store giant 7-11 last year, pushing e-payment security to a climax and trigger heated discussions among the public. 

It is likely that criminals stole victim’s account and password through phishing software, and then use the authentication vulnerability of the digital payment system to get benefit, police analyzed.
And it actually reflects some problems in Japanese financial institutions include loose safety system, inadequate regulation and weak safety technology and so on. 

Take NTT DOCOMO account service as an example, user can create an account simply by filling out his email address. They put convenience first rather than safety, which greatly increase account theft risk with its simple and single identification method. On the other hand, bank unable timely to deal with a large number of stolen funds due to the large economic burden on strengthen security system and the information postpone release. 

Then, how should we do to prevent such e-payment fraud? Experts on e-settlement and consumption issues provide us following tips.

How to Prevent E-payment Fraud?

Strengthen the authentication system of mobile phone number.
Reinforce personal authentication as far as possible by sending and receiving real-time authentication codes.
Do not easily change the phone number used for registration in respond to prevent criminals from stealing fund through forged phone numbers.

How to Treat Illegal Theft Issue? 

First, users should clearly know that they are not the person should be blamed or took responsibility. The biggest mistake is the poor safety in digital payment service system. Due to reduction in some local banks income, it is difficult to manage the system and personnel, and enhance the security of bank system, which make criminals access to credit card fraud. Thus, users should choose large banks and institutions that are trustworthy to open accounts and better protect their property security.  

What Should User Do If He Do Not Use E-payment Services?

User should check their account information frequently which can freely watch online in the website of financial institution. Once the abnormal deduction is found, it is necessary to contact the financial authorities for confirmation as soon as possible. If any unreasonable deduction occurs, the loss will be covered by the financial institution.

In fact, no matter aiming to accelerate the process of cashless society or to compete for market share of the contactless payment, user authentication and payment security should be given to the first place. Secondly, relevant stakeholders (platform, bank, etc) should assume corresponding responsibilities, timely release information to remind the general public, and take effective measures to ensure or recovery the safety of users' funds. 

Otherwise, it will only aggravate people's fear and resistance to e-payment, which is not conducive to the follow-up promotion.



The user-oriented provider of smart hardware and solution, Telpo can assist financial institutions achieve double or multiple identification with its face recognition, fingerprint recognition, iris recognition and other biometric terminals. Biometric technology can better protect users' personal information in a more secure and unique way, and prevent illegal criminals using single authentication method to illegally steal users' accounts and cause financial losses. 

It is not an easy thing to promote e-payment steady and safely development, the company of terminal, software and platform should cooperate together to bear social responsibility and create a safe and convenience payment environment for citizens. 






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