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Glance Technologies (CSE:GET.CN) announced its platform had experienced one instance of fraud for every 5,500 transactions. The company engaged in fintech services said that it witnessed less than 0.018 percent of its transaction being fraudulent across all of its live locations ever since it introduced its fraud prevention technology. As quoted in the press release: …
Glance Technologies (CSE:GET.CN) announced its platform had experienced one instance of fraud for every 5,500 transactions.
The company engaged in fintech services said that it witnessed less than 0.018 percent of its transaction being fraudulent across all of its live locations ever since it introduced its fraud prevention technology.
As quoted in the press release:
Glance is not aware of any payment firms that have had this level of success with card-not-present transactions, providing an additional key competitive advantage.
“We believe payment platforms that can reduce or eliminate fraud will be best positioned to succeed in the long run,” said Desmond Griffin, CEO of Glance Technologies. “That is why Glance has placed security and anti-fraud technology as its highest priority and at the core of its platform. Our best-in-class performance on security has been an important differentiator that has been key to us signing many of our merchant customers.”
Glance Pay has consistently demonstrated a high level of anti-fraud performance while other mobile payment providers have struggled to combat fraud. For example, it was recently reported by the Wall Street Journal that PayPal-owned Venmo’s transaction loss rate rose to 0.40% of overall Venmo transaction volume in March (which is more than 22 times higher than Glance’s aforementioned 0.018% performance). According to the Wall Street Journal, in the first three months of 2018, Venmo recorded an operating loss of about $40 million — nearly 40% larger than the loss for which the company had budgeted. Expenses related to fraudulent transactions were reported to be a big factor for these losses.1 The Wall Street Journal article also quoted a PayPal spokeswoman as saying that Venmo’s loss levels are lower than the overall average for PayPal and compare favorably to the industry.
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