A key challenge in payment processing
One of the key challenges faced by the payment processing industry is identifying and preventing fraud. Most of the payment processing organizationg spend a good chunk of their revenue in fighting fraud. Proliferation of broadband is helped in boosting the eCommerce, but also has led to the increase in fraud. The most common form of fraud is "Identity theft". In past 5 years over 27.3 million people were affected and it cost $56 billion in damages according to a study from Javelin Strategy & Research. There have been 61 million customer records compromised. Many organizations were affected and the affected individuals have to go through a traumatic time restablishing their identity and ptotecting it.
This of course has huge implications on the growth of online business (ecommerce, banking, etc) in geenral and payment processing in particular.So I'm really excited to share with you an upcoming technology which potential to help in this area. Windows CardSpace is a new technology from Microsoft which will be part of .NET 3.0, CTP is already available.
In addition there is a sandbox area created to learn more about Windows CardSpace and try it out. I highly encourage everyone to check this out and let me know your experience of it.
