The ongoing competition between fiat based electronic payments and digital currency payments doesn’t have a winner yet. The credit and debit card based electronic payments systems score over Bitcoin payments when it comes to number of users and the rate at which transactions are processed. However, Bitcoin continues to lead the way in the security department.
Credit Card frauds have hit an all-time high across the world. In last year alone, total damages of over $16 billion was caused by fraudulent credit card transactions. The instances of credit and debit card frauds saw an 18 percent increase in the UK last year. Similarly, a recent study conducted in Singapore showed that at least one out of three Singaporeans have been victims of electronic payment instrument related fraud. People become targets to hackers and cyber criminals who use various methods to gain access to an individual’s personal information, including full name, credit card number, CVV etc. and use it to make fraudulent transactions.
They employ numerous methods to gain private information. It may be a cashier who secretly copies the information when someone pays with their credit card or a hacker breaking into victim’s online accounts or