Dr. Adam Lowe, Chief Product & Innovation Officer at Arculus by CompoSecure, delivered a compelling presentation on the many challenges facing businesses and their customers at the Singapore Fintech Festival.
Dr. Lowe kicked off his presentation drawing attention to a recent study by PYMNTS, where he underscored a staggering 88% surge in payment fraud in the past year, noting that 34% of Big Techs and Fintechs experienced customer attrition as a result of fraud. This alarming trend emphasizes the critical need for the industry to evolve. Businesses need to seek alternatives to protect themselves and their customers against this increasing, and relentless threat.
His discussion of customer challenges was both thought-provoking and insightful as he remarked on the growing frustration with passwords and the trends in cybercrime, noting the significant increase in the volume and sophistication of crypto hacks. Passwords are inherently unsafe, yet businesses continue to use them, regardless of the escalating fraud threat.
Dr. Lowe advocated for the necessity to adopt digital keys as a more secure and user-friendly solution. He concluded by highlighting how Arculus Authenticate can help tackle business and consumer challenges; offering a product that provides best-in-class security while enhancing user experience. This combination doesn’t have to be a compromise.