January 4, 2018
Glance announces one year zero fraud system wide
VANCOUVER -- Glance Technologies Inc. is proud to announce another milestone: since Glance launched the current version of its proprietary fraud prevention technology more than one year ago, its platform has experienced zero fraud across all of its live locations and all Glance Pay Anywhere remote payments. Glance intends to apply elements of its fraud prevention technology to its upcoming rewards and loyalty based cryptocurrency platform.
"We firmly believe that both traditional and cryptocurrency payments will largely be done via mobile devices," says Desmond Griffin, Glance's CEO. "Payment fraud is a significant problem for anyone accepting payments and we believe it is currently a barrier to the adoption of cryptocurrencies. Thus we believe that platforms which can reduce or eliminate fraud will be best positioned to succeed in the long run."
In contrast to Glance Pay's fraud performance, according to the New York Times, during the initial months after Apple Pay's launch merchants experienced approximately six per cent fraud---in other words, six per cent of payments conducted via Apple Pay were fraudulent and the merchants suffered the losses. This inability to stop fraud helps explain why Apple Pay tap transactions are generally capped at maximum of $100, whereas Glance Pay does not have this limitation. Additionally, Coinbase (coinbase.com), one of the largest cryptocurrency exchange platforms, currently charges users a fee of 3.99 per cent for credit or debit card conversions to cryptocurrency, in addition to anything they may make on the spread of the transaction, which is much higher than rates experienced by traditional merchants.
Glance has previously announced licensing deals for its technology platform and is in discussions for other new licensing deals.