Credit Card Fraud is the most experienced crime faced by the residents of Saudi Arabia. Due to the hike in the number of credit card fraud, Saudi Arabia has taken a strict decision in rolling out unique ATM prototypes aiming to decrease the credit card fraud. A five-factor authentication process known to be the latest cutting edge technology has been the major move which is secured by a Blockchain app. The dominant ATM provider in the Middle East have successfully incorporated this app. The biometric block chain ATMs are anticipated to rule out the issue of credit card fraudulence that is reining on the dark web marketplaces.
Dark Web is the only place where people visits to purchase and sell various illegal goods like weapons, drugs, services, credit cards and more. According to a study, it was found out that 60 million credit cards underwent fraudulence and they were later sold in US on the dark web marketplaces. The PIN system available in the credit card for payment in these marketplaces is functional but is very much prone to hacking. The credit cards are sold based on the spending limit having prices ranging from $10 to $450.
The biometric block chain ATMs are the result of the Blockchain mobile identity platform, Shocard and the largest provider of the ATM solutions of Middle East, Alhamrani Universal (AU). The ATMs use biometric scanners to carry out facial scanning that is meant to provide the highest security from the credit card fraud. These methods ensure that the identity of the credit card user can be verified without accessing the bank accounts. It integrates the five-factor authentication viz., session ID, a barcode, Shocard ID, timestamps and facial scanning. The biometric Blockchain ATMs in the Saudi Arabia are in their testing phase and are expected to get released soon.