Secure payment technology start-up ScramCard raises seven-figure private investment to fund international growth and expansion in the USA, UK and Australia
ScramCard, a secure payments and identity protection solution provider, has secured a seven-figure private investment from Stewart Milne CBE, Chairman of the Aberdeen based Stewart Milne Group, and Chairman of Aberdeen Football Club. ScramCard provides a viable and convenient alternative to less secure contactless and Chip and PIN card payment methods, that makes shopping online, in-store or remotely more secure.
Founded by Simon Hewitt, a former Chief Security Officer with over 30 years of international experience in information security and financial services, ScramCard offers a viable solution to the growing security risks that card issuers, banks and consumers face daily, which is both affordable for card issuers and desirable for consumers to use .
Last year, card fraud cost banks and businesses over $16.31 billion globally, with banks absorbing 62 per cent of losses and merchants accounting for 38 per cent. As payment fraud becomes more sophisticated, annual losses worldwide are set to top $35.5 billion per year by 2020, with total losses amounting to $183.29 billion from 2015 – 2020, according to recent research by the Nilson Report.
Simon Hewitt, CEO and Founder of ScramCard, said: “As payment fraud and identify theft grows rapidly, banks and business can no longer afford to accept ‘acceptable losses’. Banks need a secure solution, but past attempts have failed by being too expensive to implement or too difficult to use. We are taking this challenge head on by incorporating multi-factor security protection into a payment card, that is affordable to rollout and easy to use. Secure and convenient, our solutions give payment card issuers, banks and businesses the ability to assure consumers that they can shop anywhere, without worrying about fraud or identify theft. This means cutting the cost of fraud and safeguarding against future losses, which currently pose a growing threat to profit margins and consumer satisfaction.”
Through partnerships with banks, brand partners and other businesses, ScramCard gives consumers the ability to pay anywhere with a single, easy-to-use electronic product that brings together the multiple payment cards and bank accounts consumers use today. This single card product allows consumers to securely pay with their payment card of choice, regardless of whether the card selected is accepted by the merchant or not.
For added convenience, multiple debit and credit cards can be ‘linked’ to the EMV chip of the ScramCard, with uniquely enhanced multi-factor security protection built-in to ensure maximum security. An inbuilt keypad and e-ink display gives card users a series of unique one-time PINs and security codes with which to conduct and authorise all payments, ensuring that security is not compromised even if a card is lost or stolen, while removing the need for card users to carry card readers for internet banking.
Furthermore, ScramCard provides a secure means by which to remove the inconvenient limits imposed on contactless payments, due to the acknowledged absence of any security, while an accompanying mobile application bridges the gap between magnetic stripe and EMV payments to ensure the inadequacies of magnetic stripe technology are no longer a risk to consumer spending.
Stewart Milne CBE, ScramCard investor and Board member, said: “ScramCard have developed a truly viable solution to the risks posed by insecure payment cards, while simultaneously creating something that is more desirable and convenient for consumers. It is an incredibly exciting technology with boundless opportunity and exactly the kind of business that I look to invest in. I am very excited to be joining ScramCard’s board as the business sets its sights on driving growth internationally. ”
With partners including MasterCard, Gemalto and Alcineo, ScramCard is seeking to work with banks, prestige brand partners and businesses internationally to provide stronger protection against payment fraud and identity theft.
About Scramcard
ScramCard offers a viable solution to the significant security risks currently associated with card payments and access control, which is both affordable to rollout and easy to use.
Through partnerships with banks, brand partners and other businesses, ScramCard gives consumers the ability to pay anywhere with an easy-to-use single electronic product that brings together the multiple payment cards and bank accounts consumers use today. This single card product allows consumers to securely pay with their payment card of choice, regardless of whether the card selected is accepted by the merchant or not.
Fully compliant with industry security standards and scheme certified, ScramCard’s secure card products have multi-factor security protection built in. This means card issuers and consumers don’t have to accept losses associated with card fraud and identity theft, while the card issuer is safeguarded from future risks.
Based in the UK, with offices worldwide, Scramcard works with banks, brand partners and businesses to provide secure payments and access control solutions. The company’s partners include MasterCard, Hierstar, Gemalto, Alcineo, Tuxedo, AustriaCard, Inside Secure, Zone 1 Creative, and Logirix.
