Image from https://cointelegraph.com/news/us-bank-wells-fargo-bans-crypto-purchases-with-its-credit-cards

A few months ago more than $500 worth of subscriptions started appearing on a colleague’s credit card statement. Their card details had been hacked from an online merchant. The next few weeks involved lengthy phone calls with customer support teams to cancel the card, request a new one, and process refunds. Once the new card finally arrived they had to spend several hours updating every subscription and account with the new card details.

Credit card fraud is a big problem around the world and continues to grow every year. This year in the United States alone it is forecasted to be more than $9 Billion.

**CNP — Card Not Present refers mainly to online transactions https://www.statista.com/statistics/419628/payment-card-fraud-losses-usa-by-type/

When you provide your credit card details to a merchant you are essentially trusting them with access to your funds. These card details are then typically stored on centralized servers, which act as a goldmine for hackers as they provide a single point of attack.

Crypto solves this problem very effectively. Rather than providing each merchant with your card details, you are sending a signed transaction using your private key. This signed transaction only provides the merchant with the funds specified and reveals nothing that allows them or hackers to spend your funds. They cannot separate the signature or private key from the transaction. This eliminates the risk of the merchant’s centralized servers being hacked resulting in lost funds. The user has the ability to take sole control of their private key while still being able to make payments.

Many people fail to grasp this disruptive feature, which has been largely overshadowed by the speculative trading frenzy around price and volatility.

Cryptocurrency empowers you with the ability to be your own bank and payment method. It is the most effective solution to payment fraud and will soon change the way we pay for goods and services.