by Yogendra Raja (Inventor of these patented and copyrights protected Ideas (851132)). U.K.
Nov 27, 2017 – 11:47 AM
To save Money the government is underfunding police, NHS, fire service, schools, prison service, nurses, teachers, army etc. and EVEN worse borrows more money every year when according to following report they have option to save losses of over £193 Billion per year due to fraud simply by implementing proposed simple systems to stamp out these fastest growing crimes forever.
Fraud costs UK economy £193 billion a year – equating to more than £6,000 lost per second every day
For how long can we afford these massive losses which will grow drastically in future because via cybercrimes criminals from all over the world will make easy money from us?
Identity fraud, card fraud cybercrimes are growing so fast ONLY because we rely on unreliable signature, PIN and password systems to conclude our transactions. These crimes will be STAMPED OUT forever only if we make all these three systems RELIABLE and FOOL PROOF as described below. It is as simple as that.
Signature system is unreliable because in the event of crime signature does not even expose fraudster's gender. We should have realised this serious mistake years ago. To make signature reliable all we have to do is to apply our ID sticker (supplied by financial institutions with our photo, name and their logo printed on it to the document and countersign.
Personalised signatures a) on delivery notes will deter mail-order fraud b) on cheques will deter cheque fraud c) on receipts will deter bogus trader fraud d) on contracts, agreements etc. it will deter identity fraud e) on medications and medical reports and will prevent fatal accidents. Personalised signatures will stop illegal people from hiding their identity. Photo database of Interpol will expose criminals from other countries too.
PIN and Password systems is unreliable because fraudsters and cybercriminals have options to pick them. We should have realised this serious mistake years ago. To make PIN reliable all we have to do is to store PIN on key size thumbprint activated memory stick. Call it EPIN. This will act like contactless card but virtually 100% reliable. To make password reliable all we have to do is to use this EPIN as password.
These systems will deter criminals from misusing our personal details they already have plus these systems will stop fraudsters from fooling us with fake photo ID documents with bogus signatures. I was a victim of such crimes and hence got inspired to invent ID sticker idea to make signature system reliable.
To implement this system all financial institutions have to do is to supply their customers their ID stickers and EPIN.
Smart electronic and digital systems will not solve the problem but they will only make the problems worse because a) They will only divert fraud to other sectors b) Loopholes in those systems will provide fraudsters even more new options to do more fraud and c) human error plus equipment fault will cause serious problems.
I request the government to seek advice from the experts about proposed systems and implement them before it is too late to stop fraud boom on industrial scale.
Yogendra Raja (Inventor of these patented and copyrights protected Ideas (851132)). U.K. email