Verify Smart Corporation Secures Exclusive Worldwide License for Debit/Credit Card Fraud Prevention Patent
FERNLEY, Nev., Nov 19, 2012 (GlobeNewswire via COMTEX) --
via PRWEB - Verify Smart Corporation a global leader in preventing credit card and transaction fraud, today announced a definitive agreement with Assured Mobile Technologies, LLC for the worldwide rights to exploit all Intellectual Property as it relates to United States patent 8,285,648 in addition to all issued and pending international patents. In general the patented methodology provides a process and system for blocking an electronic transaction until a verifier verifies the identity of the user. The process comprises pre-enrolling the user and the user's personal communication device. At the time a transaction is initiated, the verifier sends an identification verification request to the portable communication device of the person initiating the electronic transaction. The person then verifies his/her identity as the user.
By combining the global reach of the recently acquired iMobile mass communication platform for the mobile channel and the patented methodology for consumer verification, Verify's transaction fraud technology has the potential of totally eliminating point of sale and online credit card fraud worldwide.
Commenting on the transaction Mr. Anthony Cinotti, President and Director of Verify Smart said, "This is a very broad patent that includes two way communications between the consumer's mobile phone and the verifying party. The patent includes the use of SMS (text messaging) during the verification process in addition to biometrics such as voice recognition. Our technology takes advantage of all aspects of the patented methodology. We are currently testing the first phase of our development efforts regarding the prevention of online credit card fraud and we expect to be going to market with this phase during the first quarter of 2013. Our point of sale technology will follow shortly thereafter. Mr. Cinotti also said it appears a number of institutions have implemented this patented method and we will be reaching out to them to secure a licensing agreement in the near future. Credit card fraud is a multi-billion dollar problem for Financial Institutions, Merchants and Consumers worldwide and while there have been many attempts to resolve the issue; none have really been effective until now!"
About Verify Smart Corporation:
Verify Smart Corp is an international technology company that develops and markets innovative solutions for the global wireless market. The company also markets specialized applications for the prevention of debit/credit card and electronic transaction fraud in the global marketplace. The company's patented technology dramatically reduces fraud for consumer clients, credit card companies, financial institutions and merchants. The company is focused on delivering robust and long term solutions for the security challenged transaction processing industry in addition to developing and marketing innovative wireless channel solutions for Consumer Brands, Educational Institutions and the Sports and Entertainment industries. http://www.areyouverified.com http://www.imobileinteractive.com
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2012/11/prweb10147944.htm
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Verify Smart Corporation
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