It is unbelievable the ease in which hackers and other criminals can obtain stolen credit cards or stolen information and use it for their own personal gain. The fraud protection and prevention in the credit card industry is obsolete and it is time for a change.
West Palm Beach, Florida (PRWEB) November 20, 2006
Secure Card Technologies, a West Palm Beach, Florida company founded by Adam R. Boalt, is on track to be a global leader in the secure credit card industry through the invention of the SecureCard. Built on a two-factor merchant transaction verification process, the SecureCard is designed to completely eliminate credit card fraud.
Standard credit card payment systems within the industry have lacked the necessary means to prevent fraud. As a $40-$60 billion industry, credit card fraud is most commonly commited through stolen information copied from retailers, both online and offline. Compromised company databases are also a source of customer data exposure as a result of hackers or dishonest employees. Total credit card fraud in the United States has been estimated to be over $3.0 billion in 2006.
In response to this abundant fraudulent activity, Secure Card Technologies has introduced a credit card that is specifically designed to protect the consumers and the merchant. Using an authentication and authorization platform, SecureCard utilizes an additional layer of security that displays a random authentication number on the computer chip-embedded credit card powered by a new battery technology and an organic light-emitting diode (OLED) screen.
The authentication dynamic code that is assigned to that transaction and customer changes every 60 seconds. Synched with a secure authentication server, the authentication number is verified for validity using a time-based algorithm before the transaction is approved. Additional security is provided by a secret PIN number known only to the cardholder for recurring transactions from trusted merchants. This technology prevents a purchase that is made with only the credit card information and not the physical card. This one-time-transaction-code technology completely prevents online and offline credit card fraud.
Three years ago, Boalt recognized the need and the opportunity for a change in the credit card industry and filed a patent. "It is unbelievable the ease in which hackers and other criminals can obtain stolen credit cards or stolen information and use it for their own personal gain. The fraud protection and prevention in the credit card industry is obsolete and it is time for a change."
Boalt's technology comes at a perfect time as the Federal Financial Institutions Examination Council (FFIEC) has mandated that by January 1, 2007, all financial institutions must adopt a two-factor merchant identification method or risk substantial fines. SecureCard from Secure Card Technologies meets all FFIEC requirements through its patented technology.
About Secure Card Technologies, Inc.
Secure Card Technologies Inc. is a global leader in the secure credit card industry. The company's primary focus is to enable credit and debit card users, merchants and financial institutions to completely eliminate fraudulent transactions. By providing consumers and financial institutions the most secure credit and debit card technology available, SecureCard Technologies is revolutionizing the credit card industry by provided unparalleled fraud protection and reliability.
Located in West Palm Beach, Florida, SecureCard Technologies designs, builds, markets and deploys an innovative credit card that utilizes an additional layer of security that displays a random authentication number on the card. This technology was developed as a result of extensive research in retail payment schemes and in response to Federal policy.