VerifySmart announces 'no-fault' fraud protection for card transactions

VerifySmart(TM) Corp., a provider of secure and fraud free payment processing services, announced the launch of a new 'no-fault' fraud protection solution technology for credit and debit card holding consumers along with fraud detection and prevention protocols for merchants and financial institutions.

VerifySmart(TM) Technology provides for verification through the end client's mobile device, such as a cell phone, with the transaction completely under the control of the card holder at all times. The process is simple and secure, uses technology that consumers and businesses alike are familiar with, does not require new hardware and only takes seconds to complete. VerifySmart's methodology uses a two factor system to verify both the transaction and unique owner credentials in real time creating a security model that is effectively impossible to breach.

VerifySmart's debit and credit card processing occurs in less than ten seconds, as follows:

• The merchant (or ATM machine) swipes the customer's card in the normal manner.
• The debit signal transmits to the bank but before entering the bank's system it is directed by VerifySmart(TM) to the card holder's mobile phone;
• The card holder's mobile device is unique as to its phone number and identity code so the transmission is secure to that one device;
• The card holder receives a cell phone message that a transaction is in progress with their card for a named merchant and asks for authorization;
• The card holder then enters their unique PIN number to authorize the transaction or refuses the transaction (if they do not acknowledge with their PIN the transaction will fail);
• Upon receiving the authentication signal from the owner, the VerifySmart(TM) system allows the signal to complete its journey to the bank and the merchant receives the 'all clear'.