Verify Smart Corporation secures worldwide exclusive license for a recently issued US electronic transaction fraud prevention patent
FERNLEY, Nev., Nov. 28, 2012 /PRNewswire/ -- Verify Smart Corporation (OTCBB:VSMR), a leader in preventing credit card and transaction fraud, 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. The patented methodology provides a process and system for blocking an electronic transaction until a verifier validates the identity of the user. The process comprises pre-enrolling the user and the user's personal communication device.
By combining 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.
Commenting on the transaction Mr. Anthony Cinotti, President of Verify Smart, said, "This is a very broad patent that includes two way communications between the consumer's mobile device 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. 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. 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. www.areyouverified.com www.imobileinteractive.com
SOURCE Verify Smart Corporation