VerifySmart, a provider of secure and fraud free payment processing services, has launched a new ‘no-fault’ fraud protection solution technology for credit and debit card holding consumers, and unprecedented fraud detection and prevention protocols for merchants and financial institutions.
VerifySmart has claimed that in contrast to Chip and PIN, it provides a complete solution to lost or stolen cards, identity theft and cloned cards while putting control of the transactions directly in the hands of the card owner. VerifySmart has developed key technology, the cornerstone of which is an authentication model that decouples the verification and PIN process from the physical card or transaction medium offering the industry a new and proven fraud reduction mechanism.
Reportedly, VerifySmart’s key benefit is a two-part authentication whereby a second source (mobile phone or PDA and a PIN) of identification which cannot be forged, is required to complete the transaction. In addition, using VerifySmart’s credit and debit card fraud detection and prevention technology, card transactions and other applications, such as internet transactions can be verified without requiring the banks and merchants to invest in new equipment and without major modifications to legacy systems.
