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