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VerifySmart Corp. (VSMR)

Description

Symbol:
VSMR
Market:
OTCBB
Industry:
Fraud & Identity Theft Prevention Technology
Visitor Rating:
VerifySmart Corp. (VSC) has designed and developed a proprietary hardware/software solution that solves credit or debit card fraud by using a two-factor authentication. The Company's core offerings are designed to meet the needs of the security challenged transaction processing industry. Present day solutions, such as Verified by Visa, Chip and PIN, and CVV Code, have not reduced payment card fraud by any significant factor. The VSC solution has reduced fraud to zero in production pilots. The Company's proven and highly scalable solution is gaining worldwide attention and placing VerifySmart at the forefront of the fraud prevention revolution.
VSMR WEBSITE: VERIFYSMART.COM

Key Information

• Headquartered in Taguig Metro Manila, VerifySmart Corp (VSC) is a Technology Company that develops, operates and markets leading payment processing solutions to combat transaction fraud.
• The Company will market and sell its licensed software which provides comprehensive solutions for credit card fraud. The Company's solutions are expected to dramatically prevent fraud for consumer clients, credit card companies, financial institutions and merchants.
• The Company successfully completed a pilot test in early 2009, which was conducted with various processing gateways in Asia. Transactions worth $1.5MN were verified with no charge backs recorded. This remarkable result has proven the technology, and has brought the Company to public eye and established it as a leader in the industry.
• VSC's unique fraud technology was developed using a two part authentication system. The authentication model decouples the verification and PIN process from the transaction medium offering a new and proven fraud reduction mechanism. The technology is patent-pending (PCT approved) across 29 countries based on strategic importance and wireless penetration rate.
• The software operates through the use of a cellular phone for secured verification of monetary transactions. The industry changing transaction services model is non-invasive (does not require system changes) with instant identity verification that is inexpensive to implement and simple to use. The software has been developed to include debit card purchases, internet purchases, ATMs, passport, money transfers, remittances and mortgage verification. Additional applications for the software are constantly being identified and will be implemented in due course.
• Most Asian countries have almost a 100% adoption rate for cell phones and have one of the highest user rates for SMS (short message service) in the world. These statistics will accelerate the adoption of VSC's authentication method.
• The Company intends to initially target the "high risk" transaction merchants which have the highest rate of fraud and charge-backs. High risk industries such as Adult Entertainment, Gaming, Gambling, Pharmaceutical, Travel and e-Commerce, industries that produce over $300 BN annually.
• According to, APACS (Association of Payment Clearing Services) card fraud losses totaled £609.9 million (US $896.5) in 2008 or 0.12% of card turnover. This statistic was 0.14% prior to the introduction of "Chip and PIN", meaning an overall reduction of a meager 0.02% in losses.
• The market opportunity is enormous. VSC has embarked on an aggressive growth strategy to monetize this unique technology and capture the value through rapid implementation. The Company expects to expand its service to Europe in the fourth quarter of 2009 and into the North American market no later than first quarter 2011.
• The Company's existing network support is implemented on a global scale. VSC is also expanding its infrastructure to augment the existing one allowing for rapid growth and expansion of its secure transaction processing business. The Company currently provides four products that can be run in combinations creating multiple revenue streams that will drive explosive growth.
VSMR WEBSITE: VERIFYSMART.COM

Corporate Objective

VerifySmart has dedicated itself to eliminating identity and credit card fraud and to provide ways to securely conduct online transactions, transfer funds, and issue payments. The Company creates, markets, and implements simple solutions that effectively stop theft at the transaction level, giving merchants, corporations, and consumers control of their funds and knowledge of where these funds go. The Company's business solutions are intended to save trillions of dollars lost worldwide every year to fraud, to reduce the costs of risk, and to help restore faith in the electronic and online transfer of funds that has been lost due to the ever-increasing prevalence of theft in the industry. The Company has successfully implemented simple, effective solutions in many areas of finance, retail, and other industries. The Company is constantly striving to improve and expand their services by making its solutions easy for clients to implement and use,- whatever their unique needs are.
VSMR WEBSITE: VERIFYSMART.COM

Products

VerifyNGoTM
VerifyNGo is a unique and comprehensive solution that addresses the problem of fraud and identity theft. It is an authentication system that encompasses the security needs of clients, credit card companies, banks and merchants through an instant verification process. Verify Smart has designed and developed this easy and inexpensive solution that uses an individual's mobile phone to provide secure verification of many different kinds of transactions.
VerifyNGo can be used for many different types of transactions, including: debit and credit card purchases, internet purchases, ATM transactions, passport applications, credit applications, mortgage verifications, access to medical history, and entry into secured areas.
It is easily integrated into any corporate environment, provides high user acceptance, and is adopted with no requirement for additional software, hardware, or complicated training. It easily addresses the needs of consumer clients, credit card companies, banks, and merchants.
VSC has created a streamlined process to deliver a simple solution without sacrificing corporate needs for security by creating parallel operations which do not compromise legacy systems in any way. VSC software simply intercepts the consumer's signal, verifies the consumer identity and transaction approval through identified personal mobile phone and PIN verification and then permits the signal to proceed to the bank for normal completion. VerifyNGo puts the consumer in control to either accept or reject the transaction through the use of their mobile phone.
VerifyGatewayTM
VerifyGateway is cutting-edge technology for secure and confidential online payment processing. It acts as a processing hub and intermediary between a business' website and their account provider, giving an enhanced network and superior transaction capabilities to make e-commerce reliable and seamless. It is simple, economical technology, accredited by most major banks and ensures the secure, successful delivery of billions of transactions to billions of ports worldwide.
VerifyGateway provides a system that easily accepts credit card payments from customers and instills confidence because every transaction is sent through a secured system. The system complies with privacy and security regulations globally, and allows client companies to safely manage and track funds across all borders and boundaries. This innovative technical infrastructure is unrivaled in the industry. The consumer accepts or rejects transactions on mobile phone. Charge backs are virtually eliminated as only the legitimate card and mobile phone holder is able to complete the transaction. Also, the merchant receives a result of the date/time authentication with each transaction.
VerifyTransfer TM
VerifyTransfer is a comprehensive remittance service allowing business clients to easily and securely send and receive money instantly - in person, online, wirelessly, or by phone. Using the VerifyGateway product, VerifyTransfer covers all aspects of the process from transaction logging to retrieval.
VerifyRemit offers comprehensive services which cover all aspects of processing, from transaction logging to the actual point of retrieval. When combined with VerifySmart's own industry-leading fraud protection service, VerifyNGo, VerifyRemit provides maximum security through the power of authentication. This process gives the consumer complete security and the lowest fees to send money anywhere.
VeriSmart Card TM
A VeriSmart Card is an international fund/money access plastic card. These branded VISA debit and credit cards can be used for traditional transactions as well as for processing payments between individuals and organizations, including payroll functions. In addition, the card can be implemented in gift card and pre-loaded formats. All forms can be quickly and easily reloaded online or over the phone.
The VeriSmart Card is a multipurpose, branded card with almost unlimited flexibility. Its purpose is to revolutionize the way remittance is sent by making transactions cost effective, fast, secure and dependable. The true power of this card is that it is designed to complement the VerifySmart suite of services, providing an integrated fit with the VerifyTransfer remittance platform.
As traditional credit cards approach saturation in the market, prepaid cards are quickly becoming one of the most prevalent worldwide payment methods. These branded debit and credit cards, like the VeriSmart Card, can be used for traditional transactions, as well as to process payments between individuals and organizations, including payroll functions.
The key differentiation between the competitors' branded prepaid cards and the VeriSmart card is VerifySmart's verification and authentication abilities.
VSMR WEBSITE: VERIFYSMART.COM

Charts

VSMR WEBSITE: VERIFYSMART.COM

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2004 days ago
OMG Ellen What the [beep] were you thinking???This scam has been going on for years. They send these texts out to mililons of random phone numbers hoping that they'll get a few suckers to call and do what you did.If I were you, I'd buy Iden [beep] y Theft insurance immediately just in case the worst happens. A very good company is. They [beep] ign a specialist to help you should your iden [beep] y be stolen. You also need to call the other two credit bureaus Trans Union and Equifax. If I were you, I'd freeze my credit with all three bureaus, but at least put alerts on all three.Unfortunately, there is really no way to completely guard against ID theft once these people have your info. Opening credit is not the only kind of ID theft, but the milk is spilt. Just do what you can.
 
VSMR WEBSITE: VERIFYSMART.COM
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