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Continuous Integration Authors: Elizabeth White, Pat Romanski, Yeshim Deniz, Liz McMillan, Mehdi Daoudi

Related Topics: Online Shopping, U.S. Federal Law

Online Shopping: News Feed Item

Millions of Consumers Are Taking Control Over Risk From Identity Theft With a Free Online Secure Payment Service From Orbiscom

Billions of Dollars of Commerce Protected by the Service Offered by Most Major Credit Cards and Payment Services Including Bank

NEW YORK, April 16 /PRNewswire/ -- Leading payment solutions provider Orbiscom today announced that millions of consumers are taking control over risks from identity theft and online fraud with a free security service from Orbiscom. The service is available from credit card and online payment issuers and generates disposable numbers linked to a real account that can only be used within constraints specified by the card holder. As a result, merchants and unauthorized persons are prevented from seeing direct financial details in transactions that do not require the physical card, like online or by phone. Consumers wary of exposing their personal credit card information over the Web are now shopping with confidence, taking an active role in securing their own sensitive financial information to protect themselves from fraudsters looking to steal credit card numbers.

More than 60 percent of credit cards and online payment systems offer the Orbiscom service today, including via ShopSafe from Bank of America, Virtual Account Numbers from Citibank and Secure Online Account Numbers from Discover. For PayPal's Secure Card service powered by Orbiscom, there is an added bonus. The one-time account numbers generated by Orbiscom allow PayPal users to make purchases online at any merchant that accepts MasterCard and also provide for automatic capture and storage of electronic copies of the shopping receipt. Consumers can enroll themselves in any of these services at no cost and in just a few simple clicks.

The product is simple. Once enrolled, consumers log onto their account and a browser-based or downloadable desktop application generates a temporary credit card number linked to their real account that is used on a merchant's payment form. This number expires after one use, a few days, or after a specified spending limit is reached, based on the choice of the user. The service also allows consumers to generate a new number for each purchase, or create a unique number for each retailer, for greater convenience when frequently shopping at the same site. With this product, Orbiscom is eliminating the need for the credit card holder to enter their financial information online, preventing exposure of the card account information to the merchant and other unauthorized persons. If breached, risk is contained and the number is easily terminated, preventing fraudsters from ever reaching the consumer's actual card account information or from using the number to make future illegal purchases.

Additional advanced options from this free service are designed to help consumers be more responsible with their online shopping. Consumers can use the service to pre-set spending limits on the type, number or value of transactions authorized. When limits are met, the transactions are declined by the bank in advance. Likewise, this advanced payment authorization can be used by businesses to cut down on non-approved spending on company credit cards before it happens.

"By fronting a different number that is linked to their actual credit card number, consumers can rest assured that their confidential financial information will not be stolen from a vendor's database or accidentally revealed by the vendor," said Diane Shaib, executive vice president of Orbiscom. "This service requires just a few extra initial steps for the customer and it is available at no extra charge. Why wouldn't you sign up?"

Impact of Online and Credit Card Fraud is Far Reaching

A recent industry analyst research report by Jupiter Research found that consumers value payment security and payment choice more than rewards when making purchases online. According to the research, when consumers are confronted with two merchants who offer the same product at the same price, the two most influential factors when choosing where to buy are payment security and payment choice. In fact, more than half of the survey respondents consider the security of their financial information as the deciding factor when they make purchases. An additional two thirds of shoppers feel more secure when they don't have to enter financial information at all, even at merchant Web sites they trust*.

Many card holders also feel protected because of government liability limits. Under federal law, credit-card customers are responsible for only $50 of unauthorized charges. But the customer must first notice the bogus charge and report it to the card issuer. Additionally, the consumer is responsible for any longer term impact to their credit scores due to balances that go unnoticed and unpaid. Consumers must also contend with the hassle of identifying and updating all links to a compromised credit card, such as monthly payments for utilities, auto loans, home mortgages, subscriptions to magazines, gym memberships and insurance.

To date, the Orbiscom service has helped protect billions of dollars in electronic commerce from Internet fraud. Last year alone Internet fraud accounted for nearly $200 million of loss to consumers and businesses alike. At the same time, credit card fraud remains the most common form of identity theft, accounting for 25 percent of cases in 2006, according to the Federal Trade Commission.

About Orbiscom

Orbiscom is a provider of enhanced secure payment solutions to global financial institutions, offering innovative products for consumer and commercial credit cards and alternative payment systems. Its patented Controlled Payment Number technology helps its customers offer a safer, more convenient and secure experience to their consumers using bank-issued credit cards and online payment systems for conducting transactions over the phone or internet. Orbiscom's solutions leverage existing card processing systems to drive more transactions onto the card networks, without the need for merchants and card associations to change point-of-sale systems. Consumers wary of exposing their credit card or financial information online can conduct transactions with confidence, knowing they have the added convenience, control and transaction protection afforded by Orbiscom. The Company's customers include many of the largest financial institutions in the United States, Europe, and Asia; more than half of the credit cards issued by US card issuers and online payment systems including Bank of America, Citibank, Discover and PayPal already offer Orbiscom's service free of charge to their customers. Orbiscom and MasterCard recently announced the launch of MasterCard inControl, an innovative platform deploying Orbiscom technology that offers an array of advanced authorization, transaction routing and alert controls designed to enable issuers to more quickly and cost-efficiently introduce new and enhanced products. Orbiscom was founded in 1999 and has offices in Ireland and the U.S. For more information contact Orbiscom at 212-486-2600, on the Web at http://www.orbiscom.com/ or via email at [email protected].

* Jupiter Research, March 2008, "Payment Security Most Important Factor Affecting Online Shopping"

Orbiscom

CONTACT: Diane Shaib of Orbiscom, +1-212-847-3801,
[email protected]

Web site: http://www.orbiscom.com/

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