Pocket Systems rolls out online fraud prevention system
Pocket Systems has introduced a new system to prevent e-commerce credit card theft for consumers, merchants and banks.
The new fraud prevention system, known as PocketKey, is a small, lightweight digital device that allows true end-to-end encryption for e-commerce payments in order to mitigate possibility of fraud.
The device encrypts payments before they enter a computer or smartphone, keeping them encrypted all along as they pass through merchants, gateways and card networks, till they reach the card issuing bank.
For further security, it also substitutes the standard 16-digit number with a one-time use 75-digit number, while encoding information specific to the transaction within the payment.
Moreover, as a consumer plugs the device into a computer or mobile, it enters encrypted payment automatically and securely auto-fills relevant field for billing and shipping, in turn speeding up online and mobile transactions for the consumer.
The new device is compatible with existing card processing gateways as well as card networks.
Pocket Systems founder and CEO David Marsyla said: “Our goal is nothing less than the complete elimination of credit card fraud. Consumers are anxious about online fraud. Many have already been victims and many more are subjected to excruciating “fraud detection” ordeals.
“Banks and merchants are losing $10 billion annually to fraud, which is predicted to rise to $19 billion per year by 2018. Most people have accepted this as an unavoidable reality. But just imagine how much better off we would all be if we could shut the thieves down. Forever.”