xmVerify TAS

(Transaction Authorization System)

The Problem:

In 2009, North American credit fraud resulted in nearly $8.4B in losses*
Meanwhile, a 1 in 11 false positive rate led to an additional $4.8B in call center costs.**

The growth of credit card fraud is increasing rapidly. The highest risk and subsequently highest interchange fees are those associated with card not present transactions -- specifically the type of transactions becoming more and more popular as more consumers shop online.

Who's affected?

Credit card companies must charge higher fees to account for the costs of fraud via:

Counterfeit credit cards
Lost or stolen cards
Card Not Present transactions (Internet and Phone orders)
Non-receipt fraud

Financial Institutions incur higher costs to monitor and prevent fraud, and Card Issuers incur costs and losses associated with freezing compromised credit cards.

Merchantspay higher interchange rates for accepting credit cards due to fraud, and these costs are passed onto the consumer.

Consumers suffer directly from fraud and the stress associated with dealing with it. They grow hesitant to use their credit cards or shop online, and suffer from increased costs being passed onto them by merchants. Weakened consumer confidence affects brand image and confidence in online retailers.

The xmVerify TAS (Transaction Authorization System)

xmVerify TAS is a patented, twotakes advantage of the ubiquity of the cell phone to offer real-time 2-way mobile authentication, covering:

Card not present transactions (CNP)
Corporate purchase card approvals

xmVerify TAS secures consumer trust by giving them the power over their money and security. Customers are informed of all attempted CNP transactions on their account, and are given the choice to approve or reject that transaction. xmVerify TAS gives customers a powerful tool to defend themselves against fraud.

xmVerify TAS reduces the risk of card theft as thieves would now need to steal:

Credit card or credit card number;
Mobile phone; and
PIN number

xmVerify TAS greatly enhances online security and invalidates many online phishing schemes and card theft methods.

xmVerify TAS utilizes one of the highest cryptographic standards compatible with almost all mobile platforms available.

xmVerify CAS (Consumer Authorization System) -- Overdraft Case

The problem:

In 2008 Americans were subject to between $24B-38B in overdraft fees on debit and ATM. Within the USA alone 50 million people were affected by overdraft fees.

As a response to this, new legislation to be enacted for July 1^st, 2010 states that consumers would be required to opt-in to be notified of any chance of being overdrawn, if they do not a FI cannot process that transaction.

What's the Impact?

As a result of this new legislation, the impact is the following::

Obtain blanket consent for all overdraft transactions
Block the transaction from occurring
Obtain consent from customers prior to or during a specific transaction

The xmVerify CAS Solution

xmVerify CAS, a patented, two-way authorization system, takes advantage of the ubiquity of the cellphone to provide customers an easy way to provide consent for overdrawn transactions.

Banks now have the ability to notify the consumer when they are in an overdraft position, and inform them of potential fees to be levied. It provides the bank an additional opportunity to capture a transaction post initial rejection.

xmOverdraft can be seen as opening a new line of communication between bank and customer. It gives consumers a simple way of opting in to overdraft protection. It protects the customer, increases their trust and confidence by giving them control over whether to accept an overdraft fee or not.

xmVerify CAS (Consumer Authorization System) -- Credit Line Increase Case

The Problem:

In the Canadian market, as of January 1st 2010 Credit card companies are now required to ask for explicit consumer consent before raising credit card limits. In accordance with the CARD act credit card companies are now required to provide 45 days notice to their customers in advance of any interest rate increases.

The xmVerify CAS Solution

The xmVerify CAS is a patented, two-way authorization system offering a direct and personal line of 2-way communication to your customers. Ask for on-the-spot real time authorization and consent, or use it to send notices and information important to your customers.