Mobile Phone Chip and PIN Set to Cut Credit Card Fraud

Mobile Phone Chip and PIN Set to Cut Credit Card Fraud

May 23, 2007

    
    LONDON, May 23 /Xinhua-PRNewswire/ -- securePay, a new
transaction security system to foil internet, mail and
telephone card fraud, is announced today by the Telsecure
Group. The launch by Telsecure, a UK-based provider of
leading-edge technology, is being made in association with
partners, Sybase365 and Ingenico.

    securePay operates as a global multifunctional platform
with a single point of integration with card issuers,
providing a single platform for mitigating fraud in
circumstances where the cardholder is not present (CNP):
internet, mail and telephone order (MOTO) transactions,
on-line banking authentication and ability for the consumer
to switch cards on and off in real time, thereby emulating
Chip and PIN levels of security in the CNP area,
dramatically reducing fraud and chargeback administration
costs.  securePay achieves all of this without any need to
modify the mobile device which is used to verify,
authenticate and confirm the transaction.

    The announcement of securePay follows four years of
research and development culminating in a product compliant
with industry standards and protocols such as PCI
compliance, ISO, APACS, ZKA, BASE 24 VisaNet and MCI. The
certification of securePay is performed by Sagentia, UK. 
Mobile connectivity is available globally through Sybase365
and the leading chip and PIN manufacturer, Ingenico. The
same platform will also provide a range of services built
around the core of consumer verification, for example to
secure multi-factor access for online banking and consumer
initiated card management.

    Rashid Qajar, Chief Executive of Telsecure Group:
"While chip and PIN has succeeded in reducing fraud in
the retail environment, fraudsters have switched to
internet, mail and telephone ordering transactions for
their rich pickings. The problem has never been bigger and
I am very pleased to announce that we have a product that
can practically eliminate such risks once adopted by the
banks and their customers."

    CNP fraud which now accounts for half of all card
payment fraud in the UK, has doubled in the last three
years rising to GBP216.6 million and growing fast. This
high level of crime involves UK banks spending GBP55 to
GBP85 per fraudulent transaction in administration, a cost
that is inevitably passed on to customers. securePay will
work with all 730 global mobile communications network
providers. In the UK, there is 99.8% coverage of the
networks.

    Lars Wallin, Director of Telsecure Group: "Our
financial models show that the banks will achieve
significant savings on the cost of administering fraudulent
transactions by adopting the technology. The banks are
looking at a return on securePay investment that is highly
geared with payback in less than a year while their
customers will be able to shop online with greater
security. In addition, securePay can be adopted by banks
for substantially less than alternatives now under
consideration such as card readers, meaning lower charges
for customers: it's a win-win situation."


     For further media information please contact:

     Telsecure Group Limited
     United Kingdom
     Tel:   [phone]
     Email: [e-mail]
     Email: [e-mail]
     Email: [e-mail]
     Web: www.telsecure.com