eMarketer estimates that Google's Android operating system will be installed on 37% of US smartphones by the end of this year, up 13 points from 2010. This will put Apple in a distant second place and other platforms even further behind.
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Wednesday, September 14, 2011
Android Surpasses Smartphone Share from Blackberry to Beat iPhone
LML Enters Settlement and License Agreements with Capital One and Wells Fargo
Source: LML Payment Systems Inc. Date: September 14, 2011 09:30 ET | |||
LML Settles Litigation With Capital One | |||
VANCOUVER, British Columbia, Sept. 14, 2011 (GLOBE NEWSWIRE) -- LML Patent Corp. ("LML"), a wholly-owned, indirect subsidiary of LML Payment Systems Inc. (the "Corporation") (Nasdaq:LMLP) announced today that it has entered into a Settlement and License Agreement with Capital One National Association and Capital One Services LLC (collectively, "Capital One") (the "Agreement") with respect to litigation filed by LML in the U.S. District Court for the Eastern District of Texas alleging that Capital One infringed U.S. Patent No. RE40,220. Capital One paid $2,900,000 in connection with the Agreement.
The terms of the Agreement provide Capital One with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC", "WEB", "POP", "TEL" and "BOC".
Licensing Terminology
Here is a list of terms commonly used within the licensing industry.
Advance: An upfront payment from the licensee to the licensor (part of the guarantee) normally paid on signature of contract.
Brand Extension: Taking the core equities and name of a branded product and transfering them to a different product in the same market sector.
Copyright: The right to copy or reproduce. Originally set up to protect the copying of literacy, dramatic, musical or artistic work, copyright concerns protecting the expression of an idea, rather than the idea itself. Normally lies with the creator of the work.
Counterfeit: ‘Fake’ products or services that replicate or mimick the originals in design and look.
Distribution channel: the types of sales outlets or avenues through which the licensed product or service will be sold. They may include retail outlets such as department or specialist stores, tv or on-line shopping networks, third party advisors or associated groups and direct response mechanisms such as direct mail or catalogues.
Guarantee: A minimum fee or level of remuneration that has to be paid by the licensee to the licensor, irrelevant of product or service sales.
Infringement: Usually the breach or contravention of an entity’s rights. This may include counterfeit products, unauthorised usage or reproduction of properties.
Licensee: The manufacturer or distributor of a product or service that has purchased use of a license to sell products to retailers. Major retailers can also be licensees as they often sign license agreements directly with licensors.
Licensed product: A product that incorporates a licensed property.
Licensed territory: The geographic region in which the license can be used.
Licensor: The owner of the licensed property or brand. E.g. Bugs Bunny is owned by Warner Bros, so Warner Bros is the licensor of Bugs Bunny.
Licensing Agent: A company or individual that handles the licensing rights on behalf of a licensor. A typical contract with an agent may run for 3 to 5 years covering either single or multiple territories.
Passing off: UK colloquial for ‘unfair competition’. Usually the use of similar marks or visualisation that mimicks or causes confusion with another established or protected product.
Product liability insurance: Insurance against prosecution in the event of the misperformance and subsequent damages caused by the use of a product.
Property (or Intellectual Property): The term for the brands or items that are licensed. These may be in the form of a brand name or logo, likeness, character, artwork, design, sporting or other event, personality or phrase.
Point of sale material: Promotional or other literature and communication tools in or around the retail outlet or environment.
Qualitative research: A type of research that involves seeking in depth information about a subject, often looking at attitudes, perceptions and usage behaviour. Normally conducted with small groups of people.
Quantitative research: A type of research that seeks to quantify (support with numbers) opinions, assumptions or behaviour. Methodologies may include questionnaires, telephone or other polls.
Retailer: The organisation or outlet that sells the product or service to the trade or end consumer.
Royalty: The remuneration paid by the licensee to the licensor for use of the licensed property. Normally in the format of an agreed percentage on sales and payable quarterly.
Sub licensee: Additonal licensee(manufacturer/supplier)appointed by the principal licensee.
Support companies: Organisations or individuals that provide services to the licensing industry, which may include: lawyers, accountants, promotions agencies, designers and consultants.
Trademark: “any sign capable of being represented graphically, which is capable of distinguishing goods or services of one undertaking from another” UK Trade Marks Act 1994
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NXP's NFC Solution Supports Windows 8
September 13, 2011 15:15 ET
NXP Supplies NFC Solution for Windows 8-Based Tablets at BUILD
EINDHOVEN, NETHERLANDS and ANAHEIM, CA--(Marketwire - Sep 13, 2011) - NXP Semiconductors N.V. (NASDAQ : NXPI) today announced that its PN544 Near Field Communication (NFC) radio controller will support Windows 8. NXP worked closely with Microsoft to develop a NFC driver for Windows 8, enabling a variety of use cases that are triggered by close proximity or a "tap." NXP also confirms that it is supplying the NFC solution on the Windows 8-based tablets distributed at the Microsoft BUILD conference, taking place between September 13 - 16, 2011 in Anaheim, California.
NFC technology offers a high level of convenience and through simple touch gestures allows various devices, such as tablets, notebooks, PCs, smartphones and other computing devices, to easily interact with each other or with passive devices, such as tags, labels and posters. The "Tap to pair/ Tap to share" and other use cases available with Windows 8 include device/accessory pairing, in which one can tap to pair with Bluetooth headset or speaker for example, and ease of data sharing between devices. NFC can also be used to transfer control from one device to another, such as to initiate a transfer of a video call from a tablet to another NFC-enabled device. NFC has the unique capability to link the physical world with the Cloud, enabling the tablet to interact with smart posters and other devices equipped with a NFC tag.
Developers and computing equipment manufacturers can take advantage of NFC support for Windows 8 to offer a wide variety of consumer and enterprise use cases such as offering promotions, coupons, and discount codes via NFC tags and posters; bringing physical touch points to online social networking for enhanced check-in experience; perform surveys and brand reviews; add NFC-enabled tokens to unlock or enhance a gaming experience; and, enable content delivery in document, audio or video format.
"We chose to work with NXP's NFC solution because they are a proven technology leader in near field communication," said Aidan Marcuss, senior director of Windows product management, Microsoft Corp. "NXP has a deep understanding of NFC and we are working with them to deliver the right hardware, software and support to bring this technology to our partners, developers, and ultimately the consumer."
"NFC support for Windows 8 is a significant step in the roll out of this game-changing technology and truly signifies that the time of NFC is now," said Ruediger Stroh, executive vice president and general manager, Identification Business, NXP Semiconductors. "NFC offers consumers an unprecedented user experience and we are very excited to be working with Microsoft to offer NFC for Windows 8."
NFC is a market proven technology co-invented by NXP in 2002. In 2004 NXP co-founded the NFC Forum to lead the collaboration with all industry stakeholders and help standardize the technology. NFC technology evolved from a combination of contactless identification (RFID) and interconnection technologies. Ranked as the number one contactless IC vendor by ABI Research for three years in a row, NXP is the global leader in NFC solutions, field proven in over 150 NFC trials and landmark commercial deployments worldwide.
Links
- NXP portfolio for NFC
- Microsoft BUILD Conference
- NXP PN544 Product Sheet
- Additional information on near field communication (NFC)
About NXP SemiconductorsNXP Semiconductors N.V. (NASDAQ : NXPI) provides High Performance Mixed Signal and Standard Product solutions that leverage its leading RF, Analog, Power Management, Interface, Security and Digital Processing expertise. These innovations are used in a wide range of automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer and computing applications. A global semiconductor company with operations in more than 25 countries, NXP posted revenue of $4.4 billion in 2010. For more information visit www.nxp.com.
Smart Card Alliance to Host EMV Webinar for U.S. Merchants and Acquirers
September 13, 2011 10:10 ET
PRINCETON JUNCTION, NJ--(Marketwire - Sep 13, 2011) - Merchants and acquirers wanting to learn about EMV chip migration in the United States should attend the upcoming Smart Card Alliance educational webinar, where speakers from Datacard Group, MasterCard Worldwide, Moneris, and Visa Inc. will answer their most pressing questions.
The free webinar, "EMV for Merchants and Acquirers: U.S. Migration Considerations," will be held on October 6, 2011 at 1:00 P.M. ET/10:00 A.M. PT. To register, visit the Smart Card Alliancewebsite, or https://www1.gotomeeting.com/register/313190192.
"Visa's recently announced plans to accelerate EMV chip migration and mobile payments acceptance change the U.S. payments landscape, leaving merchants and acquirers with questions about how the news affects them and their business," said Randy Vanderhoof, executive director of the Smart Card Alliance. "We have built a webinar agenda specifically for this audience to provide a primer on EMV, outline the steps that merchants and acquirers will need to take to support EMV, and provide guidance on how to start migration planning."
Webinar speakers Guy Berg, Datacard Group; Simon Hurry, Visa Inc.; Oliver Manahan, MasterCard Worldwide; Amer Matar, Moneris; and Randy Vanderhoof, Smart Card Alliance; will cover the following topics:
- Global EMV deployment and results
- Business drivers for U.S. migration to EMV and key choices in EMV implementation
- EMV 101: How do EMV payment processes differ from magnetic stripe transactions; what are issuer EMV options and their implications for card acceptance; what are key considerations for EMV implementation
- Overview of Visa U.S. migration approach and next steps for merchants and acquirers
- Acquirer and merchant lessons learned from Canadian EMV
More information on EMV can be found on the EMV Resources area of the Smart Card Alliance website.
About the Smart Card AllianceThe Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology.
Through specific projects such as education programs, market research, advocacy, industry relations and open forums, the Alliance keeps its members connected to industry leaders and innovative thought. The Alliance is the single industry voice for smart cards, leading industry discussion on the impact and value of smart cards in the U.S. and Latin America. For more information please visit http://www.smartcardalliance.org.
STMicroelectronics Enables Near-Field Communication Connectivity Support for Windows 8
Work on Microsoft Platform ensures compatibility of ST's NFC technology with Windows 8-based PCs and tablets
GENEVA, Sept. 14, 2011 /PRNewswire/ -- STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications and a leading supplier of NFC (Near-Field Communication) devices for mobile and portable applications, has worked with Microsoft to enable ST's NFC solution support for the upcoming Windows 8 operating system. ST will demonstrate its NFC solution at the Microsoft BUILD conference, September 13-16, 2011 in Anaheim, CA.
ST is enabling NFC connectivity in future Windows 8-based devices facilitating new types of short-range, security-enhanced and convenient communication among all these devices. Running on Windows 8, ST's ST21NFCA NFC router can provide Reader/Writer, Peer-to-Peer and Card Emulation communication modes, as well as I2C and SPI connectivity to the host processor and several connections to optional Secure Elements.
"As an early supporter of Windows 8, ST has a unique opportunity to enable plug-and-play NFC features on upcoming Windows 8-based tablets and PCs," said Marie-France Florentin, General Manager, Secure Microcontrollers Division at STMicroelectronics. "With the NFC support for Windows 8, end users will enjoy new and convenient ways of interacting and sharing data with their peers."
ST's offering integrates all the necessary hardware and software for a complete NFC system, supporting all existing contactless standards for proximity and vicinity. The main components are the NFC router (ST21NFCA) with associated software, Secure Elements (the ST33 family), NFC forum tags(1), and dual-interface EEPROM solutions.
About STMicroelectronics
STMicroelectronics is a global leader serving customers across the spectrum of electronics applications with innovative semiconductor solutions. ST aims to be the undisputed leader in multimedia convergence and power applications leveraging its vast array of technologies, design expertise and combination of intellectual property portfolio, strategic partnerships and manufacturing strength. In 2010, the Company's net revenues were $10.35 billion. Further information on ST can be found atwww.st.com.
(1) specific types of contactless cards or tags, as defined and standardized by the NFC Forum, that can be read by any NFC device
SOURCE STMicroelectronics
Payment Processing, Inc. Ranks on Inc. 5000 List for Fourth Consecutive Year
Innovative technology products, business applications and developer solutions contribute to listing
NEWARK, Calif., Sept. 13, 2011 /PRNewswire/ -- Payment Processing, Inc. (PPI), the industry leader for integrated payments solutions, has again been named to the Inc. 5000 list of the nation's fastest growing privately held companies. Through new product development, improved customer service and continued channel partner growth, PPI has shown growth of 62% since 2007.
"Now, more than ever, we depend on Inc. 5000 companies to spur innovation, provide jobs, and drive the economy forward. Growth companies, not large corporations, are where the action is," says Inc. magazine Editor Jane Berentson.
"PPI's latest innovations – including the rollout of the PayPros Innovo technology platform and the PayPros SecurePlus encrypted solution – are prime examples of the innovation driving the growth leading to our ranking on the Inc. 5000 list of fastest growing private companies," comments Eddie Myers, president of Payment Processing, Inc. "The Inc. 5000 is a tangible result of contributions made by our software developer partners, businesses processing with us, and our staff."
Delivering on the promise, 'Software differentiation through payment innovation,' PPI provides software developers with a full range of services for integrating electronic credit and debit card payments. PayPros SecurePlus is an innovative package of solutions for software application developers to go-to-market with secure applications exceeding PCI compliance standards. The company's proprietary PayPros Innovo platform can be integrated with virtually any business application.
The 2011 Inc. 5000 is ranked according to percentage revenue growth when comparing 2007 to 2010. To qualify, companies must have been founded and generating revenue by March 31, 2007. Additionally, they had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2010.
About Inc. Magazine
Founded in 1979, Inc. is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today's innovative company builders. With a total paid circulation of 710,106, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology. Visit us online at www.inc.com.
About Payment Processing, Inc.
Since 1995, PPI has been partnering with software developers and their customers, delivering nothing less than robust, stable, fully supported and profitable integrated payment solutions. In 2010, PPI processed in excess of $6.5 billion in Visa® and MasterCard® payments. We provide developers with a full range of in-house services for building and promoting integrated payment solutions, including PPI-developed hosted payment services, integration support, customer support, marketing assistance and PA-DSS/PCI DSS security services. It's why more than 1,600 partners and 50,000 businesses have selected Payment Processing, Inc. as their dedicated payment professionals. Learn more at www.paypros.com.
Visa Inc. and U.S. Hispanic Chamber of Commerce Boost Small Businesses with Extended Partnership
Joint Effort Delivers Tools for Success to the Nation's Growing Ranks of Hispanic-Owned Merchants
SAN FRANCISCO, Sept. 14, 2011 /PRNewswire/ -- Visa Inc. (NYSE: V) and the United States Hispanic Chamber of Commerce (USHCC) today announced a three-year extension of their partnership that provides Hispanic-owned merchants with customized access to Visa's suite of small business solutions, including an array of tools to help them improve cash flow, manage payment acceptance costs, streamline operations and grow their businesses.
The extension builds on the partnership's success to date, with Hispanic-owned merchants throughout the U.S. actively taking advantage of Visa's tools and educational resources that enable this fast-growing sector of the U.S. economy to grow even more.
To mark this partnership renewal, Visa has become a primary sponsor of the 2011 USHCC Convention & Business Expo, the largest gathering of Hispanic business leaders in the U.S., to be held September 18-21 in Miami Beach, FL.
"We are delighted to continue and grow our partnership with Visa, the global benchmark in card acceptance and strategic ally for our organization, our members and all small businesses," said Javier Palomarez, President and CEO of the U. S. Hispanic Chamber of Commerce. "Visa understands the power of the Hispanic entrepreneur, and is investing wisely in the infrastructure of local chambers that support this engine of economic recovery in American communities," added Palomarez.
Hispanic-owned firms are an increasingly vital source of jobs and economic growth in the U.S. Their numbers grew by nearly 44 percent between 2002 and 2007, to 2.3 million. That was more than double the national growth rate of 18 percent, according to the U.S. Census Bureau. During this same period, Hispanic-owned firms far outpaced the growth of non-minority-owned firms in terms of gross receipts as well as number of employees and firms.(1)
Visa remains focused on expanding the acceptance of Visa's diverse suite of credit and debit products by Hispanic-owned merchants. Accepting Visa provides numerous benefits, including guaranteed payment, the potential for increased sales, enhanced record keeping and faster checkout times.
Visa's partnership with the USHCC provides the tools and opportunities to help small businesses grow. The resources include:
- Visa Business Network (VBN), a dedicated community available through Facebook that provides small business owners exclusive access to networking opportunities with other businesses and trusted advisors, small-business news feeds, videos, blogs and editorial commentary about issues such as cash flow management and new ways to attract customers.
- Visa's comprehensive online self-help business education content, including podcasts, interactive workbooks and workshops on topics such as managing and building a business.
- Tailored cash flow management workbooks and complimentary point of sale signage.
The USHCC and Visa will also continue to work together to develop acceptance solutions for USHCC merchants to ensure that they have access to best-available interchange rates.
"Hispanic-owned businesses are important contributors to the health and growth of our economy, and Visa is proud to be a strong USHCC partner in the effort to help ensure that these small businesses have every opportunity to succeed," said William M. Sheedy, Group President, Americas, Visa Inc. "By extending the benefits of digital currency to their members, we look forward to continuing our successful relationship with the USHCC – a leading voice for millions of Hispanic business owners throughout the country."
More information about the Visa/USHCC partnership can be found at: www.ushcc.com/visa.
About Visa
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.
About the United States Hispanic Chamber of Commerce
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that combined generate in excess of$400 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers in the United States and Puerto Rico. For more information, visit www.ushcc.com.
Founded in 1979, the USHCC actively promotes the economic growth and development of Hispanic entrepreneurs and represents the interests of nearly 3 million Hispanic-owned businesses in the United States that combined generate in excess of$400 billion annually. It also serves as the umbrella organization for more than 200 local Hispanic chambers in the United States and Puerto Rico. For more information, visit www.ushcc.com.
About the 32nd Annual National Convention & Business Expo
The 32nd Annual National Convention & Business Expo is the largest gathering of Hispanic business leaders in America. Join the USHCC, Fortune 500 companies, Hispanic Business Enterprises (HBEs) and local Chambers of Commerce in Miami to connect, strategize and grow. The National Convention takes place September 18th – 21st at the Fontainebleau Hotel in Miami Beach. For more information about the Convention, please visit www.ushcc.com/convention.
The 32nd Annual National Convention & Business Expo is the largest gathering of Hispanic business leaders in America. Join the USHCC, Fortune 500 companies, Hispanic Business Enterprises (HBEs) and local Chambers of Commerce in Miami to connect, strategize and grow. The National Convention takes place September 18th – 21st at the Fontainebleau Hotel in Miami Beach. For more information about the Convention, please visit www.ushcc.com/convention.
(1) MBDA & U.S. Census Bureau: www.mbda.gov/pressroom/press-releases/commerce-department-report-shows-hispanic-owned-businesses-are-growing-creating-jobs
SOURCE Visa Inc.
BillShrink(s) Its Name to Truaxis
Truaxis, parent company of StatementRewards and BillShrink.com, delivers the industry's most comprehensive data-driven personalization services platform to financial institutions, merchants and their customers
REDWOOD CITY, Calif., Sept. 14, 2011 /PRNewswire/ -- Today, the company behind the financial technology innovationStatementRewards and the popular money-saving search engine BillShrink.com, announces its new corporate name Truaxis (www.truaxis.com). The new Truaxis name reflects the company's expanded service offerings, including its ability to intelligently and securely use transaction data sets to enhance relationships between financial institutions, businesses, merchants and their customers.
"Since launching StatementRewards in October 2010, our platform has evolved to encompass many more personalized services, growing beyond the initial bill analysis," said Schwark Satyavolu, co-founder and CEO of Truaxis. "Through the online bank environment, we help consumers find greater value in their relationships with their financial institutions and their favorite retailers. Truaxis has a unique ability to work with both financial institutions and businesses to deliver a wide range of innovative personalization services through our award-winning StatementRewards platform and other forthcoming breakthrough products."
StatementRewards leverages Truaxis' deep roots in banking and technology to offer rich data-driven personalization services that transform any financial institutions' credit, debit or prepaid cards into a master loyalty card, enhanced with merchant rewards and discounts across multiple banking channels. The platform leverages transactional data to generate personalized and real-time rewards that help banks and merchants build positive relationships with their customers. Integrated social and mobile features complement the offering and drive new customer acquisitions.
- Used as a powerful customer retention tool, StatementRewards helps financial institutions increase loyalty, card spend and top-of-wallet card usage.
- With geo-mobile features and a unified loyalty program, StatementRewards enables merchants to more easily reach and reward valued customers to build lasting relationships.
- Driving personalized services off of bank customers' transaction information—securely, and without the use of personally identifiable information—StatementRewards identifies relevant rewards and value added services from an individual's favorite merchants.
- For bank customers, StatementRewards is a free, convenient service that takes the guesswork out of traditional loyalty programs. With geo-location features, monthly bill analysis, merchant-level spend summaries, social benchmarking and other personalization services, the platform helps customers save money and fosters loyalty with their banks and favorite merchants.
StatementRewards Now Available to More Than Eight Million Bank Customers
Truaxis recently announced that Jack Henry & Associates, Inc., a leading provider of technology solutions and payment processing solutions primarily for the financial services industry, has integrated StatementRewards into its technology offering. Through this partnership, StatementRewards is now live on the bank statements of more than eight million customers across 2,500 banks and credit unions.
About Truaxis
Truaxis (formerly known as BillShrink), the company behind StatementRewards and BillShrink.com, is working with the country's leading financial institutions and merchants to deliver the market's most comprehensive data-driven personalization services platform.
Launched in October 2010, Truaxis' StatementRewards platform leverages sophisticated analytics and matching capabilities to deliver a broad spectrum of data-driven services, including in-statement loyalty rewards that transform the relationships between banks and merchants, help better serve their customers and build brand loyalty. StatementRewards uses secure matching technology and anonymous user transaction data to pair users with personalized merchant offers, as well as powering other rich features like a unified loyalty card and mobile and social rewards.
Truaxis' free consumer site, BillShrink.com, has helped 1.6 million Americans find potential savings of more than $1 billion by delivering personalized money-saving recommendations on their most common household bills. In an era when eight out of 10 people overpay on their everyday bills, BillShrink.com sorts through millions of products and services – a billion cable and satellite packages, 10 million cell phone plan combinations, and 150,000 gas stations – to provide unbiased recommendations so users can get exactly what they need at the best price.
Truaxis' award-winning technologies have been recognized twice by Finovate as a "Best in Show" and have received accolades from The New York Times, American Banker, Consumer Reports, Forbes, The Today Show, CNN, FOX, ABC and CBS, among others. Truaxis is headquartered in Redwood City, California. For more information, please visit www.truaxis.com.
SOURCE Truaxis
“No Proof of Identity” and “Contactless” Elements Make the Future Brighter for Criminals
September 14, 2011 09:37 AM Eastern Daylight Time
‘Electronic Pickpocketing’ Threat Worsened by Credit Card Industry Plan to Issue 1 Billion Contactless Payment Cards, According to Identity Stronghold
TAMPA, Fla.--(BUSINESS WIRE)--An ongoing effort by credit card companies to issue 1 billion radio frequency identification chip-enabled contactless cards by 2016 will dramatically increase the public’s susceptibility to identity and financial theft from electronic pickpocketing, Identity Stronghold announced today.
“We now know the industry is moving toward one billion contactless payment cards by 2016, and that’s a scary prospect for the public, considering the serious security flaws in these cards that remain easily exploitable and inexplicably unaddressed”
“We now know the industry is moving toward one billion contactless payment cards by 2016, and that’s a scary prospect for the public, considering the serious security flaws in these cards that remain easily exploitable and inexplicably unaddressed,” said Walt Augustinowicz, founder and CEO of Identity Stronghold.
Augustinowicz, who has interviewed with more than 60 radio and television outlets throughout the U.S., Canada, England and Australia, has demonstrated the threat and ease of “electronic pickpocketing” for each of them in an effort to get the credit card companies to be more honest with card holders.
“It’s very apparent that contactless cards are being pushed onto the cardholder without proper notification of the security risks, to include what preventative measures can be taken to avoid being electronically pickpocketed,” added Augustinowicz.
Credit and debit cards are not the only current contactless payment platforms. The new smart phones and ‘wearable wallets’ will each launch with various contactless payment technologies that high-tech thieves can remotely exploit without even touching their unsuspecting victims.
“I’ve also learned that the new cards issued by High Street’s Barclays, its market-leading Barclaycard brand, MBNA (Bank of America), and Virgin Money now implement contactless models, with no proof of identity needed for certain transactions, creating an electronic pickpocketers’ dream scenario,” warned Augustinowicz.
In the study conducted by viaForensics, 25 percent of the mobile banking programs analyzed received a "fail" rating. In the majority of cases, failures occurred due to the tester’s ability to recover a password or other sensitive data from a user's mobile device.
“Given what we know and continue to share with the media regarding Visa’s engineer warning of security glitches, continuing to push these products and others like it onto the cardholders, especially under the guise of convenience, is quite egregious,” Augustinowicz said.
The following video links connect to recent news stories about electronic pickpocketing:
Electronic Pickpocketing (Over 13M views)
Inside Edition Investigates Electronic Pickpocketing
About Identity Stronghold
Identity Stronghold is the leading provider of RFID security sleeves and badge holders to the U.S. government, and offers a full line of consumer products from card and badge holders, to purses and wallets. Identity Stronghold recognized the need for privacy protection for RFID chipped items and created a new industry in RFID shielding protection in 2005. Identity Stronghold Secure Bageholders® and Secure Sleeves® are listed on the GSA FIPS 201 approved products list to meet the requirements of preventing the reading of contactless RFID chips.
Visit them at http://www.idstronghold.com/
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