Click here to close now.




















Welcome!

News Feed Item

NXT-ID Announces Credit Card Fraud Prevention Initiative "Checkout With Wocket"

Preventing Fraud at the Point of Sale (POS)

SHELTON, CT -- (Marketwired) -- 01/07/14 -- NXT-ID, Inc. (OTCQB: NXTD), a biometrics company focused on the growing mobile commerce market, revealed its "Checkout with Wocket™" initiative today which utilizes patent-pending dynamic pairing technology (DPT) to prevent credit card fraud. The initiative secures all payment card information before, during and after transactions without changing the existing current payment infrastructure.

"2013 was clearly the 'Year of Personal Data Breach.' Target capped off the year with over 40 million credit and debit card account numbers lost to hackers by malware at point of sale terminals," says David Tunnell, CTO of NXT-ID. "Our dynamic pairing technology is built upon the existing systems retailers use today, but with the Wocket™ smart wallet, we can provide a dynamic pairing number for any account, not just a single 'card.'"

NXT-ID believes the problem behind credit card fraud is not the security of the server housing the card numbers but rather, whether or not that data is useful to a hacker. The "Checkout with Wocket™" initiative is built upon the simple principle of making that data useless in the case of a data breach. With this technology, if someone gained access to a credit card number used with a Wocket™ smart wallet, it would not work if sold or used outside of the Wocket™ itself, rendering it completely useless to a hacker.

Various methods such as one-time-passcodes (OTP) and chip-and-pin cards have attempted to improve security in the payment industry. Unfortunately, these approaches were not universal across all payment accounts and methods, and are often very expensive for retailers to support, requiring costly changes to infrastructure for wide-scale adoption. NXT-ID solves this problem by utilizing the Wocket™ smart wallet to generate a dynamic account number that reveals no information about the actual account number, but is "dynamically paired" to a specific account number so that a transaction can take place without uprooting the retailer's existing infrastructure. Since the Wocket™ uses standard magnetic stripe technology on its reprogrammable card, no additional hardware at the retailer level is required.

Unlike previous methods that generate an OTP or PIN for a single card, NXT-ID's smart wallet is unique in that it can generate one or a number of pseudo-random dynamic pairing codes that are correlated and charged to a single valid credit card account. With the Wocket™, card issuers now have a solution to prevent fraud from skimming and data breaches saving millions of dollars each year in fraudulent activity.

Any card number that is intercepted after the charge is useless for performing theft or fraud.

"We are very excited to offer a solution to the payment industry that prevents the rampant loss of private information that is so prevalent in recent news," says Gino Pereira, CEO of NXT-ID. "Dynamic pairing technology gives retailers, banks and credit card companies the opportunity to offer their customers the ability to confidently release their personal information without fear of fraud and without having to modify the current payment process. This is a true innovation for the future of payments."

Dynamic pairing technology compliments NXT-ID's widely anticipated next generation payment and identity protection product -- the Wocket

About The Wocket™

The Wocket™ is a next generation designed to replace all the cards in your wallet without draining your cell phone's battery; no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://thewocket.com/

About NXT- ID Inc. - Mobile Security for a Mobile World: NXT-ID Inc.'s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms. NXT-ID's wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/

Forward-Looking Statements for NXT-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.

Corporate info:
Email Contact

Investor Inquiries:
Kirin Smith
ProActive Capital Group
Direct: 646 863 6519
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...