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
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...