Digital Wallets, Mobile Payments and Credit-Card Industries Step Up Security Efforts With New Technology Advancements To Stop Online Theft



http://www.marketwatch.com/story/digital-wallets-mobile-payments-and-credit-card-industries-step-up-security-efforts-with-new-technology-advancements-to-stop-online-theft-2014-09-09

Mobile payments & ecommerce technology poised to address growing consumer concerns of cybertheft as tech giants prepare to unveil latest developmental advancements in the smart wallet, credit-card & online payment industries: NXT-ID, Inc. NXTD, -7.89% Apple Inc. AAPL, +1.24% Visa Inc. V, -0.63% Mastercard Inc. MA, -0.13% and eBay Inc. EBAY, -0.34%

NXT-ID, Inc., (otcqb:NXTD) a biometric authentication company focused on the growing m-commerce market, announces the 30 second spots on CNBC for its next generation smart wallet, Wocket™ have been scheduled to air from Sep 6th, to Sep 14th daily in New York markets. The CNBC commercials air during prime-time morning and afternoon programs, averaging four to five spots daily.

See the commercial at:
https://www.youtube.com/watch?v=8kJid_JAbhg.

The commercial tells consumers that Wocket™ “stores your credit cards, your loyalty cards, and your private information; so that only you can use them.”

To read the full NXTD press release, please click here: http://www.financialnewsmedia.com/profiles/nxtd.html

NXT-ID’s CEO Gino Pereira said, “We continue to roll out our ads in selected target markets with our 30 second ads to build brand awareness for Wocket™, which functions completely differently from any other digital wallet on the market currently. Wocket™ creates a personal vault for each consumer protecting their identity on multiple levels and is completely separate from a smartphone. With the rising concern over credit card security and the recent breeches with high profile brands like Home Depot, credit card issuers are accelerating efforts to tokenize transactions by using encryption technologies. Visa and MasterCard are promoting a new security standard called EMV which this encryption standard is based on. Wocket is perfectly placed to be a part of this new push towards encryption with our wocket numbers which provide similar encryption and can be used on existing point of sale terminals. The significance of that is that even retailers that have not yet purchased the new advanced point of sale terminals can benefit from Wocket encryption technologies.”

Apple AAPL, +1.24% is expected to continue its September tradition of the past few years by unveiling the iPhone 6 and a smart watch on Tuesday. The devices reportedly will add mobile payments to compete with companies like Amazon and Square that are using the new technology. The iPhone 6 and smart watch will use near field communication technology to allow users to buy things by scanning their devices on sensors in certain stores like the Apple retail shops, coupled with tokenization that generates a one-time use payment code, according to industry blog Bank Innovation. This combination may boost convenience and decrease fraud, but linking payments with mobile phones also raises privacy concerns. Apple’s addition of a fingerprint scanner to its iPhone 5S last September sparked concern about granting the tech giant greater access to users’ personal information. Read more: http://www.usnews.com/news/articles/2014/09/08/apple-iphone-6-smart-watch-reportedly-will-feature-mobile-payments

Visa V, -0.63% and MasterCard MA, -0.13% are both adopting a new technology called “tokenization” which, according to the Wall Street Journal, “replaces cardholder information such as account numbers and expiration dates with a unique series of numbers that validates the customer’s identity.” With the current credit-card system, merchants store their customers’ account numbers and related information on their own databases. With tokenization, however, a “merchant can conduct a normal transaction without seeing or storing the customer’s account number, expiration date or other information contained on a card. The actual card data is stored by the card issuer or processor in a ‘virtual vault.'” Read more: http://www.consumeraffairs.com/news/credit-card-industry-promises-better-security-in-future-cards-090514.html

Last week, eBay’s EBAY, -0.34% PayPal announced it has begun enabling consumers with the new Samsung Galaxy S5 smartphone to pay at any retailer that accepts PayPal on its mobile commerce web site with just the swipe of a finger. When a Samsung user links her fingerprint to her PayPal account, the Samsung device scans the fingerprint and generates a unique number based on three identifying factors: the fingerprint, the device and an encryption key from PayPal. This unique number is stored in a secure area on the device and provided to PayPal each time a user swipes her finger at a merchant that accepts PayPal. The fingerprint never leaves the device and no biometric data is ever transmitted. Samsung uses biometrics hardware from Synaptics Inc. and biometrics software from Nok Nok Labs Inc. PayPal built in additional security precautions, which it declines to discuss. To read more, please click here: http://www.internetretailer.com/2014/05/05/paypal-enables-fast-mobile-checkout-fingerprint-recognition

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