Orbiscom News
Millions of Consumers Are Taking Control Over Risk From Identity Theft With a Free Online Secure Payment Service From Orbiscom
More than 60 percent of credit cards and online payment systems offer the Orbiscom service today, including via ShopSafe from Bank of America, Virtual Account Numbers from Citibank and Secure Online Account Numbers from Discover. For PayPal's Secure Card service powered by Orbiscom, there is an added bonus. The one-time account numbers generated by Orbiscom allow PayPal users to make purchases online at any merchant that accepts MasterCard and also provide for automatic capture and storage of electronic copies of the shopping receipt. Consumers can enroll themselves in any of these services at no cost and in just a few simple clicks.
The product is simple. Once enrolled, consumers log onto their account and a browser-based or downloadable desktop application generates a temporary credit card number linked to their real account that is used on a merchant's payment form. This number expires after one use, a few days, or after a specified spending limit is reached, based on the choice of the user. The service also allows consumers to generate a new number for each purchase, or create a unique number for each retailer, for greater convenience when frequently shopping at the same site. With this product, Orbiscom is eliminating the need for the credit card holder to enter their financial information online, preventing exposure of the card account information to the merchant and other unauthorized persons. If breached, risk is contained and the number is easily terminated, preventing fraudsters from ever reaching the consumer's actual card account information or from using the number to make future illegal purchases.
Additional advanced options from this free service are designed to help consumers be more responsible with their online shopping. Consumers can use the service to pre-set spending limits on the type, number or value of transactions authorized. When limits are met, the transactions are declined by the bank in advance. Likewise, this advanced payment authorization can be used by businesses to cut down on non-approved spending on company credit cards before it happens.
"By fronting a different number that is linked to their actual credit card number, consumers can rest assured that their confidential financial information will not be stolen from a vendor's database or accidentally revealed by the vendor," said
Impact of Online and Credit Card Fraud is Far Reaching
A recent industry analyst research report by Jupiter Research found that consumers value payment security and payment choice more than rewards when making purchases online. According to the research, when consumers are confronted with two merchants who offer the same product at the same price, the two most influential factors when choosing where to buy are payment security and payment choice. In fact, more than half of the survey respondents consider the security of their financial information as the deciding factor when they make purchases. An additional two thirds of shoppers feel more secure when they don't have to enter financial information at all, even at merchant Web sites they trust*.
Many card holders also feel protected because of government liability limits. Under federal law, credit-card customers are responsible for only
To date, the Orbiscom service has helped protect billions of dollars in electronic commerce from Internet fraud. Last year alone Internet fraud accounted for nearly
About Orbiscom
Orbiscom is a provider of enhanced secure payment solutions to global financial institutions, offering innovative products for consumer and commercial credit cards and alternative payment systems. Its patented Controlled Payment Number technology helps its customers offer a safer, more convenient and secure experience to their consumers using bank-issued credit cards and online payment systems for conducting transactions over the phone or internet. Orbiscom's solutions leverage existing card processing systems to drive more transactions onto the card networks, without the need for merchants and card associations to change point-of-sale systems. Consumers wary of exposing their credit card or financial information online can conduct transactions with confidence, knowing they have the added convenience, control and transaction protection afforded by Orbiscom. The Company's customers include many of the largest financial institutions in
* Jupiter Research,
SOURCE Orbiscom
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