Click here to close now.

SYS-CON MEDIA Authors: Lori MacVittie, Liz McMillan, Carmen Gonzalez, Peter Silva, Glenn Rossman

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
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
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, will answer that question citing examples, showing how to create opportunities f...
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core...
Skytap Inc., has appointed David Frost as vice president of professional services. David joins Skytap from Deloitte Consulting where he served as Managing Director leading SAP, Cloud, and Advanced Technology Services. At Skytap, David will head the company's professional services organization, and spearhead a new consulting practice that will guide IT organizations through the adoption of DevOps best practices. David's appointment comes on the heels of Skytap's recent $35 million Series D fundin...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
Docker has acquired software-defined networking (SDN) startup SocketPlane. SocketPlane, which was founded in Q4, 2014, with a vision of delivering Docker-native networking, has been an active participant in shaping the initial efforts around Docker’s open API for networking. The explicit focus of the SocketPlane team within Docker will be on collaborating with the partner community to complete a rich set of networking APIs that addresses the needs of application developers and network and system...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile ...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...