VerifySmart Signs MOU with Consortium Headed by New York Financial Systems Executive Tony Cinotti
VerifySmart Signs MOU with Consortium Headed by New York Financial Systems Executive Tony Cinotti; JV to Introduce Credit/Debit Card Fraud Technology to the Americas and Europe
(EMAILWIRE.COM, November 17, 2009 ) November 17, 2009, New York, NY - Keros Capital Client, VerifySmart (TM) Corp. (VSMR: OTCBB): ("VerifySmart" or the "Company"), a global leader in secure and fraud free credit/debit card payment processing and transfer services, has signed a Memorandum of Understanding (the "MOU") with New York Financial Systems executive Mr. Tony Cinotti on behalf of a Consortium (the "Consortium") made up of professionals experienced in managing financial services firms across many verticals. The MOU outlines the terms of an Agreement ("the Agreement") between Mr. Cinotti and VerifySmart to form a Joint Venture Company (the "JV Company") to introduce the Company's proprietary suite of fraud prevention and detection technologies to financial institutions, businesses, and economic development groups in North America, South America and Europe.
Under the terms of the MOU, the new JV Company will be based on a 50-50 revenue sharing model, and will, merging VerifySmart's technologies with the Consortium's broad-reaching sphere of influence, create a turnkey fraud loss solutions company based in North America's financial capital. VerifySmart technologies reduced fraud to zero in initial production pilots, and recent beta testing exceeded expectations both in deployment speed and fraud loss.
The Consortium signing comes on the heels of an announcement last week by VerifySmart, that the Company had signed a parallel JV with Indonesian billionaire Mr. Theodore "Teddy" Rachmat, one of Southeast Asia's most influential business leaders and financiers, to introduce VerifySmart technologies to Southeast Asia, Asia and the Middle East.
The Americas and Europe MOU is strategic in that it indicates confidence, by the establishment, of VerifySmart's suite of zero-loss fraud prevention and detection technologies and creates, together with the Asia and Middle East JV, a global network of financial genius working on behalf of the Company to propagate widespread adoption of its suite of PCT approved, patent-pending financial fraud prevention and detection solutions.
"This signing formalizes our belief that VerifySmart will become the global leader in fraud loss solutions. Their fraud prevention and detection solutions, while impenetrable, are genius in their brevity, design, execution and cross-platform compatibility. And, they are based on the most popular of devices, the SMS-enabled mobile handset," says Mr. Cinotti. The Company recently announced an alliance with iMobile Interactive of New Jersey which gives VerifySmart instant consolidated SMS (text message) access to billions of mobile phone customers worldwide. "Suddenly, almost all potential credit/debit card customers are connected by something other than fraud loss risk, they are connected by VerifySmart's SMS-enabled ability to reduce that risk to zero."
The 'SMS-enabled transaction' as it applies to debit/credit card fraud prevention and detection, was conceived by VerifySmart and is protected globally by PCT approvals and pending patents. "We are very excited about the future and plan to move quickly to gain traction in all verticals," says VerifySmart Honorary Chairman Adi Muljo. "This Americas JV, led by Tony Cinotti and his extraordinarily talented and accomplished group is key to our business plan, and very soon we will be opening a New York office to accommodate growth."
About Tony Cinotti
Tony has over 35 years experience in the Financial Industry. He began his career with Kuhn Loeb & Company managing all systems and data center operations. He continued his career with Morgan Stanley and managed Equity and Government Trading as well as Broker Commissions and Management and Planning systems. Upon leaving Morgan Stanley he founded DP Sciences Inc., which provided Management and Systems consulting to the Financial community. The company was contracted to build and manage systems and data centers for various financial clients. DP Sciences was also a service organization processing over 97 % of all Equity IPO's (Initial Public Offerings) for over 30 clients. Tony also owned seats on The New York Futures Exchange and was a registered Floor Broker. He was the co-inventor on two method patents for processing transactions on 3G phones. Tony has a Bachelors degree in Management from Baruch College.
Tony was instrumental in bringing the iMobile Interactive and VerifySmart alliance to fruition. iMobile currently interfaces with almost every phone company in the world.
Understanding the Credit/Debit Card and Transaction Fraud Loss Opportunity
Addressing credit/debit card and online transaction fraud loss is one of the most important issues facing industrialized and developing nations today. The fraud loss numbers, threat to economic security, and acceleration of piracy sophistication are so great that, current and projected loss statistics are difficult to access. It is reported that identity theft and credit card fraud are the fastest-growing categories of US Federal Trade Commission complaints, and that the cost of credit card fraud in the United States is estimated to be US$50 million a day -- a staggering US$18.25 billion a year. In Canada, card fraud costs exceed CAD$8 million per day or $2.9 billion per year.
Currently, the accepted credit/debit card and online transaction fraud detection and prevention solution is the so-called 'Chip and PIN' ("C&P") which originated in the UK in 2004. C&P launched in parts of North America in 2008, but, in spite of high capital costs to implement and high expectations from financial institutions, merchants and consumers, the results have been disappointing at all levels. In 2008 APACS (Association of Payment Clearing Services) reported card-only fraud losses as a percentage of card turnover amounted to 0.12%. Prior to the introduction of C&P, this same statistic was 0.14% -- a mere 0.02% reduction in losses weighed against tens of millions in implementation costs.
VerifySmart's patent pending and PCT approved credit/debit card and online transaction fraud prevention and detection technologies meet the needs of a security challenged transaction processing industry. During alpha and beta testing, fraud loss costs were reduced to zero. At the centre of all VerifySmart solutions, and at the heart of their PCT approved pending patents, is the engagement of the mobile device. More than 4.1 billion mobile devices are currently in use globally.
About VerifySmart
VerifySmart (TM) Corp designed and developed a Proprietary Hardware/Software Solution that solves Credit/Debit Card fraud by using two Factor Authentication. The Company's Core Technology is designed to meet the needs of the Security challenged Trans action Processing Industry. Present day solutions, such as Verified by Visa, Chip and Pin and CVV Code (all which can be compromised) have not reduced payment card fraud by any significant factor. The VerifySmart solution has reduced fraud to zero in initial production pilots. The Company's proven and highly scalable solution is gaining worldwide attention, placing VerifySmart at the forefront of the fraud prevention revolution.
Details of the JV Company and other of VerifySmart's business developments will be released as news develops.
Disclosure: All material herein was prepared by Keros Capital Inc. (Keros) based upon information believed to be reliable. The information contained herein is not guaranteed by Keros to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Keros is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.keroscapital.com or mentioned herein. Keros has been compensated five thousand dollars for this advertising effort. Keros expects to receive additional compensation for future advertising efforts. Keros affiliates, officers, directors and employees may own shares and may buy and sell additional shares of the company mentioned herein and may profit in the event those shares rise in value. Keros will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market. Copyright 2009 by Keros Capital. All rights reserved. This publication or part thereof may not be duplicated or reprinted without the written permission of the Publisher. Facsimile including photocopy(s) is strictly forbidden, except for facsimile correspondence between Keros Capital. If this publication contravenes any securities laws and/or regulations, the securities regulations of the country will prevail. In this event, this publication must be discarded immediately. Anyone not wishing to receive future Keros Capital Investor Reports should email us at opt-out@keroscapital.com
Under the terms of the MOU, the new JV Company will be based on a 50-50 revenue sharing model, and will, merging VerifySmart's technologies with the Consortium's broad-reaching sphere of influence, create a turnkey fraud loss solutions company based in North America's financial capital. VerifySmart technologies reduced fraud to zero in initial production pilots, and recent beta testing exceeded expectations both in deployment speed and fraud loss.
The Consortium signing comes on the heels of an announcement last week by VerifySmart, that the Company had signed a parallel JV with Indonesian billionaire Mr. Theodore "Teddy" Rachmat, one of Southeast Asia's most influential business leaders and financiers, to introduce VerifySmart technologies to Southeast Asia, Asia and the Middle East.
The Americas and Europe MOU is strategic in that it indicates confidence, by the establishment, of VerifySmart's suite of zero-loss fraud prevention and detection technologies and creates, together with the Asia and Middle East JV, a global network of financial genius working on behalf of the Company to propagate widespread adoption of its suite of PCT approved, patent-pending financial fraud prevention and detection solutions.
"This signing formalizes our belief that VerifySmart will become the global leader in fraud loss solutions. Their fraud prevention and detection solutions, while impenetrable, are genius in their brevity, design, execution and cross-platform compatibility. And, they are based on the most popular of devices, the SMS-enabled mobile handset," says Mr. Cinotti. The Company recently announced an alliance with iMobile Interactive of New Jersey which gives VerifySmart instant consolidated SMS (text message) access to billions of mobile phone customers worldwide. "Suddenly, almost all potential credit/debit card customers are connected by something other than fraud loss risk, they are connected by VerifySmart's SMS-enabled ability to reduce that risk to zero."
The 'SMS-enabled transaction' as it applies to debit/credit card fraud prevention and detection, was conceived by VerifySmart and is protected globally by PCT approvals and pending patents. "We are very excited about the future and plan to move quickly to gain traction in all verticals," says VerifySmart Honorary Chairman Adi Muljo. "This Americas JV, led by Tony Cinotti and his extraordinarily talented and accomplished group is key to our business plan, and very soon we will be opening a New York office to accommodate growth."
About Tony Cinotti
Tony has over 35 years experience in the Financial Industry. He began his career with Kuhn Loeb & Company managing all systems and data center operations. He continued his career with Morgan Stanley and managed Equity and Government Trading as well as Broker Commissions and Management and Planning systems. Upon leaving Morgan Stanley he founded DP Sciences Inc., which provided Management and Systems consulting to the Financial community. The company was contracted to build and manage systems and data centers for various financial clients. DP Sciences was also a service organization processing over 97 % of all Equity IPO's (Initial Public Offerings) for over 30 clients. Tony also owned seats on The New York Futures Exchange and was a registered Floor Broker. He was the co-inventor on two method patents for processing transactions on 3G phones. Tony has a Bachelors degree in Management from Baruch College.
Tony was instrumental in bringing the iMobile Interactive and VerifySmart alliance to fruition. iMobile currently interfaces with almost every phone company in the world.
Understanding the Credit/Debit Card and Transaction Fraud Loss Opportunity
Addressing credit/debit card and online transaction fraud loss is one of the most important issues facing industrialized and developing nations today. The fraud loss numbers, threat to economic security, and acceleration of piracy sophistication are so great that, current and projected loss statistics are difficult to access. It is reported that identity theft and credit card fraud are the fastest-growing categories of US Federal Trade Commission complaints, and that the cost of credit card fraud in the United States is estimated to be US$50 million a day -- a staggering US$18.25 billion a year. In Canada, card fraud costs exceed CAD$8 million per day or $2.9 billion per year.
Currently, the accepted credit/debit card and online transaction fraud detection and prevention solution is the so-called 'Chip and PIN' ("C&P") which originated in the UK in 2004. C&P launched in parts of North America in 2008, but, in spite of high capital costs to implement and high expectations from financial institutions, merchants and consumers, the results have been disappointing at all levels. In 2008 APACS (Association of Payment Clearing Services) reported card-only fraud losses as a percentage of card turnover amounted to 0.12%. Prior to the introduction of C&P, this same statistic was 0.14% -- a mere 0.02% reduction in losses weighed against tens of millions in implementation costs.
VerifySmart's patent pending and PCT approved credit/debit card and online transaction fraud prevention and detection technologies meet the needs of a security challenged transaction processing industry. During alpha and beta testing, fraud loss costs were reduced to zero. At the centre of all VerifySmart solutions, and at the heart of their PCT approved pending patents, is the engagement of the mobile device. More than 4.1 billion mobile devices are currently in use globally.
About VerifySmart
VerifySmart (TM) Corp designed and developed a Proprietary Hardware/Software Solution that solves Credit/Debit Card fraud by using two Factor Authentication. The Company's Core Technology is designed to meet the needs of the Security challenged Trans action Processing Industry. Present day solutions, such as Verified by Visa, Chip and Pin and CVV Code (all which can be compromised) have not reduced payment card fraud by any significant factor. The VerifySmart solution has reduced fraud to zero in initial production pilots. The Company's proven and highly scalable solution is gaining worldwide attention, placing VerifySmart at the forefront of the fraud prevention revolution.
Details of the JV Company and other of VerifySmart's business developments will be released as news develops.
Disclosure: All material herein was prepared by Keros Capital Inc. (Keros) based upon information believed to be reliable. The information contained herein is not guaranteed by Keros to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Keros is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.keroscapital.com or mentioned herein. Keros has been compensated five thousand dollars for this advertising effort. Keros expects to receive additional compensation for future advertising efforts. Keros affiliates, officers, directors and employees may own shares and may buy and sell additional shares of the company mentioned herein and may profit in the event those shares rise in value. Keros will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market. Copyright 2009 by Keros Capital. All rights reserved. This publication or part thereof may not be duplicated or reprinted without the written permission of the Publisher. Facsimile including photocopy(s) is strictly forbidden, except for facsimile correspondence between Keros Capital. If this publication contravenes any securities laws and/or regulations, the securities regulations of the country will prevail. In this event, this publication must be discarded immediately. Anyone not wishing to receive future Keros Capital Investor Reports should email us at opt-out@keroscapital.com
Contact Information:
VerifySmart Corp.
Jim Mav
Tel: 908-464-1747
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
VerifySmart Corp.
Jim Mav
Tel: 908-464-1747
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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