From the Wires
StrikeForce Signs Partnership Agreement With Durango National Bank Card to Protect Thousands of Online Merchants From Identity Theft
StrikeForce Signs Partnership Agreement With Durango National Bank Card to Protect Thousands of Online Merchants From Identity T
By: Marketwired .
Jul. 14, 2006 03:38 PM
EDISON, NJ -- (MARKET WIRE) -- 07/14/06 -- StrikeForce Technologies (OTCBB: SKFT) and Durango National Bank Card today announced they have entered into a worldwide partnership agreement to protect online merchants and their customers from the threat of Identity Theft. Durango National Bank Card provides services to thousands of merchants whose online commerce sites generate tens of millions of transactions per year.
Durango National Bank Card is offering a combination of StrikeForce's ValidateID(TM) and ProtectID(TM) products to its merchants and processors to help prevent against merchant loss and consumer fraud. StrikeForce's ValidateID(TM) is a secure self-service enrollment product that eliminates the threat of new account fraud by establishing the true identity of the customer before opening the account. StrikeForce's ProtectID(TM) authentication product leverages the easiest and most common devices customers own -- their phone. By tying the customer's identity to a personal device that they already own and have used for years, the customer can take control of their internet purchases and transactions.
"The ability to validate that the person sitting on the other side of the keyboard is who they say they are before submitting a transaction is crucial in preventing new account fraud. Then, having the ability to authorize that transaction is crucial in preventing account takeover. StrikeForce's ability to validate and authenticate a user is the strongest 'ONE-TWO Punch' combination against fraud that we have seen," said Bill Demopolis, Vice President of Durango National Bankcard. "Any merchant or processor that uses this combination has the best opportunity to combat fraudulent transactions. StrikeForce's solutions are light years ahead of any of the other fraud prevention packages we have seen out there and we are requiring that our merchants use this to protect themselves and their customers."
Identity theft and fraud are running rampant in today's society, causing stagnation of online commerce sales for merchants. This is especially true of merchants that would qualify as high risk (jewelry, airline tickets, perishables etc.), and who face the possibility of high chargeback ratios due to the nature of their business, which results in substantial monetary losses. To combat fraud and secure on-line consumer spending, merchants, processors and gateway providers are seeking effective, easy to use security solutions to protect themselves and their consumers. Durango National Bank Card found just the right tools at StrikeForce Technologies.
"We have been contacted by hundreds of companies and many e-commerce service providers whose businesses are under the threat of termination because existing fraud prevention tools, provided by some of the largest organizations, are not strong enough, " said Theodore Svoronos, VP of eCommerce for StrikeForce Technologies. "Tying the consumer to their purchase through a method that they own, their phone, lets them authorize the purchase, and more importantly, lets them deny a transaction at the touch of a button."
The StrikeForce product combination not only effectively helps protect consumers, but also gives the Merchant audit trails necessary for "Know Your Customer" and similar rules and regulations. "Having the ability to review reports that show the consumer authenticating their purchases through their personal devices, such as their cell phone, aids both the merchant and merchant account issuer in fighting chargeback's. This is why merchants have found the StrikeForce solution so compelling," stated Shane Kairalla, President of Durango National Bankcard.
About StrikeForce Technologies
StrikeForce Technologies, a leader in solutions that prevent identity theft, is a company that can protect customers, partners and employees -- in real time against identity fraud. Its total protection solution strengthens companies' defenses against the biggest points of fraud -- when accounts are opened, when they're accessed, when they're modified, and each time there's a new transaction. StrikeForce Technologies is trading on the OTC bulletin board (SKFT) and the company is headquartered in Edison, N.J., and can be reached at www.strikeforcetech.com or (866) 787-4542.
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