For Immediate Release
PASSGATE'S UNIQUE ONLINE ANTI-FRAUD SOLUTION RECEIVES U.S. PATENT
NEW YORK January 3rd, 2005 PassGate Corporation has been granted a U.S. patent for its innovative Dormant E-Card Payment solution, the only platform of its kind for secure online shopping transactions via credit and debit cards.
The United States patent complements those patents already awarded in Europe and Asia, thus securing the rights for the PassGate solution within the worlds largest online shopping markets.
We are very pleased to be awarded the U.S. patent for our dormant e-credit card, as e-commerce is a new field and the patent review process is very rigorous. Our PassGate solution will increase online shopping by reducing fraud and, at the same time, be simple for the consumer to use said Daniel Fung, Chief Executive Officer of PassGate Corporation.
E-commerce has been plagued by numerous cases of stolen identities and credit/debit card numbers. According to recent 3rd party surveys, the increased publicity about identity theft has heightened consumer concerns. Over the past four years, banks and credit/debit card issuers have been working on various anti-fraud and identity theft solutions; password software, disposable numbers, smart cards, MasterCard (SecureCode) and Visa (Verified by Visa), to name few. While these have been undisputed improvements, these first generation solutions do not sufficiently address or remove the various hurdles a consumer faces when purchasing goods over the Internet. These hurdles include: identity theft, credit card theft, software download, website compatibility, merchant requirements, accessibility, hardware requirements, and ease of use by consumers.
The PassGate solution resolves all the adoption challenges presented by the first generation technology, while enhancing protection against the theft of identities and valuable, personal information.
PassGates second generation solution integrates seamlessly with existing credit/debit card processing technology and virtually eliminates the risk of fraud, identity theft, and theft of online credit/debit card numbers and information. The PassGate solution combines a Dormant E- Card feature, which turns the credit/debit card ON at the instant of transaction, and turns the card OFF [or dormant] the moment the transaction is completed. Added benefits include the super-convenient Virtual ATM Network®, instant registration, and automated login features. The PassGate solution makes no change to existing customer or merchant purchasing procedures, and requires only minor adjustments to those of the credit/debit card company or the issuing banks payment processor.
The granting of the U.S. patent is further evidence that the PassGate solution and its associated features are likely to encourage increased purchasing from existing online shoppers as well as encouraging those who do not currently shop online to do so.
For more information, or a copy of PassGate's Executive Brochure, please call Daniel Fung in New York at 1-212-563-1137 or via e-mail email@example.com. More information can also be found at www.passgate.com