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VerifySmart Targets Asia Pacific Region

Initiates card fraud prevention dialogue with several Asian banks

VerifySmart, a provider of secure and fraud-free payment credit and debit card processing services, has said that Adi Muljo, senior vice president of business development – Asia Pacific region, will initiate senior level discussions with representatives of several largest Banks serving the Asia Pacific region.

According to the market research firm, Euromonitor International’s forecast, Internet retail sales in the Asia-Pacific region will reach more than $71 billion by 2012, almost doubling numbers posted for 2007. As ID theft and Credit/Debit card fraud surpassed $56 billion annually, the need for secure payment authentication grows exponentially.

Reportedly, VerifySmart technology adds a new layer of security to existing protocols, by notifying the cardholder of each and every purchase through the card holder’s own cellular phone, thus enabling the cardholder to approve or decline his or her purchase via a secure PIN (personal identification number).

Mr. Muljo said: “The Asian Pacific Market represents a huge client opportunity for the VerifySmart Corporation and its portfolio of financial and technology service applications. Our initial discussions have generated a lot of excitement as to the application and expansion of our technology. The need for security and payment authorization authentication in the expanding e-commerce market place cannot be overstated and this represents a significant opportunity for VerifySmart’s credit and debit card transaction security technology.”