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iShopSecure’s new system provides 100% payment guarantee based on data such as size of mortgage payment or monthly car payment.
iShopSecure Inc. today launched its patent pending real-time payer authentication solution, Transact-Secure. The authentication system immediately assures merchants that persons making purchases are who they say they are and that they are the owners of the payment cards they`re using. "Transact-Secure is an ideal turn-key solution for all e-merchants," said Joseph A. McDonnell, CEO for iShopSecure. "This application is of tremendous value to merchants and assures them that their bottom line will no longer be affected by those who try to commit fraud on their web site." Transact-Secure uses a real-time, two-tiered approach for authentication that provides merchants with greater flexibility and control over the authentication and transaction acceptance process. With Transact-Secure, merchants are able to determine the risk levels they are willing to accept and to make changes in a matter of minutes as the need arises. The first tier, or "in-wallet" authentication, for lower dollar purchases, determines the purchasers` true identity based on such information as their billing addresses, telephone numbers or social security numbers. The second tier, or "out-of-wallet" authentication, offers a 100% guarantee of the purchaser`s true identity and is commonly used for higher dollar transactions. This authentication process provides a more comprehensive identification process based upon information only the consumers could know and is not in their immediate possession. Questions may include the amount of mortgage payment, the name of customer’s bank or the size of the customer car payment.