Business
Zoompass Enters Strategic Alliance With CyberloQ to Enable Fraud Mitigation on its Card Platform
Zoompass Enters Strategic Alliance With CyberloQ to Enable Fraud Mitigation on its Card Platform.
About this update from Zoompass Holdings Inc
[{"type":"text","content":"\n \n \n Zoompass Enters Strategic Alliance With CyberloQ to Enable Fraud Mitigation on its Card Platform\n \n \nZoompass Enters Strategic Alliance With CyberloQ to Enable Fraud Mitigation on its Card Platform\n \n TORONTO, ONTARIO--(Marketwired - Sep 19, 2017) - Zoompass Holdings Inc. (\"Zoompass\" or the \"Company\") (OTC PINK:ZPAS) is pleased to announce the following update on the Company's business and information objectives going forward.\n Zoompass is pleased to announce the confirmation of a strategic alliance with Advanced Credit Technologies, Inc and its CyberloQ FRAUD prevention technology (OTC:ACRT). Cyberloq provides one of the most integrated fraud mitigation systems available to the prepaid and credit card sector. With a multi-layer authentication approach to security, Cyberloq is able to eliminate most fraud through a unique check-in process utilizing three levels of authentication. The combination of a card spending algorithm, geo-fencing and smartphone authentication on a per transaction basis, allows Cyberloq customers to virtually eliminate card fraud. Most FRAUD occurs in a CNP (Card Not Present) environment. By using CyberloQ, in order to process a transaction, cyber criminals are forced to collect not only members' card information, but also their smartphone (which contains a unique identifying number) and the PIN number associated with that smartphone. This renders card fraud virtually impossible.\n Zoompass will be one of the first prepaid card companies to install this next generation fraud mitigation on their platform and to further secure transactions and provide business customers the confidence they need to implement card programs within their ecosystems.\n Steve Roberts, President of Zoompass stated, \"Fraud protection is not only expensive and a major inconvenience to consumers, but also extremely costly to both program managers and banks. This alliance with Cyberloq should be beneficial on many different levels throughout the company.\" \n Chris Jackson of Advanced Credit Technologies, Inc echoed that sentiment, \"We have spent years perfecting our system and are pleased that Zoompass will implement this in the prepaid card space. We envision that this type of system will become a standard in the industry and cut down on fraud considerably.\"\n About Zoompass Zoompass Inc. is a leading financial ...