The payments industry and retail merchants have been expecting a substantial rise in online fraud. According to the Javelin consulting firm, the total value of fraudulent e-commerce transactions will jump from $10 billion in 2014 to nearly $19 billion in 2018. This presents a costly problem for retailers who are faced with a significant impact on their bottom line and for their customers. LexusNexus reports that fraudulent transactions account for 1.47% of a retailer's revenues, which means a retailer reporting $40B in revenues, for example, may see losses due to fraud approaching $600M. Consumers are calling for an increase in protection as reflected in a recent consumer impact study, which found 78% of online shoppers want more protection for their payment cards when shopping online.Dr. Roof said the rollout of Retail ID Online represents another important milestone for the Company. "In our very first investor presentation from our 2015 capital raise, we identified emerging markets that we pledged to analyze and potentially include in our use-of-funds plan. One of those emerging markets was the curtailment of fraud in online retail. We have followed-through, and the result is Retail ID Online." Retail pilots of the new technology solution will begin this month. In addition to nine patents pending, Intellicheck holds 25 patents including many pertaining to threat identification and identification technology. The Company's real-time identity authentication and validation solutions support customers in the retail, hospitality, national defense, law enforcement, and financial markets. Intellicheck's products scan, authenticate and analyze components of identity documents including driver licenses, military identification cards and other government forms of identification containing magnetic stripe, barcode and smart chip information. Once extracted from the identity card, the information can be used to provide safety, security and efficiencies throughout these markets. About Intellicheck Mobilisa Intellicheck Mobilisa is an industry leader in threat identification, identity authentication, verification, and validation systems. Our technology solutions make it possible for our customers to enhance the safety and awareness of their facilities and people, improve customer service, and increase operational efficiencies. Founded in 1994, Intellicheck has grown to serve dozens of Fortune 500 companies including retail and financial industry clients, national defense clients at agencies, major seaports, and military bases, police departments, and diverse state and federal government agencies. For more information on Intellicheck, please visit www.intellicheck.com.
Intellicheck Mobilisa, Inc. (NYSE MKT:IDN), a leader in threat identification, identity authentication, verification and validation technology solutions, today announced a new technology solution that delivers online threat identification and fraud prevention to the retail market. Retail ID Online ™ presents a new level of card-not-present transaction safety for consumers and retailers, preventing a variety of fraudulent online retail purchases. At the same time, this new technology solution will provide a more engaging customer experience with an easy, quick process that provides a new level of consumer confidence. "In a way, Retail ID Online was designed for retailers, by retailers. We designed and produced Retail ID Online with extensive input from our retail customers who include some of the nation's most successful, highly recognized brands," said Intellicheck CEO Dr. William Roof. "As a result, Retail ID Online is simple to deploy and to use, and especially effective given high personnel turnover rates often seen in the retail industry." Roof noted, "We believe our technology for identifying counterfeit IDs is superior. We are confident retailers will embrace the advanced protection and the unique features reflected in its design. Unlike other anti-counterfeit technologies, the efficacy of all our Retail ID products is not degraded by the ID card's exposure to effects of sunlight, washing machine cycles or the ID card's normal, daily wear and tear." Retail ID Online integrates with the retailer's online purchasing website and seamlessly checks purchasers' driver licenses for authenticity. When the purchaser visits the retailer's website, the website will prompt the purchaser to snap an image of the back side of their driver license, using either a smartphone camera, laptop camera or other camera attached to the purchaser's computer. Running in the background, Intellicheck encrypts the driver license image to strict military standards and matches the image against authentic driver license formats from Intellicheck's proprietary "ID Check" database. Intellicheck has developed and continuously enhanced ID Check over the past 20 years while working closely with state departments of motor vehicles and other jurisdictional authorities. Once the ID is authenticated, the purchase can proceed and Intellicheck deletes the driver license image and associated data. If the driver license is tagged as counterfeit, the purchase process terminates and Intellicheck maintains the counterfeit image for law enforcement and product enhancement purposes.