Protecting Consumers From Identity Theft

NEW YORK–(BUSINESS WIRE)–July 24, 2001–Whether online or in the real world, identity theft — the unauthorized use of personal information — is an increasingly frequent problem for consumers.

Identity theft can range from the theft of address and contact information to the illegal use of social security numbers and credit card details. According to the Federal Bureau of Investigation, consumers are regularly exposed to this range of risks and the Internet adds another element to the risk mix, making it more difficult for consumers to identify and measure the reliability of merchants to whom they are trusting transactions.

“Consumers can protect themselves from identity theft by not sharing personal information and not giving out credit card details over the Internet,” said Ray Sheridan, Chief Operating Officer of Orbiscom Inc. “Orbiscom’s technology allows consumers to generate a substitute credit card number and make a secure and authenticated online payment without ever transmitting their real credit card number over the Internet. With this technology, consumers protect themselves from credit card fraud and the identity theft associated with it.”

The Impact of Identity Theft

Identity theft is considered the fastest growing crime in the U.S., with about 500,000 to 700,000 people affected annually, according to the Social Security Administration (SSA). In fact, in the year 2000 the Federal Trade Commission processed more than 40,000 reports from consumers and victims of identity theft. About 50 percent were related to credit card fraud, where a new card was opened or existing cards were used for unauthorized charges.

In addition, Visa research has found that fraud accounts for $.25 – $.28 for every $100 spent online — about four times worse than overall fraud, according to Jupiter Media Metrix. Gartner believes that online fraud is 10 times worse than offline. When purchase attempts are considered, a 2000 Meridien Research report suggests that as many as one out of 10 online orders are fraudulent.(MSNBC.com)

How Consumers Can Protect Themselves

Orbiscom’s technology is available to more than 100 million credit and debit cardholders worldwide, and allows consumers to generate an authenticated, unique card number in real-time for each payment or merchant instead of transmitting their actual credit or debit card number. With this number, consumers select the dollar limit, expiration date and specific merchant site for use. It allows consumers the freedom to shop at any e-tailer worldwide with confidence and has the potential to eliminate online payment fraud. Consumers can use Orbiscom’s technology via MBNA’s ShopSafe(SM) and Discover’s deskshop(SM) virtual credit cards.

About Orbiscom

Orbiscom is the creator of Controlled Payment Number Technology for online and real world card payments. Orbiscom’s flagship technology O-power(TM) enables card issuers, e-merchants, consumers and businesses to utilize online and wireless devices for controlled and secure debit and credit payments. Founded in early 1998 by professionals from the financial services, software and Internet industries, Orbiscom has operations in New York, Dublin, London, Brussels, Toronto and Sydney. The company has a highly experienced team of experts in software development, Internet banking systems, card processing systems and product marketing. Orbiscom has been granted patents on Controlled Payment Technology in the US, Europe and other countries worldwide.

For more information about Orbiscom, go to: www.orbiscom.com .

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