The PayFont Press Release
- Press Release
Scottish Entrepreneur claims Payfont
protects customers and retailers
- where banks can'tIf the banks don't stifle a small company's innovative answer to the recent fiasco surrounding Chip-and-PIN security, or lack of it, Payfont may just become the biggest global brand in secure consumer payments in the next 5 years.
A start-up company, led by Dr David Lanc, former Development Director at one of Europe's largest cards businesses, has developed blueprints for the next generation of secure payments.
Dr Lanc said, "Under Payfont's revolutionary approach, the consumer will never disclose his or her card details, nor hand over their payment card to retailers, thereby minimising the opportunity for identity details to be stolen.
This revolutionises the security of transacting on the telephone, Internet or by mail order, as well as raising the security of transactions carried out in person to another level.
Payfont is designed to combine proprietary, but simple to use technology combined with Chip-and-PIN, enabling consumers to buy mobile devices they habitually use, potentially ranging diversely from mobile telephones to iPods, to make payments securely and conveniently across all payment channels. Payfont is therefore targeted to build consumer confidence that the best security possible can be conveniently and consistently applied across all payment channels.
In addition to increasing confidence and convenience for consumers, Payfont is targeting direct benefits to small and medium sized retailers, who will no longer need expensive rental equipment. Fraud should be more effectively reduced due to PayFont and increased throughput is likely due to the benefits to both consumer and small retailer.
Should a Payfont user be unfortunate enough to lose or have their mobile device stolen, no payment details are held on the device, safeguarding fraud. Without multiple levels of account security detail, a fraudster would find it virtually impossible to steal a Payfont user's identity."
With Card Schemes, and Banks all searching for better solutions to beat card fraudsters and protect the massive banking and retail investment in Chip-and-PIN, Dr Lanc's company may be onto something. Already interest and negotiations are underway to see how best to commercialise Dr Lanc' innovation.
"Ironically, PayFont is probably the best development for reducing bank fraud, retailer fraud, and consumer identity theft" said Dr Lanc. "The question is not if, but when the PayFont approach will be adopted." Hopefully, not before Chip-and-PIN's credibility is terminally destroyed.
This is one start-up to watch!
For more information contact Dr David Lanc, CEO Payfont