13 February, 2003
category: Biometrics, Contactless, Education
DENVER and PHOENIX, Feb. 11 /PRNewswire-FirstCall/ – In a major attack on
credit card and electronic transaction fraud, First aSuretee, LLC, a First
Data Corp. (NYSE: FDC) subsidiary, and Hypercom Corporation (NYSE: HYC)
today introduced a point-to-point electronic transaction and
identification verification system for the U.S. government and corporate
America. The new solution has the potential to dramatically reduce
electronic payment and transaction fraud associated with magnetic stripe
"skimming" and cloning of credit card terminals.<br /><br />(Photo:
http://www.newscom.com/cgi-bin/prnh/20030211/LATU016 )<br /><br />Using the
nation's existing payment network, this precise system combines
aSuretee(SM) technologies and Hypercom's information and transaction
terminal technology to quickly and securely authenticate individuals
authorized to conduct transactions on Hypercom(R) terminals. The solution
will feature new biometric technology from Hypercom, which when combined
with aSuretee digital signature capabilities, provides a highly secure ID
authentication solution.<br /><br />"Credit card and electronic transaction
fraud are diverting billions of dollars from commercial and Federal
institutions. The need to stop this is clear," said Chris Alexander,
chairman and CEO, Hypercom Corporation. "This new technology will help
government agencies and corporations reduce fraud, quickly, securely, and
affordably. First Data and Hypercom are both recognized as leaders in
reducing fraud, and this is the next step."<br /><br />The aSuretee chip
authentication solution will now be offered as a standard feature that can
be embedded in Hypercom's high-tech, HyperSafe(TM), tamper-resistant
information and transaction ICE(TM) terminals. The chip is pre-configured
with a public/private key pair that is secured by an authorized
administrator of the terminal owner. Once the authorized administrator
registers the terminal for transaction services, the aSuretee chip
generates a unique digital "signature" for all transactions. This
signature, which is transmitted from the terminal every time a transaction
is initiated, guarantees that the transaction is secure and serves to
authenticate the terminal itself.<br /><br />"For years we have been actively
engaged in combating credit card fraud and this is a major step forward in
our continued efforts. The simple and highly secure technology will enable
federal agencies and financial institutions to prohibit the illegal use of
transaction terminals," said Charlie O'Rourke, senior vice president of
First Data Corp. "aSuretee's highly secure authentication chip used in the
popular Hypercom payment terminal brings to market the potential of
unprecedented protection to electronic transactions."<br /><br />The new
solution will feature Hypercom's BioPin(TM) biometric which protects
consumer privacy by converting a fingerprint into an algorithmic
reference. When coupled with the user's card number, it provides an
extremely reliable method of identity verification. When combined with
First aSuretee's digital signing capabilities, BioPin technology enables a
highly secure way to utilize biometrics because every biometric image is
protected by a unique digital signature and only signed biometrics are
recognized as valid transactions.<br /><br />"Legislators, business leaders
and Americans across the country want to crack down on those presenting
and utilizing false identification to conduct criminal transactions and
activities that threaten consumer confidence and safety -- and they want
to crack down now. People are concerned. They want a solution. And they
want it quickly," said Alexander. "Today's announced initiative will
combine the innovative technologies of two leading companies to address
today's fraud challenges."<br /><br />About First aSuretee (
http://www.aSuretee.com )<br />First aSuretee LLC, a First Data Corporation
company, offers products and services that provide simple and flexible
solutions for today's complex electronic authentication requirements.
First aSuretee's innovative technologies enable enterprises and government
agencies to implement an Account Based Digital Signature (ABDS(SM))
Solution, a revolutionary authentication system that leverages existing
business processes for authentication of users in any network environment.
For more information, please visit http://www.asuretee.com .<br /><br />About
First Data Corp. ( http://www.firstdata.com )<br />First Data Corp. (NYSE:
FDC), with global headquarters in Denver, helps powers the global economy.
As a leader in electronic commerce and payment services, First Data serves
approximately 3 million merchant locations, 1,400 card issuers and
millions of consumers, making it easy, fast and secure for people and
businesses to buy goods and services using virtually any form of payment.
With 29,000 employees worldwide, the company provides credit, debit, smart
card and stored-value card issuing and merchant transaction processing
services; Internet commerce solutions; Western Union(R) money transfers
services; and money orders; and check processing and verification services
throughout the United States. First Data also offers a variety of payment
services in the United Kingdom, Australia, Canada, Japan, Mexico, Spain,
the Netherlands, the Middle East and Germany. Its Western Union and
Orlandi Valuta money transfer agent networks include a total of
approximately 151,000 Agent locations in more than 195 countries and
territories. For more information, please visit the company's Web site at
http://www.firstdata.com .<br /><br />About Hypercom ( http://www.hypercom.com
)<br />Hypercom Corporation (NYSE: HYC) is a leading global provider of
electronic payment solutions that add value at the point-of-sale for
consumers, merchants and acquirers, and yield increased profitability for
its customers. Hypercom's products include secure Web-enabled information
and transaction terminals that work seamlessly with its networking
equipment and software applications for e-commerce, m-commerce, smart
cards and traditional payment applications. Hypercom's widely-accepted
ePOS-infocommerce(R) (epic(TM)) framework of consumer-activated,
EMV-certified, touch-screen ICE(TM) (Interactive Consumer Environment)
information and transaction terminals enable acquirers and merchants to
decrease costs, increase revenues and improve customer retention.<br /><br />
Headquartered in Phoenix, Hypercom maintains an installed base of more
than 5 million terminals in over 100 countries, which conduct over 10
billion transactions annually.<br /><br />ABDS and aSuretee are service marks
of First Data Corporation. Hypercom and ePOS-infocommerce are registered
trademarks of Hypercom Corporation. ICE, epic and BioPin are trademarks of
Hypercom. All other products or services mentioned in this document are
trademarks, service marks, registered trademarks or registered service
marks of their respective owners. Certain matters discussed within this
press release are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Although Hypercom
management believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no assurance
that its expectations will be attained. Factors that could cause actual
results to differ materially from expectations include industry,
competitive and technological changes; risks associated with international
operations and foreign currency fluctuations; the composition, timing and
size of orders from and shipments to major customers; inventory
obsolescence; market acceptance of new products and other risks detailed
from time to time in Hypercom's SEC reports, including the company's most
recent 10K and subsequent 10Qs.<br /><br />For further information, please
contact: Pete Schuddekopf of Hypercom Corporation, +1-602-504-5383,
[email protected]; or Lorraine Kauffman of First aSuretee LLC,
+1-510-324-3055, [email protected]
