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VTCorp: Simplifying Electronic Fraud Prevention

Find out how VTCorp's innovative solution empowers consumers to combat electronic fraud in real-time, securing transactions both online and offline. Take control of your financial security today!

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VTCorp: Simplifying Electronic Fraud Prevention

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Presentation Transcript

  1. VT Corp. A Simple Solution to a Complex Problem

  2. A fraudulent card transaction takes place every 8 seconds Source:Gartner Research, FTC and Celent Communications

  3. The Problem – Electronic Fraud • “Current solutions focus much too much on authenticating the person.” • “The real crime is impersonation leading to fraud” • “Make the entity that is in the best position to mitigate the risk to be responsible for that risk” Ref: Schneier on Security - Mitigating Identity Theft • The best deterrent to electronic fraud is to empower the consumer to stop it VTCorp.

  4. The simplest solution is usually the most effective. Ref: Occum’s Razor • Perfect encryption is that proper balance between security and usability. Ref: “The Cuckoo’s Egg” • The VTCorp system is easy to use, inexpensive to install and difficult to compromise

  5. VTC can solve the problem of: lost or stolen cards, identity theft & cloned cards The VTC process is very simple and takes seconds to complete: • The customer sets up the transaction with his/her card at point of sale (on or offline) and is verified through the VTC server • The signal is routed to the customer’s cell phone • The customer authenticates the transaction

  6. The Solution – Real-Time verification of electronic transactions by the individual.

  7. The VTCorp solution empowers the consumer • To use the computer or mobile, land-line and hand-held devices • To stop electronic fraud on and offline • Control payment options • Set transaction limits • Verify other activities – (reservations, PAC, PAP etc.)

  8. Consumer Empowerment • Smart developed the BOP model and it works • The banks joined in creating new market opportunities • It is highly worth exporting

  9. Little Manila • VTCorp. is using a municipal strategy to deliver its services • Inviting all citizens to participate • Starting with Little Manila in California

  10. Exporting The BOP Model • VTCorp would like to export a variation of the Smart BOP Model to California Securely connecting citizens: To their municipalities • Their banks • On & offline retailers & services • Their homeland

  11. Bringing it Home • VTCorp would also like to work with Smart and the Philippine Banks: • To pilot a municipal strategy in Manila • To help citizens securely connect with: • Their municipalities • On & offline retailers & services • Friends & family abroad • & Little Manila

  12. The usage rate is based on a scaling price • Where the first transaction has no fee. 2nd, 3rd and 4th would scale up, • To 6, 8, 10 cents, and then back down from 10, 8, 6. • An average user is assumed at 20 transactions per month • Which would equal 1.26 per month for usage fees.

  13. For the annual fees it would equate to 90 cents per month for a small number of users. • For a large group of users (over 1000000 users) would be 50 cents per month for $6.00 per year.

  14. Usage Price:Usage is where the customer derives value. • First hit: $0.00 • Second hit $0.06 • Third hit: $0.08 • Fourth hit: $0.10 • Fifth hit: $0.10 • Sixth and subsequent hits <30 $0.08 • Over 30 hits: $0.05

  15. Participation • Bulk Buying • Bundling • Packaging • $ Saved by stopping fraud • $ Earned by promoting security

  16. Are You Verified? • Next Steps

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