Monkeetech,LLC , a systems development company located in West Babylon, New York today announced its plan to release its patent pending POS credit card fraud prevention system entitled the “Security Swipeâ€â„¢ System.
October 01, 2014
The Security Swipeâ„¢ System utilizes a combination of security features ranging from biometric authentication and identification to capture of the actual transaction on film and real time SMS text alert to the actual credit card holder that the card has been swiped at a POS terminal for payment of a sales transaction.
Jeffrey Dinardo, Jr., CEO of Monkeetech states that “one of the strengths of the Security Swipeâ„¢ System is that it represents a very real and effective deterrent against POS credit card fraud. The would be perpetrator must now assess the risk of: (i) appearing on camera while committing the fraud; (ii) having the transaction memorialized on film for easy retrieval by law enforcement agents; (iii) notification of actual credit card holder of the fraudulent transaction by real time SMS alert; and (iv) two factor authentication and identification, through biometrics, at the POS terminal. All of which happens in minutes at the POSâ€.
“One of the strengths of the Security Swipeâ„¢ System is that it represents a very real and effective deterrent against POS credit card fraud. – Jeffrey Dinardo, Jr., CEO of Monkeetechâ€
Through the Security Swipeâ„¢ Systems firmware, which will reside in the POS terminal, all of the innovative security functions of the Security Swipeâ„¢ System, acting in tandem, are immediately activated at the time that the credit card is swiped through the POS terminal. The SMS alert of the credit card holder will require the credit card holder to have previously opted-in to the program in order to allow receipt of the SMS alerts.
“POS credit card fraud is on the rise and the problem cannot be solved by the proposed switch to EMV credit cards alone†comments Jeffrey Dinardo, Jr. “What is required as well, is a System which will represent a meaningful deterrent to the would be fraudster by providing law enforcement with a set of effective tools for prosecution of the crimeâ€. “Our patent pending Security Swipeâ„¢ System does just that and based on early data, we expect wide acceptance of the System by retailers across the countryâ€.
Mr. Dinardo also stated that the patent application for the Security Swipeâ„¢ System has already been published by the USPTO and that Monkeetech expects, very shortly, to receive a full Utility Patent. For more information on the Security Swipeâ„¢ System, click here.