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SecuGen and TouchCredit form alliance helping customers fight fraud and save money online with new CardLess™ payment system
Milpitas, CA (July 24, 2001) - Securing online payments and making consumers more comfortable while making online purchases is the vision of two forward-looking companies. SecuGen Corporation, global leader in the development of biometric fingerprint recognition systems, and TouchCredit™ Financial Services, Inc., provider of state-of-the-art online biometric payment solutions, today announced the formation of a strategic partnership to launch the world's first-ever Cardless Credit™ payment system. Under this agreement, SecuGen's core fingerprint recognition technology will be integrated into TouchCredit's proprietary biometric payment system allowing consumers to purchase online products and services securely without the vulnerability of credit cards. "Secugen and TouchCredit share a vision of delivering enhanced security solutions to online consumers," said Tom Pak, Vice President of Sales at SecuGen. "Secugen is impressed with TouchCredit's revolutionary line of Biometric Credit™ payment solutions, and we're pleased to count them among our distinctive partnerships. As we work together to integrate our products and services, we are excited to create real world solutions for the online credit and debit market that has recently taken too many hits from fraud and loss," said Tom Pak. Together, Secugen and TouchCredit will give a boost to online consumer spending and confidence by making it more convenient and secure to shop on the web with the new cardless line of credit protected by biometric technology. SecuGen's fingerprint recognition system, which includes a biometric keyboard and biometric mouse, will be incorporated into TouchCredit's advanced online payment system to authenticate users, providing an economical way to secure e-commerce transactions for consumers, e-tailers and financial institutions worldwide. Cardless Credit customers will have the unique ability to make purchases across all payment vehicles, including personal computers, mobile devices and personal digital assistants (PDAs) with just the simple touch of a finger. Fighting Fraud In Cyberspace The companies' joint solutions will provide users with the most advanced security features and benefits available today. The payment industry is in need of a new mode of authentication where consumers can shop safely on the Internet. According to Meridien Research (Newton, Mass), online credit card fraud ran to $9 billion last year alone and is growing. The biometric payment system will utilize a real-time automated measurement of unique physiological and/or behavioral characteristics, providing the quickest, most convenient and secure platform to process financial transactions and biometric credit lines across a digital environment. There are no credit card numbers to worry about or credit cards to carry. By using biometrics to confirm the identity of a consumer before a purchase is made, TouchCredit will offer a compelling new way to simplify the online shopping experience for everyone; reducing fraud costs for e-tailers, operating expenses for issuing banks, and interest rates for consumers. "With security issues being a premium concern for online consumers, this joint partnership will provide customers with powerful solutions to the real problems and issues plaguing the virtual world," said James Uberti, TouchCredit CEO and President. "Future customers will not only benefit from having the most secure online payment system available today, but they will also benefit from the extended features, functionality and cardless freedom that our offering provides, such as having the ability to shop online with just the simple touch of a finger. It is clear that SecuGen's technology offers the most robust and reliable, yet cost-effective solutions for the global market," said James Uberti. About SecuGen Corporation A pioneer of the biometric industry, SecuGen Corporation designs, manufactures and markets its award-winning optical fingerprint recognition technology worldwide. SecuGen's products have been integrated into a broad range of applications including Internet, network and desktop security, physical access control and other electronic products. As a trusted source for reliable hardware and software products, SecuGen is committed to ongoing research and development in biometrics technology. About TouchCredit Financial Services, Inc. TouchCredit, the leading provider of Next Generation "Cardless" financial services, is a revolutionary biometric-based financial service company providing credit lines and credit services via a patent pending server-based Biometric Credit authentication payment system. While the Company's pending patents cover the use of all biometric devices, TouchCredit has selected keystroke dynamics, finger imaging and voice recognition as the initial deployment of systems worldwide. TouchCredit is putting people in touch with their financial security and convenience by utilizing the latest in biometric one-touch credit technology, bringing back an old element of face-to-face human commerce. For more information, the Company can be contacted at www.touchcredit.net or at (310) 754-6264. |