- Published: 07 October 2015
- Written by Investor Ideas
Q&A Interview; How ID Global Solutions (OTCBB:IDGS) Plans to Provide Global Business and Consumers Fraud Protection and Mobile Payment Solutions
New York NY - Point Roberts WA - October 7, 2015 - Investorideas.com (www.investorideas.com) a global investor news source covering leading sectors including tech and mobile payments issues an exclusive interview with Mr. Thomas R. Szoke, President/CEO of ID Global Solutions (OTCBB:IDGS). The company’s core focus is in fraud management and payment solutions. Thomas explains his company’s mission and gives insight as to where he sees the market is headed and how his company plans to establish a dominant role in this space.
Interview:
Read in full at http://www.investorideas.com/CO/IDGS/news/2015/10071.asp
Q: Investorideas.com
For investors that don’t know your company can you give them an overview of IDGS, your various divisions and your products and services portfolio in mobile payments and fraud protection?
A: Thomas R. Szoke – President/CEO
IDGS provides multi-functional secure payment solutions for open and closed electronic payment transaction networks. The company is focused on the growing need for fraud protection and identity verification solutions. ID Global Solutions was founded to pioneer key innovative approaches for the development, integration, and delivery of advanced digital identification and payment solutions.
Fraud Management and Payment Solutions are the two focus areas for IDGS. Within Fraud Management, the company offers unique Identity Verification solutions for Financial Services Organizations (IDComplete) and Governments (IDSolutions). IDComplete provides a secure real-time method for cardholder verification to eliminate fraud. IDGS’ IDSolutions portfolio offers software and hardware products to deliver a wide variety of identification and verification capabilities for civilian as well as governmental applications.
Our Payment Solutions portfolio includes MultiPay, OnePay, and PaySpot. MultiPay provides end-to-end payment transaction processing technology. OnePay is a closed payment solution using a secure digital currency enabled by our mobile applications and backend systems for consumers and merchants in emerging markets. PaySpot is an unattended multi-functional payment collection and processing kiosk solution.
Q: Investorideas.com
Can you explain IDComplete’s impact on the payment process, the issuing bank, and ultimately how the consumer is impacted to eliminate fraudulent transactions?
A: Thomas R. Szoke – President/CEO
IDComplete aligns to all industry standards. IDComplete does not impact existing players or processes within the acquiring network external to the issuing bank. Today, prior to a transaction being authorized, issuing banks determine the approval of the transaction based primarily on the account status of the cardholder. There are other criteria employed by issuers to determine fraud that are predictive in nature including buyer behavior pattern, location, merchant type, and the transaction amount.
IDComplete compliments these by providing real-time cardholder verification. This is done in parallel to the issuer authorizing the transaction based on cardholder status. IDComplete is triggered to deliver a notification to a registered mobile phone to approve or deny an active transaction. Within the notification is the date, merchant’s name, and the transaction amount along with the option to “approve” or “decline” the transaction through a proprietary secure pin delivery method.
Q: Investorideas.com
A lot of the big tech giants are entering the mobile payment and credit card and identity fraud protection space such as Apple, Samsung, and Google. Everyone has a different approach with levels of security in biometrics and other security measures so what differentiates your company’s technology and how can you compete?
A: Thomas R. Szoke – President/CEO
Our solution has been built to eliminate card fraud. IDComplete is the only product in the market that provides real-time verification of identity in a proactive manner. All existing fraud prevention approaches in the market are re-active and do not prevent card fraud in real-time. For example, sending a SMS or push notification after a transaction is complete asking the cardholder to contact the issuer in the event of fraud is re-active. Today, cardholders are put into a position to reconcile their transactions whereas IDComplete offers the ability for the cardholder to police their transactions by embedding cardholder verification in real-time prior to any transactions being processed.
Q: Investorideas.com
As someone in the sector, can you give us some insight and perspective as to where you see card fraud trends heading both in the US and globally? And on that note, where is your primary focus geographically?
A: Thomas R. Szoke – President/CEO
As a backdrop, global card fraud exceeded $16 Billion in 2014, which analysts forecast to exceed $35 Billion globally by 2020. In 2014, approximately $8 Billion of card fraud loss occurred in the USA and half of $8 Billion card fraud occurred during card not present (CNP) / online purchases. This equates to more than $4 Billion of collective loss to issuers, cardholders, and merchants.
IDGS’s geographic focus is to roll out our IDComplete solution for eliminating card fraud in the US market. Our initial strategy is to focus on the card not present (CNP)/ online purchases because they are not being addressed by the implementation of the new EMV standards.
Q: Investorideas.com
You recently announced a deal with MultiPay SAS, which is headquartered in Bogota, Colombia (http://www.multipay.com.co/). Can you give us a brief background for new investors and an update on the progress of the company?
A: Thomas R. Szoke – President/CEO
Multi-pay S.A.S. is a well established multi-functional payment gateway company providing traditional credit card processing services, domestic and international wire transfer services, mobile operator pre-paid account re-charge services, and various closed system payment solutions for numerous customers in Colombia and Peru. Since the acquisition the company has been integrated into the IDGS structure and has expanded it’s core engineering and delivery teams to increase the capabilities of our platform and deliver more services to new and existing customers. In addition, since the acquisition the company has secured additional contracts with banks and enterprise customers for money transfer and payment processing services.
About ID Global Solutions Corporation (OTCBB:IDGS) - Fraud Management and Payment Solutions
IDGS provides multi-functional secure payment solutions for open and closed electronic payment transaction networks. The company is focused on the growing need for fraud protection and identity verification solutions. ID Global was founded to pioneer key innovative approaches for the development, integration, and delivery of advanced digital identification solutions.
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