Finally - No More Card Data Stored by Retailers; E-commerce Personal Financial Information can be Risk Free
San Bruno, California, October 17, 2007
Correspond to the recent call of the
National Retail Federation on October 4th “NRF
to Credit Card Companies: Stop Forcing Retailers to Store Credit Card Data”,
Thomas Cannon, President and Managing Director of North America, (SeerGate
Ltd.) San Francisco California, announced the completion and
availability of a novel global Secure e-Debit System™ which prevents
sensitive cardholder personal financial information from crossing, or
transmitting between financial institutions and retailers. This unique
bridge from SeerGate™, between e-commerce entities, allows parties to buy
from online merchants with a uniquely secure, lower cost payment solutions
for Not Internet-Ready PIN Debit Card market. SeerGate Ltd. is a
private held Israel company developing and marketing proprietary authentication solutions. SeerGate works in real-time,
invisible to merchant and buyer creating a vault door that secures any
electronic transactions, while Personal and merchant data never leaves the
secure confines of where vital information of either party resides.
Law makers, card issuers, and consumers are holding retailers accountable for the protection of personal
data. Mr. Cannon cited “numerous data breaches have led new stories for sometime, such as, the recent
TJX data breach case of cardholder data breached. This and others and fraudulent transactions rising are a wake up call for retailers to take steps to reinforce
the security of consumer personal and financial data Cannon further commented that “Retailers can face widespread negative
publicity, lawsuits, lost business, and fines due to any security breach in which customer data is compromised, lost or stolen. The World Wide Web has
created a virtual ‘global operating table’ for hackers to probe and steal personal data from insufficiently secure transaction methods used to date.
Security steps need to take a great leap forward in transaction data security and SeerGate has raised the bar” for the benefit of all
participants in a transaction. As most payment card data is stolen from retailers and other third party systems, the principle that guided the development of SeerGate™, the Secure e-Debit System™ is to keep such
sensitive information vaulted where most resources are already being invested to avoid security breaches. Financial institutions focus on
transaction activities and are heavily investing in safeguarding their most precious asset, their customers’ information, therefore are better prepared to deal with high volume payment card data handling.
According to Mr.Eldad Aharoni, CEO of SeerGate, “Our premise is to turn
electronic payments as concern-free as in the real world, where customers
feel comfortable when and what method they choose to decide to pay for
purchases. Today, when a customer reaches the payment page of an online
shop, the need to expose critical financial information or to plan method of
payment, prior to the purchase presents a significant barrier for a large
share of online users, affecting the real potential of e-commerce”.
SeerGate’s customer centric solution keeps the payment process simple and straightforward, avoiding common distractions and
barriers that lead the most determined customer to abandon the shopping cart.
SeerGate’s Secure e-Debit System™ is uniquely developed to avoid exposure of customer payment card data and to
prevent it from crossing the financial institution boundaries. The solution can be easily deployed by all parties involved, including financial
institutions and is compliant to industry standards.
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For more information about this topic, please contact SeerGate Ltd. at
info@seergate.com
