Mobile Lads Corp. (MOBO) Targets Key Niches in Wireless Transaction Security
July 29, 2014 (www.investorideas.com newswire) The ease of electronic and mobile commerce creates an incredible convenience to consumers, many of which, however, neglect to safeguard their data when they checkout online. The result is billions in financial losses and a significant need for new technologies to circumvent credit card fraud and ensure legitimate, secure payment transactions.
An estimated 16.6 million people in the United States experienced at least one incident of identity theft in 2012, wreaking financial havoc of $24.7 billion, according to the most recent statistics from the Justice Department's Bureau of Justice Statistics (BJS). The same report shows that victims of such crimes didn't even realize their data had been compromised until they were contacted by their financial institution.
Florida-based Mobile Lads operates within this realm of wireless transactions with its line of patented mobile authentication products designed to thwart credit card fraud and resulting identity theft in the consumer finance, web and health payment processing sectors.
Mobile Lads' technologies give users control over the authorization process when making purchases, mitigating the risk for fraudulent activity. The company's xmVerify platform uses top-of-the-line cryptographic services and sends users a transaction authorization request via mobile phone to ensure authenticity. Only at the user's approval will the transaction be completed.
Similarly, the xmBilling platform addresses provides a convenient and secure way to review and authorize automatic billing transactions, easing the challenges and security risks associated with automated and volume-based billing.
Between 2001 and 2011, enrollment among degree-granting educational institutions increased 32% to 21.0 million, according to data from the Institute of Education Sciences. Given the increasing numbers of enrollment, Mobile Lads identified incredible potential to offer its secure wireless transactions to students and their parents.
While most universities and colleges operate a campus card system using ID cards in lieu of debit or cards, certain restrictions hamper its efficiency. In these "flex-dollar" accounts, money must be transferred into the campus system within operating hours of the campus card office; withdrawn using costly automatic deposit machines; or online, which posts risk if the student is using a public computer.
Mobile Lads' xmOne mobile platform is an alternative solution that provides encrypted mobile services such as top-up, payment processing, emergency notification and marketing. The product interfaces with a school's existing campus card account system to enable students to perform a variety of banking transactions directly from their cell phones.
In an increasingly mobile-dependent consumer environment, Mobile Lads is uniquely positioned to benefit from three niches in need of secure payment and billing options.
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