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CLEARANCE SALE: PRO-ACTIVE CREDIT CARD FRAUD PREVENTION SYSTEM
[Category : - OTHER- Indentification and payment methods]
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The Sentry Card™ is a credit card fraud prevention system that provides immediate and reliable indication that theft, fraud or unauthorized use of a credit card has occurred, and begins an immediate procedure that cancels and reorders the cards in question. The Sentry Card™ looks and feels like a real credit card and when used by a thief, immediately begins the process of theft management. The Sentry Card™ system effectively protects a user’s credit and works to deter criminals, detecting identity theft before loss occurs.
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The Sentry Card™ is a new weapon against identity theft that provides participants a “trigger” card or dummy card that looks like an actual credit card. The Sentry Card™ can have an issuing bank’s logo, a Visa®, MasterCard®, American Express® or Discover® logo and cannot be identified by a thief. The trigger card waits among live cards and if used, immediately triggers a chain of actions that aid in the capture of the assailant and the restoration of all accounts. Because the Sentry Card™ participant is aware of the function of this card the only potential for use is by a thief.
Once activated the are several functions/actions triggered by
the Sentry Card™ service:
Cancellation of all credit and debit cards registered with the system by the cardholder.
New cards are automatically ordered for the victim and sent to a pre-verified address.
The Sentry Card™ system notifies any third party with an interest in the event such as credit card issuers, banks and governing federal agencies.
The Sentry Card™ offers real-time notification to credit reporting companies, which in turn causes an immediate red flag being issued to stop the opening of new accounts and other actions, which is an integral part of preventing additional theft.
An optional service then attempts to gather information about the unauthorized user. This may include requiring the store clerk to request information such as I.D. or biometric data, such as a fingerprint. Usage could also initiate the focus of security cameras and the alerting of security personnel for immediate pursuant of thief.
Sentry Card™ at a Glance
Patent Number.........................................United States Utility Patent No. 6,955,294
Industry...................................................................Commerce and Fraud Protection
Market...........................................................................Every U.S. credit card holder
Target Market size....................................................................................173 Million
Key Benefits:
Early fraud detection and prevention
Automatic deactivation of stolen cards and issuance of new cards
Reduced losses to card holders, merchants and card issurers.
The Sentry Card™ has the potential to stop consumer identity theft before the consumer even realizes their belongings are missing. Immediate response to fraud by the cancellation, notification and issuance of new cards means less time life is interrupted and a quicker return to normalcy. In addition to these valuable benefits the Sentry Card™ has the potential to increase collected data on fraudulent users, reduce false fraud notifications and to save millions of dollars in claims.
Merchants, in particular, are adversely affected from the usage of stolen credit cards. Retail store merchants or online merchants that accept credit card transactions and provide a product or service, are often without recourse. Accepting a fraudulent credit card transaction means losing both the payment and the product, and often paying a penalty fee. While consumers and card issuers are offered a certain level of protection, merchants are offered none and rarely find the individuals who perpetrated the fraud and in most cases cannot even interest the police in pursuing the theft. A merchant simply has no real credit card fraud protection. The Sentry Card™ not only offers consumer protection and peace of mind but also allows the merchant increased confidence in the practice of accepting credit cards.
Industry & Market Analysis
Industry Size and Trends
Identity theft statistics now show that one in four U.S. households has been a victim of identity theft in the past five years, according to a report released by the federal government for the first time measures the full extent of the crime wave.In the last year alone, 10 million people were victimized, according to a survey of 4,000 adults sponsored by the Federal Trade Commission. Identity theft cost victims $5 billion in out-of-pocket expenses and nearly $48 billion in losses to businesses and financial institutions last year.
A Summary of the Identity Theft Statistics per Year and Growing
• Number of victims: 9.9 million
• Average loss to businesses per victim: $4,800
• Loss to businesses: $47.6 billion
• Average out-of-pocket loss for victims: $500
• Total loss to victims: $5 billion
• Hours spent per victim resolving the problem: 30
• Hours spent resolving problem: 297 million
(Source: FTC identity theft survey report)
More Statistics:
• Nearly 25% of all victims said their personal information, such as credit cards,
checkbooks and Social Security cards, stolen, according to the report.
• Just 11% of the survey respondents said they were aware that their personal information had been taken before discovering they were victims of identity theft.
• One-quarter of the victims said the misuse of their information occurred in one day,
and 12% said the crime occurred over a period of more than six months
Target Market Analysis
According to data from the U.S. Census Bureau, there were 173 million credit card holders in the U.S. in 2007, and that number is projected to grow to 181 million by 2012. The target market for the Sentry Card™ consists of these 173 million citizens who have the potential of being victimized by credit thieves.
Target Market Statistics:
• 73 percent of U.S. families have credit cards
• There are 1.5 billion credit cards in use in the U.S.
• 76 percent of undergraduates have credit cards
• 41 percent of college students have credit cards
• Average consumer has 13 different credit/debit cards
• 443 million debit cards in use
Distribution
The Sentry Card™ has many potential distribution outlets. Because the effects of credit fraud are so widespread, so are the distribution possibilities for this technology. Distributions include, but are not limited to the following:
• Television/Internet advertising and sign up
• Shopping center kiosks
• Direct mail
• Merchant direct
• Credit card issuing banks
• Credit protection companies (LifeLock, etc..)
• Credit card companies (Visa, Mastercard, Amex, Discover)
• Credit bureaus (Equifax, TransUnion, Experian)
Television, internet and direct mail advertising is far reaching and is a superb way to get important information into the hands of consumers. This is a typical and economical distribution outlet. Additionally, store kiosks can be set up allowing the customer to purchase a card and activate it for use at the checkout or at home.Picture of Woman's Wallet
Merchants who are often times the most negatively affected by credit card fraud will be eager to promote the sale and usage of the Sentry Card™. Many merchants already promote store credit accounts during checkout and the Sentry Card™ is the perfect addition to add onto the consumer’s first credit purchase or to be sold as a stand alone protection service to those who already have store credit or other credit card accounts. This is an ideal way for merchants to ensure widespread consumer reach, ensuring the ultimate protection for themselves and their customers.
Banks that issue credit cards often use the initial acceptance stage to market additional products and services. Statistics show that consumers are more likely to add services at the time they first open accounts, while having a clear line of credit. Issuing banks can take advantage of this mindset by offering this unique protection service.
Finally, existing fraud protection services can offer the added protection of the Sentry Card™ to their existing services, increasing the effectiveness of their initial claims and offering their customer something tangible in return for their fees. Having the Sentry Card™ tucked into purses and wallets will allow consumers to feel a part of the protection process instead of trusting their protection to an “invisible” third party.
Patent publications:
US 6955294
Asking price:
10,000 USD
10,000 USD
Great invention
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