The Problem

Credit card payments fraud is a well-recognized issue to both card holders and card issuers. Over the last several years, many improvements have been made to ensure the highest level of security among credit card payment transactions. Among the recent ones, EMV technology, or, simply speaking, chip cards, have become the industry standard, now successfully implemented by most major credit card institutions (VISA, American Express, Master Card, etc.).

The EMV implementation significantly reduced counterfeit fraud for in-store transactions: since 2008, when the EMV technology was introduced in Canada, to 2013, the credit card fraud losses dropped from $245M to $111M. Yet this technology did not address CNP (card-not-present) online fraud, rapidly rising from $128M to $299M in Canada. In the U.S., it is expected that online fraud will increase from $3.1B in the present to $6.4B in 2018.






Vision

Imagine that we are all able to do online shopping at home, coffee shops, airports, hotels and other places using one unique password and just quickly tap our own credit card on our cellphone or personal computer with no worries that someone might steal our credit card information. People will be able to do online shopping sitting at coffee shops and feel safe to connect to the Public Wi-Fi network and no one will steal their info even while being on the same network. The coffee shop on the corner is one thing; the same will happen with libraries, airports, hotels with FREE OPEN WI-FI.

For the on-line merchants, Securter can guaranty that they are protected and will not receive stolen credit card information processed through Securter’s gateway/servers. Merchants are the most affected party in a credit card fraud and they have to accept full liability for losses due to fraud. The card-issuing bank will send a chargeback through the acquirer to the merchant, reversing the credit for the transaction and the merchant will have to completely absorb the cost of the fraudulent transaction. That cost consists of several components: Cost of goods, shipping cost, chargebacks fees (penalties charged by card associations), merchant bank fees (additional processing fee to the acquiring bank), administrative cost etc.



Solution

Currently, a consumer follows this scenario when purchasing online: The credit card information is entered online and sent to a merchant (an online store) through a common server. Anyone who owns the credit card information or obtained access to it can make the purchase – a cause of online fraud With Securter’s technology, a consumer will follow a different scenario: The credit card information is NOT entered online and the confidential credit card information is not used to confirm payment transactions. The transaction is confirmed according to EMV technology by generation by credit card's chip the "transaction certificate" (cryptogram)…

Securter payment platform adapts the physical point of sales (POS) NFC (Near Filed Communication) and EMV technologies to secure online payments. The solution utilizes a unique combination of payment gateway, low-cost information server, client/server software applications, authorization algorithms etc. Our major value proposition for the financial institution is in preventing fraud and reducing direct (chargeback) and indirect (agency cost, reputation damage, etc.) costs associated with online fraud. With online purchases growing at a healthy rate of 6%, global financial institutions will benefit from a technology such as ours by better serving the needs of increasingly tech-savvy consumers, maintaining business and consumer confidence, enjoying the continuous growth of the payment card industry, and increasing the value of the financial institution’s BRAND and its protection.

About Us

Securter is a private Canadian Corporation developing a payment platform that enables making convenient and safe online payments. Securter company’s team consists of people with high degree of expertise in area such as: credit card and real-time transaction processing, EMV payment technology, data encryption and project management.

Milestone #1: Project validation from experts and advisors from venture LAB; YEDI program at York University-Schulich School of Business; MaRS and other professionals.

Milestone #2: Working prototype of Securter ‘s System : Architecture, Software and Server-side.

Milestone #3: Submitted a Provisional patent - USPTO

Milestone #4: On July 2016 signed a collaboration agreement with potential distributor. Payment processing company with over $3 billion dollars volume settled this year.

Milestone #5: Submitted a PCT international patent application, covering general elements and functionality of the payment and authentication system, related protocols and algorithms.




Sagy Epstein

Experience accumulated over 17 years as a business owner of an Architecture and Project Management firm and as a Founder & CEO of Masterstime Ltd. Practical Engineer in Architecture, Project Manager & Entrepreneur.



Andrei Grenader

MSc in Communication & Computing Engineering, background in R&D. Found effective solutions for R&D problems at all levels. SW/HW/Algorithm/Verification R&D Engineer