LAS VEGAS, Nev., Oct. 20, 2014 (GLOBE NEWSWIRE) -- via PRWEB - While the Internet is buzzing with Apple's new release of Apple Pay as an integral part of iOS 8.1, one industry professional warns of a false sense of security that their service provides.
As Apple becomes a major force in payment processing, all eyes are on them to provide the greatest protection possible for credit card transactions.
Apple Pay offers consumers the ease of storing credit cards in a digital wallet; using them to make purchases online with their proprietary shopping cart, and offline utilizing near field technology for in-person transactions. However, near field payment technology is nothing new. While PayPass from Mastercard has been used for years with merchants such as McDonald's, Apple has added a digital wallet feature to offer greater privacy to cardholders.
"It's a nice first step against fraud and improving ease of payment processing, yet Apple Pay fails to provide protection in significant areas of merchant and consumer fraud," stated Richard Krawczyk, Co-Founder and CEO of PayZilla, Inc., a Las Vegas-based tech startup.
According to the 2014 LexisNexis® True Cost of Fraud annual report, it cost merchants $3.08 to collect every $1.00 in fraudulent transactions. This report stated that fraud loss as a percentage of revenue nearly doubled for this segment since last year. Most of the fraud highlighted in this industry report cannot be protected against with services such as Apple Pay.
PayZilla has developed proprietary technologies that virtually eliminate merchant and consumer fraud for both online and offline payment processing transactions.
This new technology may be viewed as disruptive to the marketplace.
"Based on early feedback of our technology, it appears that the scammers absolutely hate us. That simply means we are on the right track," stated Krawczyk.
With today's scammers being more technologically savvy, it is imperative that both consumers and merchants remain vigilant in spotting fraud.
For more information about PayZilla, go to: http://PayZilla.com
About PayZilla, Inc.
Based in Las Vegas, NV, online payment solution PayZilla is a tech startup that focuses on fraud technology to provide safe, transparent payments for both online and offline processing. Its passionate group of industry professionals meticulously analyzed every aspect of the purchasing process to enhance the buying experience as much as possible.
PayZilla tracks consumer transactions within its system to protect its merchants from consumer fraud, especially chargeback fraud. It also closely monitors its merchants to quickly identify potential fraud against consumers.
More than just another online payment solution, PayZilla is a player in the field of big data; analyzing customers' demographics and transaction histories to offer targeted advertising services to merchants.
PayZilla is set to launch the first quarter of 2015.
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