Editor's Note:  They solved it?  They wiped out credit and debit card fraud?  All $56 Billion dollars worth?  Congrats! 

PRESS RELEASE

Taguig, Metro Manila, Philippines, Aug. 18, 2009--VerifySmart(TM) Corp. (VSMR: OTCBB): VerifySmart(TM) (VSC), a global leader in secure and fraud free payment processing services, is pleased to announce the launch of its integrated and highly scalable e-commerce system along with its enhanced website.

AN EPIC PROBLEM

Globally, the number of payment transactions and money transfers conducted online, electronically, or through Credit/Debit cards has increased dramatically in a very few short years. In 2008, in excess of $10 Trillion was exchanged in various electronic forms across the world.

The credit/debit card technology that has been introduced in the last decade was developed to allow consumers the ease of purchases and transfers online. With the increase of electronic transactions, the instances of fraud have increased exponentially. Until now, there has been little effort made towards security, resulting in an ever increasing problem of ID theft and Credit/Debit card fraud that has reached in excess of $56 Billion annually.

THE SOLUTION

As an industry leader, VerifySmart(TM) Corp. has spent four years and millions of dollars to develop and is now marketing a solution to combat the problem that technology created. Our patent pending (PCT Approved) technology has been filed in 29 Countries based on strategic importance and wireless penetration rate.

The software operates through the use of a cellular phone for secured verification of monetary transactions. VerifySmart(TM) Corp. technology notifies the cardholder of the purchase through the cellular phone and empowers the cardholder to approve or decline his/her purchase. The result is a guaranteed transaction and acceptance providing safety and security for the cardholder and merchant, a first in the industry and providing a level of security unprecedented in other Credit/Debit cards.

Our industry changing transaction services model is non-invasive (requires no system changes) with instant identity verification that is inexpensive to implement and simple to use. The software has been developed to include debit card purchases, internet purchases, ATMs, passport, money transfers, remittances and mortgage verification.

An industry and global first, Verify Transfer is a suite of services that offers the following Transaction and Authentication based features:

• Seamlessly integrated with VSC's VeriSmart Card and VerifyNGo two factor authentication
• Provides virtual bank functionality and allows merchants full fund management control
• Merchants can issue and assign VeriSmart Cards to end users and load cards anytime, anywhere electronically (completely secured). Typical use includes payroll services and transactional fund disbursement in real time.
• Ability to garner interest in new markets via the foreign exchange module which enables merchants and end users a full view of their account balance and transaction history in two currencies
• Access to a full reporting and record management system allowing complete visibility of individual customer transaction history and macro roll up reports
• Unrivalled merchant and end user peace of mind enabled by utilizing the patent-pending VerifyNGo two factor authentication to complete funds transferred

ABOUT VERIFYSMART(TM) CORP.

VerifySmart Corp. has designed and developed a Proprietary Hardware/Software Solution that solves Credit/Debit Card fraud by using a proprietary two Factor Authentication.

The Company's Core Technology is designed to meet the needs of the Security challenged Transaction Processing Industry. Present day solutions, such as Verified by Visa, Chip and Pin and CVV Code (all of which can be compromised) have not reduced payment card fraud by any significant factor.

The VerifySmart solution has reduced fraud to zero in earlier production pilots. The Company's proven and highly scalable solution is gaining worldwide attention and placing VerifySmart at the forefront of the fraud prevention revolution.


Source: Company press release.