A research report published by eMarketer and LexisNexis indicates the damage fraud imposes on ecommerce merchants. According to the data Ecommerce lost about $6.7 billion in 2016 to fraud. In their report, LexisNexis indicates that mobile fraud is a big issue and can be expected to grow. Fraud cost as a percentage of revenues is higher among mCommerce merchants. In addition, there is concern about the security of mobile transactions and, there is a significantly high number of lost transactions per month to fraud through mCommerce.
Glance Technologies Inc (OTCQB: GLNNF) (CSE: GET) owns and operates Glance Pay, a streamlined payment system. The Glance Pay mobile payment system consists of proprietary technology and a large-scale technology hosting environment with sophisticated anti-fraud technology. Earlier this week the company announced that it has filed a provisional patent with the United States Patent and Trademark Office for its latest invention which, “allows orders and payments initiated from traditional websites on any platform to be secured via mobile devices utilizing Glance’s robust anti-fraud technology.”
In addition to allowing the convenience of ordering and initiating transactions from the web from desktop computers or any other connected device, the technology designed to lower fraud for merchants and provide more security for consumers.
“With the ever-increasing rate of e-commerce fraud, we believe online merchants will prefer a more secure transaction. Most customers ordering online via their desktop or laptop already have their smartphone sitting right next to them allowing them to verify, secure, and transmit payments all from Glance Pay. We are taking advantage of the incredible array of technology on mobile devices and our own proprietary anti-fraud technology to help solve the problem of online payment fraud,” says Glance CEO Desmond Griffin, “Mobile payments are the future for internet payment security and, with our incredible anti-fraud track record and recent provisional patent filing, we believe we are well positioned for this future.”
The new provisional patent will be the third patent application filed by Glance in a series of applications designed to protect Glance’s proprietary mobile payment system technology including its anti-fraud technology. The patent application, once converted into an international Patent Cooperation Treaty (PCT) application and pursued in key jurisdictions throughout the world, is designed to provide significant commercial protection for Glance’s technologies.
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