New system allows customers to shop without revealing their credit card number

[May 16th 2000]

Cyota Corporation has introduced SecureClick, a new online payment system where consumers never send their real card number over the Internet to make purchases. Cyota announced SecureClick after releasing a major, independent survey of online consumers that found that fears of online credit card security are a major barrier to expanded e-commerce.

"Many consumers were shocked by recent news reports of the theft of hundreds of thousands of credit card numbers from CD Universe and other merchants," said Teddy Flatau - Cyota's Internet team leader and a prominent Cryptography expert. "For many, the effect has been much greater apprehension toward using their cards online."

When purchasing through the SecureClick system, the customer never uses their credit/debit card number, instead using a one-time "disposable" transaction number that only the authorized customer can access. The SecureClick system also checks the customer's final invoice against their original purchase order for discrepancies. Ira Rimerman, a former President of Citibank's worldwide credit card division and now a Cyota official, said, "The SecureClick system creates an unprecedented, direct bond between the online consumer and their card issuer -- a relationship built on trust and confidence."

The nationwide survey of Internet users, conducted by Washington, DC-based SWR Worldwide for Cyota, found that:

• 64% of Internet users are "very concerned" about the security of their credit card information and transactions online.

• 55% of Internet users say concern over online credit card security limits their purchasing behaviour.

• 79% say they would be "much more likely" to shop online if they were convinced their credit card information was secure.

• 87% of Internet users say they would be "more likely" to use a credit card that didn't require them to give out their credit card number to make purchases online.

• 65% of Internet users say they would spend more money online if they didn't have to give out their credit card information when making a purchase.

Links
Cyota		http://www.cyota.com