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Your Bank Failed To Protect You

Identity Protected Secure Purchasing “The BlankCard”

Identity Theft Can Be Prevented, the BlankCard Solution Was Presented In 2005       After a review of the current state of the eCommerce industry and/or card payment systems, we can conclude the Banking Industry is responsible for nearly all identity thefts dated from 2005 to the present. In 2005, we introduced the Identity Protected Secure Purchasing fraud proof credit card system to the top 25 banks in America. The list included, Wells Fargo, Citibank, Wachovia, Chase, State Street, Mellon Bank, Merrill Lynch… wells fargo

We first considered the “leaks” in the current system and asked ourselves a few fundamental questions;

  • To acquire a credit or debit card, the customer trusts a bank or financial institution with their most sensitive information.
  • But when using that bank’s card to make a purchase, is it necessary for the bank to disclose the customer’s sensitive information to anyone? “No.”
  • Can the customer just tell the bank when and where to make a payment? “Yes.”

merrill lynch

The fraud proof payment system was trade named the I.P.S.P. BlankCard to indicate the card is void of the customer’s sensitive or personal information. We incorporate the customer’s cell phone or mobile device which allows the system to replace the sensitive information with confirmations. We then simply remove the customer’s personal information from the card (magnetic strip, smart card, NFC) and replace the information with a unique token to the customer that is recognizable by the system. Now when this card is swiped or read, a purchase request is simultaneously sent to the bank and the customer’s cell phone or mobile device, the customer enters their PIN, the bank confirms the customer’s cell and PIN, the transaction is approved in seconds. The retailer receives a confirmation/transaction number from the bank… “Fraud proof” transaction complete!

  • The customer’s personal information is never stored on the retailer’s data base.
  • A lost or stolen card can never be used.
  • The customer has control of every transaction including third party transactions at remote locations.
  • Even in the event the bank’s data system is breached, the customer’s account and money remain secure.
  • The BlankCard payment system doesn’t require any new equipment, technology, or readers.

Implications of the Banking Industry’s Reasoning for NOT Adopting the Fraud Proof Payment System       In 2011, we re-introduced the I.P.S.P. BlankCard payment system to Citibank’s Card Division. I’m compelled to say, in the beginning of our conference with the Citibank executives, we emphasized , “When considering consumer protection, we must realize, protecting the consumer, is protecting ourselves”… F. D. Foster   Citibank’s reasoning for failing to adopt the BlankCard application was, “A transaction might take a few more seconds in the checkout line”.  This was a misconception and a matter of poor judgement on their part (in a BlankCard transaction, card is swiped immediately).citibank

In essence, the Citibank executives indicated the banking industry’s primary focus is to issue millions of cards to millions of customers to make millions of seamless transactions allowing the banks to make Billions of Dollars. Then if a few thousand customers lose a few Hundred Dollars, from being victimized by identity theft, they will repay the monetary loss. The banks cannot repay the customer’s stolen identity. Like virginity, once your identity has been stolen, you can’t get it back. Moreover, when a customer is victimized, the bank puts protections in place which in turn makes it more difficult for the customer to make transactions. The victimized customer loses the bank’s “seamless transaction” feature. While having knowledge of the I.P.S.P. BlankCard system since 2005, the banking industry disregarded their customer’s security for the sake of profit gain. index digital info 1Legally, the banks neglected their fiduciary duty. Their failure to adopt this fraud proof payment system and protect their customer’s information contributed to a large percentage of 673,293,959 records and personal identities being exposed (this calculation dates from 2005 to 2014, commonly referred to as “The Year of the Data Breach”).

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ATTENTION GLOBAL COMMUNITY

F. D. Foster, LLC is introducing their new product category, the patented I.P.S.P. BlankCard Mobile Payment System®, an identity protected secure payment solution. The BlankCard® is the only mobile payment system that can claim;

  • Your personal and account information is never revealed.
  • Your personal or account information is never stored on retailer’s data base or in cyber space again.
  • You have full control of third-party purchases while at a “remote location”.

The I.P.S.P. BlankCard Mobile Payment System®, designed by a consumer, for the world’s consumers, is the most recently issued patent. In 2005, driven by our fear of identity theft, and not being satisfied with the available remedies offered by the banks, F. D. Foster needed a way to make an eCommerce transaction wherein, the retailer is sure to get paid, but without obtaining any personal or account information. This inspired the creation of Identity Protected Secure Purchasing®, trade named, the BlankCard®.

Most other mobile payment technologies were designed by corporate employees and are based on studies and statistics on human behavior, trends, and technological advancements. After Reuter’s 2007 announcement of the world’s 3.3 billion mobile phone subscriptions, virtually every corporate executive and investor wanted in on this alarming trend. One of the most sought after applications is mobile payments.

It is estimated that by 2013, almost 300 billion mobile transactions will be made, generating more than $860 billion in transaction fees. These estimates have sparked the development of several payment technologies and solutions from card associations, banks, telecoms and tech companies. The focus of these solutions is making the cell phone the sole device needed for a customer to complete a transaction. This emerged the mobile payment, contactless payment industries, also know as ‘M-commerce’. These mobile payment systems offer the customer a considerable level of convenience, but are lacking in customer protection. These All–In-One mobile payment systems are designed to house all user components needed to make a transaction. Installing a digital credit/debit/gift card, user credentials, account information, and authorization, in a customer’s cell phone presents significant limitations and security risks.

  • When user is unable to travel to the point of sale, instead of giving their credit/debit card and PIN, does the user now have to give their cell phone to the ‘third-party’?
  • Housing these confirmations in one device will obviously make that device the target of thieves.
  • If user’s cell phone is lost or stolen, especially if stolen by someone who knows the PIN, how does one report the loss or theft – a land line, the Internet, or someone else’s cell phone?
  • Most people’s primary contact source is their cell phone. If their cell phone is lost or stolen, this may add difficulty in reporting the loss or theft.

In the development of the I.P.S.P. BlankCard Mobile Payment System®, identity protection and security were the main focuses, and in turn, were never compromised. Instead of adding the confirmations to the cell phone, we chose to leave them under the security of the bank. With all vital information locked away at the bank, the BlankCard® customer is free to shop around the world with a level of security that is unmatched by any other system.

With the BlankCard®, our customer information is never used at point–of-sale. Furthermore, if the retailer’s data base is hacked or compromised, information associated with BlankCard® Customers will not be threatened.

The I.P.S.P. BlankCard Mobile Payment System® is an effective loss prevention tool that protects the data bases of the financial institutions and payment processors. There is no communication with financial data bases at point-of-sale. The financial data bases are contacted only upon completion of unique process. Even the most sophisticated thieves will find it nearly impossible to provide the number of confirmations needed to contact the financial data bases or complete a transaction.

Without compromising speed and convenience, the I.P.S.P. BlankCard Mobile Payment System® is superior to all others. Its extreme level of security and identity protection combined with its controlled third-party transaction feature can not be compared. With identity theft and security as the biggest fear of consumers and financial institutions alike, the I.P.S.P. BlankCard Mobile Payment System® is the ultimate secure payment solution!

Inquiries, contact us at info@theblankcard.com or investors@theblankcard.com or leave reply.