ITBIOMETRICS™ Unveils the DOGOOD™ Card Transforming Financial Security and Merchant Savings
ITBIOMETRICS™, a trailblazer in capacitive biometric authentication, is set to revolutionize the cryptocurrency and credit card landscape with its latest innovation, the DOGOOD™ card. This product promises to offer far-reaching benefits to both consumers and card merchants, delivering enhanced security and significant cost savings. It also allows for instantaneous logging in and purchasing of merchandise without passwords, account numbers, and multi-factor authentication and CAPTCHA by substituting biometrics.
For cryptocurrency users, not only does it prevent losses from hacking but also from failed cryptocurrency exchanges by making cryptocurrency ownership far simpler and more secure. It's simpler because there are no 64-character passphrases to remember, and if the user ever loses their ITBx™ cryptocurrency wallet, all they need to do is obtain another wallet, and all of the digital assets they own will reappear. The invention uses the fingerprint itself to encrypt and decrypt information.
Financial transactions are becoming increasingly vulnerable to hacking, including the cryptocurrency market. The result is a financial ecosystem plagued by billions of dollars in losses by card merchants, customers, and cryptocurrency enthusiasts due to fraud and identity theft.
According to Howard Prager , CEO of ITBIOMETRICS™, merchants grapple with a significant percentage of holdback and high card fraud loss chargebacks. ITBIOMETRICS™ recognized these critical pain points and developed the DOGOOD™ card to address them head-on.
The DOGOOD™ card utilizes simultaneously four factors and a fingerprint substitute for the user's password. It ensures that only the rightful owner can authorize transactions. By incorporating four types of biometric sensors, the card verifies the user's identity through fingerprint recognition and a method far more secure than traditional passwords by capturing infrared pictures of the finger flesh. The only thing that the user has to remember is which fingers to use.
"This approach can drastically reduce the risk of fraud and hacking," says Prager. This offers unprecedented protection against unauthorized access. Moreover, the DOGOOD™ card integrates seamlessly with major payment card brands, ensuring widespread acceptance and convenience for users.
Consumers could benefit from enhanced security and peace of mind. It is important to note that the fingerprint never leaves the device. Whatever is sent to credit card merchants and banks, and cryptocurrency exchanges and currencies, are highly encrypted signals. It eliminates the need for remembering complex passwords or PINs, offering a more convenient and secure user experience in seconds. The DOGOOD™ card also provides an optional rebate system, where users accumulate savings throughout the year, which can be distributed on their account anniversary.
"Since the DOGOOD™ card can prevent identity theft and credit card fraud, one of the major card brands estimates that banks can save a significant percentage of their credit card overhead. They can compete with one another for new customers by offering increasingly larger rebates. The reason is that they want to capture debit, as well as credit card business, as they make a profit on each transaction. Some may reduce interest rates on credit cards to compete with consumers who are more sensitive to interest rates," shares Prager.
These rebates can be directed towards personal savings, charitable donations, or tips to companies that have provided exceptional service, creating a culture of generosity and community support. Howard further expresses, "We have created this service for our clients so that they could act like a 'Santa Claus' at least once each year, spreading joy to recipients all year round."
"To understand the scale of the beneficial effects on the economy, major payment platforms collectively earn trillions of dollars a year. It is likely that the typical card merchant will save a significant percentage of their chargebacks. The arithmetic tells us that card merchants collectively can have substantial profits when the DOGOOD™ card becomes ubiquitous," says Prager.
In addition to its financial security benefits, the DOGOOD™ card introduces innovative features to protect users in critical moments. DOGOOD™ is equipped with an AI named SHREEDAAN. That name means 'do good' in Hindi. The integration system provides users with a guardian angel-like AI service. This system appears with a humanlike image with facial recognition and location tracking to identify and respond to potential threats, activating emergency protocols to safeguard the user when using their Panic Finger established during setup.
With necessary certifications like FIDO2 (Fast Id Online), ITBIOMETRICS™ continues to advance its technology.
Media Contact
Name: Howard Prager
Email: hprager@globepays.co
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