A purchase from a merchant using a payment card always runs the risk of a fraudulent transaction. At the point of service merchandise is presented to the cashier for payment. When a payment card is presented to satisfy this debt (by credit-debit or ATM Card) the APS Privacy One system flags the transaction requiring the confirmation second card swipe or biometric key to approve the transaction and process the transaction. The form of this validation is entirely at the discretion of the consumer.
As an example, consider the following real time transaction where payment card "A" has presented to satisfy a debt. The APS PrivacyOne system will only authorize the transaction when the appropriate secondary confirmation has been executed by the customer. Only the customer, the authorized user of that credit line, who knows what the card security feature. It may be biometric (i.e. a fingerprint, a voice print, palm print, retinal scan, ect) It may be a secondary swipe with another magnetic stripe card or chip card. It may be a confirmation email or sms message that must be responded to prior to the transaction moving forward. It may be the presentation of a passport or a unique barcode.
The true beauty of the system becomes apparent when we contemplate the event of a payment card being misplaced, lost or stolen. Any person finding this card will be unable to use it because they do not know the confirmation verification which is needed to process a transaction involving that particular card. Even if an entire wallet is in the hands of a criminal they will not know which card may be required to confirm the transaction when they are prompted for the secondary credential by the cashier. Additionally in the case of a biometric confirmation, the thief will not possess the physical trait required to confirm the transaction. The card now has effectively become useless.
The expansion of this concept can easily be envisioned to the insurance market when presenting an insurance card to satisfy coverage in a medical practitioners office. Clearly the protection of policyholders and providers in a fast, simple real-time process is the key to preventing fraud. In addition the security of patient medical records can easily be traced and matched to the correct individual by means of the same type of biometric or stripe/chip card confirmation. This will result in less chance of a misdiagnosis or mistake due to confusion about patient identity and records. It will also prevent the fraudulent theft of services from the medical institution which has been unable to confirm patient identity .
It may also be applied as form of confirmation that the medical records of a particular individual patient are properly matched with the correct person to whom they belong. This will have the benefit of preventing improper diagnosis or medical mistakes as matching records to patient will become a precise exercise rather than a guessing game when dealing with patients with similar or identical names.