SOURCE: BillGuard

BillGuard

November 05, 2012 09:00 ET

BillGuard Expands Award-Winning Credit Card Protection to Digital Wallets

BillGuard Protects Lemon's Over 2.5 Million Users Against Deceptive and Unwanted Charges

NEW YORK, NY--(Marketwire - Nov 5, 2012) - BillGuard, the world's first transaction monitoring and resolution provider, which announced earlier this month that its award-winning credit card protection service was available to consumers via Apple Passbook, has announced that Lemon Inc., makers of the popular Lemon® Wallet, has selected BillGuard to provide card protection for its 2.5 million digital wallet customers. The integrated service is now live on both iOS and Android versions of the Lemon Wallet. Having saved consumers over one million dollars in hidden fees and deceptive charges via its BillGuard.com service, BillGuard is now extending the same, trusted service to digital wallets.

"Consumers today are more mobile than ever. Using their smartphones to make purchases and organize cards, receipts and coupons offers them more flexibility, but it also provides a new channel for potential billing errors, deceptive charges and fraud. To address this, BillGuard is now taking their proven big data and crowdsourcing technologies and bringing them to where our customers are saying they need it -- in their Lemon wallets," said Wences Casares, founder and CEO, Lemon. "Being able to track account balances and provide alerts on questionable charges is extremely important in providing a layer of personal finance security that our Lemon Wallet customers expect."

"Along with the game-changing promise of digital wallets comes a need to re-think and re-engineer digital card protection," said BillGuard founder and CEO Yaron Samid. "BillGuard's crowdsourced transaction analytics and notification engine has been designed with these unique security challenges in mind, ensuring trusted commerce everywhere, on every device. We are excited to now be available via leading digital wallet services and announce our digital wallet partnership with Lemon, a true pioneer."

With nearly half of Americans owning smartphones, it is becoming more common for them to use these devices as digital wallets. Yet there has not been a service available that protects consumers from deceptive merchant practices, which are rarely tracked by fraud and identity theft services. Many of these charges are relatively small -- often just several dollars each -- but can go undetected for months, even years. Significantly, based on a recent study conducted by BillGuard, one in four users has incurred some type of erroneous or deceptive charge in the last six months. And among those users who have been affected, the average of these charges is about $350 a year.

"Digital wallets are getting a lot of attention -- especially as major brands like Apple and Google continue to unveil new offerings," said Rick Oglesby of Aite Group, an industry analyst firm. "But there is still legitimate concern over security and even concerns about over-spending due to ease and convenience. With BillGuard bringing its service to digital wallets, they are helping consumers, financial institutions and merchants alike to ease these concerns by providing a new layer of protection to this new frontier."

For more information, please visit www.billguard.com.

About BillGuard:
BillGuard Inc. is the world's first transaction monitoring and resolution provider, serving consumers, merchants and the financial services community. Through its patent-pending crowdsourced transaction analytics engine, BillGuard addresses unique personal finance security challenges in the digital marketplace, ensuring trusted commerce everywhere, on every device. BillGuard analyzes millions of consumer billing disputes to alert debit and credit card holders to deceptive, erroneous and unauthorized charges and facilitates direct-to-merchant online resolution. In 2012 the company was inducted into the Online Banking Report Hall of Fame as one of the top online banking innovations of all time. BillGuard is headquartered in New York and is backed by the world's top investors, including Bessemer Venture Partners, Khosla Ventures, Founders Fund, Innovation Endeavors, and IA Ventures.

About Lemon:
Lemon Wallet allows you to store a digital copy of all of your cards -- identification, insurance, loyalty and payment cards -- so you can access and use them whenever you need on any smartphone. Lemon processes cards in a smarter way with real-time balance updates, special offers and a simple way to interact with brands and merchants. Founded by international experts in banking and payment solutions, Lemon is headquartered in Palo Alto, Calif. For more information, visit www.lemon.com.