SOURCE: BillGuard


October 16, 2012 09:00 ET

BillGuard Saves Consumers Over $1 Million in Erroneous and Deceptive Charges

Matt Curtis of New York Alerted to Milestone One-Millionth Dollar Charge; Service Put $115 Back in His Wallet

NEW YORK, NY--(Marketwire - Oct 16, 2012) -  BillGuard, the world's first online bill monitoring and resolution management provider, today announced it has saved consumers more than one million dollars since making its free online service available last year. The one-millionth dollar saved was for magazine subscriptions on Matt Curtis's credit card bill, which ultimately will put $115 back into his pocket each year.

"I was stunned to learn that this charge had been tacking on to my credit card bill for the last 2 years, unbeknownst to me. After I moved from Philadelphia to New York City, I thought I had canceled my magazine subscriptions. If I had BillGuard back in 2010, I would have canceled it earlier," said Curtis. "I use several online tools to manage my personal finances, but BillGuard is unique in that it looks for suspicious charges that other services don't look for. It's another layer of protection and the best part -- it's free."

BillGuard is the only service of its kind, alerting consumers to deceptive, erroneous and unauthorized charges that are frequently overlooked even by those who carefully review their bills each month. Many of these charges are relatively small -- often just several dollars each -- but can go undetected for months, even years. Among current BillGuard users who have been affected -- the average of these charges is about $350 a year.

"As American consumers continue to tell us -- every dollar counts. And what's especially exciting for us at BillGuard is that this is just the beginning!  Because we fuel our transaction analytics engine with crowdsourced input from consumers, our service will only get better at finding bad charges as more people join," explained Yaron Samid, CEO, BillGuard. "I am proud of what we've accomplished and of what BillGuard has become: an important personal finance security company that is saving its users a lot of money. Our goal is to continue to improve and grow our service so that we can protect all consumers and ensure trusted commerce everywhere, on every device."

In the coming months, BillGuard plans to expand its technology beyond debit and credit cards to provide broader protection for consumers. It will also be developing and announcing relationships with some of the country's leading organizations, which will join BillGuard in its quest to make every transaction safer and save Americans more money.

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About BillGuard:
BillGuard Inc. is the world's first online bill monitoring and resolution management provider, serving consumers and the financial services community. Through patent-pending big-data analytics and advanced crowdsourcing techniques, BillGuard alerts debit and credit card holders to deceptive, erroneous and unauthorized charges and facilitates both in-statement P2P knowledge sharing and direct-to-merchant online resolution. BillGuard has been featured prominently in the Wall Street Journal, New York Times and The Economist as well as on ABC and CBS News. In 2011, the company was recognized by TechCrunch as the Top New Startup Runner-up worldwide and was most recently inducted into the Online Banking Report Hall of Fame as one of the top online banking innovations of all time. BillGuard is based in New York and Israel and is backed by some of the world's top investors, including Khosla Ventures, Founders Fund, Innovation Endeavors, Bessemer Venture Partners and IA Ventures.