SOURCE: Wave Systems Corp.

Wave Systems Corp.

Wave Systems Corp.

July 31, 2014 08:30 ET

Wave and Bell ID Partner to Combat Online Payment Fraud

EMV Card-Present Transactions Enabled for E-Commerce by Integrating TPM Technology

LEE, MA--(Marketwired - Jul 31, 2014) -  Wave Systems Corp. (NASDAQ: WAVX) announced it is partnering with chip lifecycle management solutions company, Bell ID, to offer a joint solution aimed at reducing online payment fraud. The solution will be marketed primarily to card issuing banks, as well as online merchants, governments, and enterprises worldwide.

Using Bell ID's Trusted Service Manager and Secure Element in The Cloud (SEiTC) server, alongside Wave's ERAS for TPM management and Wave's endpoint identity and monitoring expertise, the combined offering provides robust protection for transactions and stored payments. The companies have executed a letter of intent and anticipate the signing of a definitive agreement in August.

The incident rate of card-not-present (CNP) fraud has been growing steadily over the past several years. According to a recent FICO Banking Analytics Blog, CNP fraud now accounts for close to half of all credit card fraud. Countries that have already adopted the EMV® card specification have seen CNP fraud rates increase. In the United States, CNP fraud is expected to rise significantly over the next eighteen months, as the EMV standard is put into effect. The EMV directive, which implements a global standard for a secure chip-based payment application, will make merchants liable for any fraud resulting from transactions on systems that are not EMV-capable.

"Wave's robust product portfolio is very complementary to Bell ID's strongly positioned solution set in the financial services market," said Bill Solms, CEO, Wave Systems. "We see the EMV transition creating high demand for more secure transaction capabilities, and are confident that together we can provide financial institutions with a comprehensive solution for payment authorization and storage."

"Bell ID has been a pioneer in developing and delivering cloud-based payment platforms," adds Pat Curran, Executive Chairman at Bell ID. "We also have extensive experience in delivering EMV solutions globally and have witnessed fraud transition online as point-of-sale terminals in face-to-face transactions become more secure. We are therefore delighted to extend our offering with Wave to provide a secure online transaction and storage payment solution, which will mitigate against an expected rise in online fraud and provide a trusted link between device identity and internet services."

About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.

About Bell ID
Bell ID, headquartered in Rotterdam, the Netherlands, develops chip lifecycle management software that enables banks, governments and enterprises worldwide to issue and manage credentials on mobile near-field communications (NFC) devices and EMV smart cards. For more information, please visit: www.bellid.com

Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.

All brands are the property of their respective owners.

Contact Information