Zoompass Holdings Inc.

Zoompass Holdings Inc.

September 19, 2017 09:15 ET

Zoompass Enters Strategic Alliance With CyberloQ to Enable Fraud Mitigation on its Card Platform

TORONTO, ONTARIO--(Marketwired - Sept. 19, 2017) - Zoompass Holdings Inc. ("Zoompass" or the "Company") (OTC PINK:ZPAS) is pleased to announce the following update on the Company's business and information objectives going forward.

Zoompass is pleased to announce the confirmation of a strategic alliance with Advanced Credit Technologies, Inc and its CyberloQ FRAUD prevention technology (OTC:ACRT). Cyberloq provides one of the most integrated fraud mitigation systems available to the prepaid and credit card sector. With a multi-layer authentication approach to security, Cyberloq is able to eliminate most fraud through a unique check-in process utilizing three levels of authentication. The combination of a card spending algorithm, geo-fencing and smartphone authentication on a per transaction basis, allows Cyberloq customers to virtually eliminate card fraud. Most FRAUD occurs in a CNP (Card Not Present) environment. By using CyberloQ, in order to process a transaction, cyber criminals are forced to collect not only members' card information, but also their smartphone (which contains a unique identifying number) and the PIN number associated with that smartphone. This renders card fraud virtually impossible.

Zoompass will be one of the first prepaid card companies to install this next generation fraud mitigation on their platform and to further secure transactions and provide business customers the confidence they need to implement card programs within their ecosystems.

Steve Roberts, President of Zoompass stated, "Fraud protection is not only expensive and a major inconvenience to consumers, but also extremely costly to both program managers and banks. This alliance with Cyberloq should be beneficial on many different levels throughout the company."

Chris Jackson of Advanced Credit Technologies, Inc echoed that sentiment, "We have spent years perfecting our system and are pleased that Zoompass will implement this in the prepaid card space. We envision that this type of system will become a standard in the industry and cut down on fraud considerably."

About Zoompass Zoompass Inc. is a leading financial services technology company with a unique place in the Fintech space as both a financial platform provider with divisions in physical prepaid cards, financing enablement, and mobility products. Zoompass provides businesses and government tailored solutions to help digitize their financial transactions. In the card sector, Zoompass offers complete program management services for a wide range of open loop Visa® and MasterCard® prepaid and virtual card accounts. Zoompass enables businesses to provide their customers with a number of open loop card choices including, gift card, incentive cards, check replacement cards and online virtual card accounts. The company also provides advanced mobile technology, enabling businesses to provide their customers with a white label mobile wallet solution, like Zoompass, with the ability to manage their card balances, bill pay, transfer funds and perform card to card money transfers in real time using their mobile devices. Zoompass's mobile device division helps carriers and mobile device manufacturers integrate the financial platform technology into their offerings. For more information about Zoompass, visit www.zoompass.com.

Safe Harbor:

From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.

The Company discourages any and all promotional activity by non-Company actors, and encourages investors and potential investors to review the Company's public filings, its website and its press releases, and to discuss these matters with their personal legal and financial advisors. Non-Company newsletters/recommendations, websites or general stock symbols/classifications or other identifiers regarding our securities, whether positive or negative, should not be relied on because these items are simply opinions/policies of a third party. These third parties are, in many instances, paid by the publisher or other third parties and the Company believes that they profit from the publication of this literature and the results on the market. These materials should not be a substitute for investors' research and/or independent decision-making.

Contact Information

  • Zoompass Inc.
    Rob Lee, Steve Roberts, Brian Morales