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Invented & patented: New data authentication and verification method

July 2004

How many times have you wondered whether your identity has been stolen or your credit card info has been stolen or your website login info stolen or your data has been stolen or fraudulent data verification happens? Any or all of the above is happening on a daily basis even with existing systems in place.

Well I have found a solution to all these problems with a simple method that could be used with existing setup with some minor alterations and addition of some code. Its called randover and I have a US patent pending certificate for this application.

This method is a verification of data that is aimed at creating a verification system. That does not need a lot of new applications to be run like biometrics, SSL, but is aimed at creating a system that lets various application providers and users use existing infrastructure to combat fraud instead of investing millions in a new one.

30-40% of all data transactions on the net are fraudulent.

Below is an estimate of cost of internet and data fraud for internet transactions.

Cost of Internet fraud with and without technical investment

Year     With investment    without investment

2000     $1.6 billion         $1.6 billion
2005     $5.7 billion         $15.5 billion

Source: Meridien Research

Net Credit/Debit Card Fraud In The US After Gross Charge-Offs

Year All Cards     Bank Cards
     (In millions)     (In millions)

1998     966.07            637.43
1999     956.22            643.35
2000     1,088.10         743.09
2001     1,221.87         843.15
2002     1,357.92         944.57
2003     1,499.23         1,049.54
2004     1,652.48         1,164.96
2005     1,817.68         1,294.09
2006     1,991.96         1,429.68
2007     2,183.70         1,580.86
2008     2,392.40         1,745.45
2009     2,623.31         1,927.38
2010     2,877.21         2,127.87

Source: The Nilson Report

The above data is taken from http://www.finfacts.com/intcard.htm

This is just an example of data fraud and its cost. Randover can be used in any transaction involving data.

A partial list of the various uses of the randover concept and patent are:

Credit card authentication

User authentication

Data verification

User registration

Product registration

Authentication of any data type

Verification of any data type

Database authentication

Encryption

And more

Suhit Anantula, the Project Manager - Deeshaa Ventures after hearing how it works, stated "The most foolproof method ever invented to authenticate data."

"This is a method that has to be used in every website login, every credit card authentication, and every database to make the security system of of data more stable, secure, prevent and identify fraud in real time" stated Anand Giri, the Founder and Managing Director of myadda.com - a social networking site.

This is one of rarest ideas in the history of computing that will change way everyone uses computers and internet forever. This will also make internet and data fraud/theft a thing of the past as it can be used not just to authenticate data but also trace and stop the fraudsters in real time. The application is under development and will be released soon.