By Randy Smith,
Mobile Wallet Media
May 6, 2014
About Mobile Wallet Media
Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, marketing, loyalty commerce, security, prepaid, virtual currency, daily deals and the convergence of them all with social and local. The Chief Editor, Randy Smith, was the primary founder, inventor and former CEO of MobilePayUSA, a TechCrunch Disrupt Startup Alley Winner.
Ondot Systems just announced 18 million in funding for their ‘Remote Control Card App’. The app gives cardholders the final say in payment card transaction authorizations. Cardholders will be able to turn their cards on and off, thus giving them lock and key control over their payment cards. Is this not long overdue?
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OnDot’s Remote Control Card App May Kill Need for EMV, Transform Security
In a nutshell from a TechCrunch article “With CardControl, we were able to decrease our fraud losses from $450,000 in 2012 to $180,000 in 2013, a reduction of over 60 percent. This has been a big breakthrough, and justifies the solution on its own,” says David Penoli, LSNB’s COO. “Getting our cardholders to use their cards over 50% more has been the most cost-effective way to increase debit card margins.”
You lock the doors of your car and home, so why not your cards? What’s there to worry about when Target-like breaches strike if your cards are locked? The question is will this make EMV irrelevant or unnecessary? Through tokenization and growth of mobile payments, actual card credentials shared with merchants is already trending downward. HCE may yet make NFC once again relevant. It seems everything is moving from POS to the cloud and away from conventional card-present transactions. Someday soon card-present is likely to be replaced by person-present.
Pairing location to authorizations adds even better authentication. It also could also add convenience by leaving cards turned on for local transactions or those in proximity to your phone. But this concept seems all too familiar. Is it déjà vu? Nope!

This is my solution, originally conceived in the late 90’s with web controls, then text controls and in late 2000's with mobile app controls. I launched in 2005. Check my demo from my 2005 site.  At ETA, in April of 2012, I officially unveiled MyCreditVault (aka: MonOff (.com), as in turn your Money On and Off). This solution went beyond just enabling consumer lock and key control over credit cards, but also credit files. Perhaps Ondot will be the catalyst to propel consumer-authenticated financial transactions. Watch my video below to see what may still be the future and compare it to Ondot.
My second article here was about MyCreditVault. I also posted comments about MyCreditVault many times at and on payment groups on LinkedIn. So why all the media coverage about this idea now? The idea got funding, the Target breach and proof this technology reduces fraud. TSYS also announced a like product in January.

Companies that try to do without the originators of innovation pay the price. Apple has quite often struggled without Steve Jobs. So how do we tell true innovators apart from the counterfeit? How do we know if a product is truly innovative or just a marketing play or ploy? Clinkle has yet to see the light of day yet has already seen a bit of disarray. Square has impacted the industry, but a promising future is in question because Square does not enable great profits. I accurately made my predictions here on these companies last year. We’ll see how recently announced products excel at Square.

I have several other ideas that may show as much promise as Ondot’s. I also have Ondot’s next-gen products ready for publication or sale to the highest bidder. I was preparing to announce such before Ondot made their entry. You may still see this soon. That is unless I’m made an offer I cannot refuse to be hired on as an innovator by a major player in our space.
Disruptive Innovation and Dysfunctional Dinosaurs