Cyberloq Technologies

Cyberloq Technologies, Inc. (OTC: CLOQ) is a cybersecurity company focused on developing and marketing innovative credit card and payment fraud prevention technology that uses mobile phone geolocation to verify that a credit cardholder's smartphone is physically present at the point of sale when a purchase is attempted. According to its website at cyberloq.com, the company's Cyberloq technology platform provides an additional verification layer for credit and debit card transactions — beyond the chip and PIN and chip and signature methods currently standard in the U.S. payments market — by confirming that the cardholder's registered smartphone is within a specified proximity of the transaction location before authorizing the purchase. This geolocation-based verification approach can detect and decline fraudulent in-person card transactions made with stolen card information by criminals who do not possess the cardholder's smartphone.

Cyberloq Technologies' payment security platform, described at cyberloq.com, works through an integration with card issuers' authorization systems that enables the real-time location check of a cardholder's registered smartphone during the payment authorization process. When a credit or debit card transaction is initiated at a physical point of sale, the Cyberloq system checks whether the cardholder's smartphone is within the geofenced area around the merchant location, and the issuer can use this geolocation data as an additional factor in the transaction approval decision. The system is designed to be transparent to the cardholder during normal purchases — the phone simply needs to be within range of the merchant location — while providing a meaningful deterrent against fraudulent in-person use of stolen card credentials.

Cyberloq Technologies is pursuing partnerships with financial institutions, payment processors, and card networks to integrate its geolocation-based fraud prevention technology into the existing payment authorization infrastructure, enabling card issuers to offer enhanced transaction security as an optional or default feature for their cardholders. According to cyberloq.com, the company's fraud prevention approach addresses a significant and costly problem for card issuers, merchants, and consumers — card-present fraud at physical retail locations — that conventional chip card technology has reduced but not eliminated. Cyberloq's combination of patented geolocation verification technology, payment fraud prevention application, and financial institution integration strategy positions it as an innovative participant in the growing market for payment security and financial fraud prevention technologies.