George Cox
New York, NY (USA)
Role(s):
Raccoon.cc, Inc
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Startup
Location:
New York
Industry:
Banking
Year Founded:
2007
Number Employees:
INVALID
Description:
Raccoon Executive Summary
Problem: Credit card fraud costs merchants and financial institutions $2 billion and $50 billion USD per year respectively. The costs incurred by merchants and financial institutions are passed onto consumers in the form of higher prices, interest rates, and fees. Overall, a victim spends on average $1,180.00 plus 175 hours over a four-year period to regain their financial health. Worldwide, losses of identity theft from organized crime may amount to as much as $2 trillion USD reaching epidemic levels in Canada, Japan, and Europe. Debit card fraud losses from Signatures are more than 12 times losses than PIN transactions - $245 Million vs. $20 Million in 2007.
The Solution: Raccoon’s patented pending system and method is a ”card-independent” preventive securi