Virtual Piggy Delivers Security Service to Ease Compliance with Federal Trade Commission Regulations
Virtual Piggy helps companies comply with FTC's rulings on COPPA
LOS ANGELES--(BUSINESS WIRE)-- Virtual Piggy, Inc. (OTCBB: VPIG), an innovator in safe youth payments, today announced that it has both parental verification and transactional capability that allows merchants to comply with the updated amendments to COPPA that will come into effect July 1st.
In December 2012 the Federal Trade Commission (FTC) issued amendments to the COPPA (Children's Online Privacy Protection Act) standards that will into effect in July 1, 2013. The amended regulations enforce transparency for parents into all of their child's information that a website may collect, among other changes. Virtual Piggy allows parents to access all of their children's subscriptions, memberships, and transactions in one place.
The changes to COPPA affect any companies that have under 13's within the US as part of their audience, which includes a wide array of businesses that range from major global entertainment companies to Mobile Application Developers for the Apple Store and other online stores. Last week the FTC sent letters to more than 90 businesses informing them that they could potentially be in violation of the Children's Online Privacy Protection Act when changes to the law go into effect on July 1.
"Virtual Piggy is the only technology that provides both parental verification and transactional control in a COPPA compliant manner. We validate the identity of both the parent and the child and can authenticate that the parent has approved the website for use by their child quickly and seamlessly," said Dr. Jo Webber, CEO of Virtual Piggy, Inc. "The changes to COPPA will soon be in effect and our technology provides a simple solution to the challenges of meeting the requirements of this law."
For information about Virtual Piggy visit www.VirtualPiggy.com
About Virtual Piggy, Inc.
Virtual Piggy promotes financial management while empowering youth under 18 to make purchasing, saving and other money management decisions for themselves, within the boundaries setup by parents. The technology serves as a family wallet that is available online or via mobile, and is always 100% free to use. The technology company delivers online security platforms designed for the Under 18 age group in the global online market, and also enables online businesses the ability to function in a manner consistent with the Children's Online Privacy Protection Act ("COPPA") and similar international children's privacy laws. The company is based in Hermosa Beach, CA and on the Web at: www.virtualpiggy.com
Safe Harbor Statement
All statements herein other than statements of historical facts are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Such statements are not guarantees of future performance and are subject to known and unknown risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. Such factors include, but are not limited to, our ability to raise additional capital, our limited operating history and revenue, our ability to attract and retain qualified personnel, our dependence on third party developers, our ability to develop new services, market acceptance of our services, legislative, regulatory and competitive developments, enforcement of our intellectual property, general economic conditions, as well as other factors set forth under the caption "Risk Factors" in our Forms 10-K filed with the SEC, and other filings with the SEC.
KEYWORDS: United States North America California
The article Virtual Piggy Delivers Security Service to Ease Compliance with Federal Trade Commission Regulations originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.