Today, LaserLock Technologies announced that it has signed a ten year contract, worth $7 million, with a Mexican gaming company. The agreement will see LaserLock’s VerifyMe Identity Services authenticating players in online casinos.
According to the announcement, the need for strong authentication in this area has increased due to recently passed anti-money-laundering legislation in Mexico. LaserLock’s technology will be replacing passwords and PINs with a quick, three-factor authentication process.
The multiple factors involved in the VerifyMe method adhere to the classic identification trifecta: something you have, something you are and something you know. In this case it breaks down to a connected device (like a smartphone), a biometric (like facial recognition) and a gesture swipe respectively. The solution adheres to NIST Level 4 standards and can be bolstered by a geo-tagging feature if a “somewhere you are” location factor is deemed necessary.
Neil S. Alpert, LaserLock’s CEO, commented: “This is a new milestone in our fight to deliver viable, strong authentication technology to the marketplace and speaks volumes to the underlying technology that makes up VerifyMe. The current system, in which passwords are so easily hacked and online and financial security so vulnerable, needs to be replaced and VerifyMe is the ideal technology to do it.”
The new contract’s announcement comes only a few months after the Mexican Government approved VerifyMe as adhering to the standards required by the new anti-money-laundering legislation.
“Historically, high levels of identity assurance, like NIST Level 4, have been expensive to implement and cumbersome to use,” said LaserLock CTO, Paul Donfried, regarding the government approval, “what’s really unique about VerifyMe is that it eliminates both of those issues.”
Donfried continued, “VerifyMe is much easier to use than complex passwords and organizations can actually save money by reducing their support and risk management costs. Increasing the privacy and identity protection they provide their customers becomes a powerful additional benefit.”
Recently, FindBiometrics examined the power of multifactor solutions during Multi-Modal Month: our celebration of industry diversity.
July 31, 2014 – by Peter B. Counter