Today, LaserLock Technologies announced that it has signed an agreement to license its VerifyMe Identity Services platform to a major financial services advisory firm. At this time, the firm is unnamed, but according to LaserLock it consolidates hundreds of billions of dollars in assets for around 100,000 investment banking clients.
VerifyMe is a multi-factor authentication solution – combining biometrics, gesture swipe and a connected device such as a smartphone or token – that conforms to NIST Level 4 security standards. The solution also has a geo-tagging feature that can allow for location-based identification factors.
“LaserLock’s robust VerifyMe platform was developed to protect the millions of Americans who every year fall prey to identity fraud and password breaches online,” says Paul Klapper, director at LaserLock. “By using VerifyMe people no longer have to worry that their passwords are too simple and will be hacked because VerifyMe replaces passwords all together.”
Biometric security solutions have been gaining traction in the financial market due to an increasing demand in fraud prevention measures. Banking, payment and financial call center operations are turning to various types of biometric security in order to add a level of trust to transactions without sacrificing anything in terms of convenience. Just last week, Barclays announced that it will be allowing for finger vein authentication in corporate customer transactions thanks to a collaboration with Hitachi Europe.
“Identity theft is no longer just the tagline of television and movie scripts,” says Neil Alpert, LaserLock’s CEO. “People can barely open up a newspaper or turn on the television without hearing about another identity breach. LaserLock’s technologies were created to put an end to what has unfortunately become a daily occurrence. We are very proud of this milestone in the financial services industry. Now is the time to replace the broken system of passwords and VerifyMe is the ideal technology to do so.”
In July, LaserLock announced that it has signed a ten year contract, worth $7 million, with a Mexican gaming company that will see VerifyMe authenticating players in online casinos.
As reported by FindBiometrics at the time, 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 its quick, three-factor authentication process.
September 8, 2014 – by Peter B. Counter