Breaking Tech News: NXT-ID (OTCQB: NXTD) Patents Offline Local Identity Validation and Fraud Prevention System
SHELTON, CT - September 4, 2014 (Investorideas.com Newswire) NXT-ID, Inc., (OTCQB: NXTD), a biometric authentication company focused on the growing mobile commerce market, announced today that it has submitted a patent application for a method to locally verify identity. This invention represents another first for NXT-ID with the world's first disconnected identity validation system, and another key feature to securing NXT-ID's Wocket® smart wallet.
"This invention is very timely in the face of continued breaches of data and privacy." stated Gino Pereira, CEO of NXT-ID. "In the last two days we have news of intrusions on personal data of celebrities on iCloud and a potentially large data breach at Home Depot. We continue to push the envelope with new, exciting technologies that protect an individual's privacy by keeping information off the cloud or a network."
"This invention provides security without sacrificing privacy," says David Tunnell, CTO of NXT-ID. "Local identity validation ensures financial accounts and cards that are added to Wocket® smart wallet belong to the owner of that Wocket®. We wanted a way for users to securely add their cards without having to sacrifice their privacy to some online background check. This technology is a key enabler of emerging smart wallet technology to reduce fraud."
Typically, identity verification is managed via online cloud services. The validation process requires users' private information to be not only sent up to the service, but to be requested from various data sources and sent back down the client-side application. Man-in-the-middle attacks can intercept this information either going to or coming back from the service, even altering the information to spoof it. Furthermore the data being used to verify the identity is known by more than one source and is therefore susceptive to social engineering hacks and data mining. Without cutting off this constant stream of private information being sent to and from, online validation will always have significant issue with both security and privacy.
The patent describes methods to verify the owner of a card or financial account prior to allowing enrollment into a smart wallet. Under this invention, individuals, accounts, devices and even financial records may be authenticated locally without passing private information over a cloud connection and running a background check. The system is even capable of dynamically generating challenge questions and secret answers from locally known values to provide the user with a standard validation experience.
Combining this technology with NXT-ID's Dynamic Pairing Technology brings an entirely new level of security and authentication to smart wallets and wearable technology.
Wocket™ is a smart wallet, the next evolution following the smart phone and smart watch. NXT-ID is introducing its innovative, patent-pending Wocket™ as the next natural step in the evolution of smart devices. Wocket™ is a next generation smart wallet designed to protect your identity and replace all the cards in your wallet, with no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval.
Credit, debit, ATM, loyalty, gift, ID, membership, insurance, ticket, emergency, medical, business, contacts, coupon, and virtually any card can be protected on Wocket™. More than 10,000 cards, records, coupons, etc. can also be stored on Wocket™.
Wocket™ is now available for advance ordering at www.wocketwallet.com at a price of $149.99.
The full Wocket product FAQ is available to consumers and media at http://nxt-id.com/wocket-faq.
About NXT-ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms led by the Wocket™ ; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.com/
NXT-ID' wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/ , http://3d-id.net/
Forward-Looking Statements for NXT-ID
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
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