Tag: mobile security

The release revealed that cybercrimes have cost Canadians $3 billion over the last 12 months.

According to the latest Norton Report regarding mobile security, cybercrime in Canada has cost $3 billion over the last year, which is an increase of more than double over the $1.4 billion that had been recorded over the previous year.

The software security maker, Symantec, reported that more than 7 million people have been victims.

The U.S. based company shared in its 2013 security report that more than 7 million people in Canada have been cybercrime victims in the last 12 months, alone. The average cost per victim of these various types of digital crime is approximately $380 percent.

The cost of mobile security crimes per victim has also increased for victims globally.

It has risen to $113 (USD) over the last 12 months, which means that it cost each victim just over $300. The authors of the report conducted a survey of more than 13,000 people in approximately 24 countries around the world. What it determined was that mobile security, cyber attacks, and the sharing of sensitive information are becoming increasingly common.

This increase in cybercrime is occurring throughout many different channels. It involves issues such as mobile security breaches, unauthorized computer access, open Wi-Fi networks issues and identity theft. The report attributes the rapid growth rate to the rise in the use of smartphones and tablets particularly over open Wi-Fi networks.

According to Lynn Hargrove, the director of consumer Solutions at Symantec Canada, “The move to mobile is really one of the core findings that we’ve seen and as people have tablets and smartphones, that’s where the cybercriminals are going.” She also pointed out that people just don’t seem to be taking this mobile security risk as seriously as it really is. She stated that people aren’t securing their smartphones and tablets as widely as they do their desktops and laptops. Computers are far more likely to have antivirus programs than smartphones.

The online and mobile security report indicated that 60 percent of device users in Canada don’t even realize that there are security programs that are designed for use by their tablets and smartphones. Only one in four smartphone users have some level of free security software and 32 percent of them have experienced a cybercrime in the last year.

Electronic Wallet, the Wocket, To Use Voice Biometrics

Shelton, CT- NXT-ID Inc. (OTCQB: NXTD), a biometrics company focused on the growing mobile commerce market, today announced that it has issued the following product update for the  Wocket™ and 3D FaceMatch™ Systems.

Mr. Gino M. Pereira, CEO of NXT-ID, Inc. notes, “ NXT-ID is building an innovative, next -generation information security platform using advanced biometric technology to enable secure transactions, identity management, and access control via mobile and other devices in an intuitive, cost-effective and easy-to-use manner. NXT-ID is creating a new paradigm in information security.”

He also added, “At the heart of NXT-ID’s new paradigm is real-time, dynamic, multi-factor biometric authorization that is user friendly and extremely difficult to hack, thus providing greater security beyond conventional security systems. This system combines multiple attributes that are unique to each user such as face, voice, fingerprint, and retina with multiple attributes that are unique to other identifiable features, such as devices and accounts, to form an impenetrable security solution. By introducing this new paradigm, NXT-ID hopes to shatter the conventional User/Password structure that currently exists. “

“The market opportunity for NXT-ID’s biometric security products is significant. The Wocket™ alone has a target market of nearly $1B in the U.S. The opportunity will expand across multiple segments, given that the company’s products target consumers, enterprise and government agencies in the U.S. and overseas.”

NXT-ID’s expertise in biometrics, along with its growing patent portfolio of cutting edge technology, gives the company a solid foundation upon which to make the new security paradigm a reality in the marketplace. The product roadmap is ambitious with several new security products scheduled for release in the months ahead, all of which are based off of the company’s Mobile-Bio™ platform. NXT-ID is using its Mobile-Bio™ platform to commercialize a range of next generation security products targeted at a range of applications that extends across multiple segments. These products include:

1. The Wocket^TM – a new class of biometrically secure mobile devices designed to bring the traditional wallet into the 21st century by providing the functionality of a wallet and incorporating a touch screen and a single dynamically programmable card to use for credit, debit and any other magnetic stripe functions.

2. Mobile-Bio FaceMatch^TM – 2D, 3D and pseudo 3D methods to perform facial recognition.  Additionally, NXT-ID is seeking to incorporate its patent pending “FacePassword” as a method to add multi-factor face and face movement to Dynamic Pairing Codes using simple low-power embedded processor on an external device (biosensor), such as a Wocket™, that then connects to other end-points using Dynamic Pairing Codes.

3. Mobile-Bio Sensor^TM – a simple, web-enabled, biometric-enabled external device that is used for local authentication and remote authentication with the BioCloud™ and/or remote servers.

4. VoiceMatch^TM – a unique biometric-enabled method to add multi-factor biometric identifiers (both speech and speaker recognition) to Dynamic Pairing Codes using simple low-power embedded processor on an external device (e.g., BioSensor), such as the Wocket™, that then connects to other end-points using NXT-ID’s Dynamic Pairing Codes.

5. Mobile BioCloud^TM – a cloud-based end-point (authentication service) to authenticate any “end-point” along a communication path, such as external biosensors such as the Wocket™ and/or other PCs or servers along the path.  A dynamic pairing code is sent to the BioCloud™ where it is combined with other “identifiers” (such as device serial number, master key, wallet key, dynamic pairing keys, Firmware key) dynamically (per NXT-ID’s proprietary algorithm that selects which identifiers are used when) to issue a response, which is the compared by each end-point.

NXT-ID’s Mobile-Bio™ platform is diverse and contains a host of proprietary, next generation security technologies. The diversity of the platform is a key asset. It reflects the experience and depth of the company’s management and software developers in biometric technology. The platform enables NXT-ID to produce a range of innovative products incorporating proprietary methods targeted at different applications and market segments that includes m-commerce, enterprise, law enforcement, defense and Homeland Security.

NXT-ID plans to develop and foster market niches targeted at consumers and small business while continuing to serve the law enforcement and defense markets.

The Company is currently testing its 3D FaceMatch system for law enforcement with Palm Bay Police in Florida and is ruggedizing the system for real world conditions. This work is expected to be completed by the end of November 2013 and the 3D facial recognition system is anticipated to be launched for sale to law enforcement and corporations desiring secure access control in December 2013. The Company has hired an in-house sales representative to facilitate demonstrations and sales.

The Wocket development is proceeding well and several key modules have been completed. A manufacturing prototype is anticipated to be completed by December 2013 and sales of this product are expected to commence in the first quarter of 2014. The Company is taking a segmented approach to this very large consumer market and targeting 3 niche markets initially;

a) Students at colleges and universities

b) Organizations that offer members identity protection services, and

c) Banks that wish to offer premier customers a novel, advanced, secure method of payment 

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. 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.

Contact:

Corporate info: [email protected]

Investor Relations

Kirin Smith

ProActive Capital Group

Direct: 646 863 6519

[email protected]