Category: Mobile Security

Mobile Commerce Technology includes Biometric Multi-factor Authentication

Shelton, CT– – NXT-ID, Inc., (OTCQB: NXTD) a biometrics company focused on the growing mobile commerce market, announced today that it has submitted a patent application for its unique digital wallet technology.  As a follow up to U.S. provisional patent application No. 61/710,826, NXT-ID has filed patent application 14/049175 for a:

METHOD FOR REPLACING TRADITIONAL PAYMENT AND IDENTITY MANAGEMENT SYSTEMS AND COMPONENTS TO PROVIDE ADDITIONAL SECURITY AND A DEVICE IMPLEMENTING SAID METHOD.

This patent forms the basis for NXT-ID’s widely anticipated next generation payment and identity product – the Wocket™. 

“Rather than attempting to replace the wallet, as companies such as Google and Isis (founded by AT&T Mobility, T-Mobile USA and Verizon Wireless) are doing by putting contactless payment capability on smartphones, our method brings the wallet into the 21^st century,” said Gino Pereira, CEO of NXT-ID, Inc.

“We offer an alternative solution to those who do not wish to give up their wallet and market studies show that represents a significant portion of the population. We offer the modern wallet an electronic vault that is actually part of the wallet, securely protecting private information accessible only by the user via biometric enabled multi-factor authentication.  What is unique about this invention is that it secures private information found within a typical wallet, such as credit cards, debit cards, identification information, medical information and records and makes this private information available to owners via an interface made so simple that anyone can use it as they would use their wallet today.”

The Wocket™ requires unique biometrically enabled multi-factor authentication to ensure only owners and their private information can be copied into or out from the secure vault wallet device and on to the dynamically programmable magnetic stripe NXTCard. Authenticated users may then select payment information, via touch display or voice command and use the NXTCard as they would any other magnetic stripe credit or debit card.

There is an added advantage in that the NXTCard replaces multiple cards that are currently kept in the wallet with a single secure card.

“This patent is the first of many we plan to submit regarding our wearable identity technologies that bring full control and protection of private data to authenticated owners of the data,” said David Tunnell CTO of NXT-ID.  “In the coming months, we plan to increase our portfolio of intellectual property with other patents that further promote protection of private data with innovative, easy to use mobile and wearable technologies that conform to how users naturally use devices today.” 

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’s 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 Inquiries:

Kirin Smith

ProActive Capital Group

Direct: 646 863 6519

[email protected]

This is exacerbated by the number of devices that remain unprotected.

Mobile security solutions providers are already struggling with the practices of many clients through their BYOD initiatives – which are becoming increasingly common – but a new report has indicated that the problem is growing on a large number of levels.

The report indicates that cybersecurity threats have taken off over the last two years, particularly in smartphones.

The study was conducted by Juniper Research Ltd., a firm based in the United Kingdom, and indicated that mobile security threats have taken off over the last couple of years and despite that fact, the majority of smartphones still remain nearly entirely unprotected.

This is because mobile security threats are starting to change in their primary focus.

Although cyber criminals had initially transferred their focus from PCs to mobile devices for consumers, they are starting to concentrate on the enterprise space to a growing degree. By the end of this year, it is expected that there will be one million types of mobile malware that will be thriving by the end of 2013.

In fact, the analysts at Juniper determined that over 80 percent of all consumer and enterprise owned smartphones will continue to be unprotected throughout the remainder of the year, despite the large exposure and considerable threat of malware. The slow mobile security protection is the result of low awareness among device users to the vulnerabilities, and the overall perception that these devices are too expensive to protect.

These findings were published in Juniper’s “Mobile Security: BYOD, mCommerce, Consumer &Enterprise 2013-2018” report. Within that report, Juniper divided the online landscape for mobile security threats down into various different segments. Approximately 70 percent of the threats were found to be able to steal a smartphone owner’s personal data that is stored on the device. An additional 20 percent of these types of malware are forms of adware and spyware that need the permission of the user for installation and that then proceed to collect device location, personal data, or usage behavior.

Though the mobile security situation may look bad, the report did indicate that there is a growth in awareness and that this is beginning to have an impact on the attitudes and behaviors of device users in securing their gadgets.