CORAL SPRINGS, Florida, September 5, 2014 /PRNewswire/ --
How Safe is Your Identity? Recent Data, Credit-Card & Identity Theft breaches fuel new advancements in fraud protection for consumers. With recent intrusions at Home Depot Inc. (NYSE: HD), United Parcel Service, Inc. (NYSE: UPS) and JPMorgan Chase & Co. (NYSE: JPM), Leading Biometrics & Smart Technology Companies such as NXT-ID, Inc. (OTCBB: NXTD) and LifeLock, Inc. (NYSE: LOCK) are taking proactive steps to battle against breaches against online, identity & mCommerce security concerns.
Biometric Solutions designed to battle Fraud & Identity Theft issues: NXT-ID, Inc. (OTCQB:NXTD), a biometric authentication company focused on the growing mobile commerce market, announced this week that NXTD 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 (read more below). 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."
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NXT-ID has also submitted a patent application for methods to integrate intelligent systems into a wallet to form a smart wallet. This patent primarily discusses mechanical methods and approaches to add electronics to turn average wallets into smart wallets and follows an earlier patent submission by the Company for a method to replace traditional payment and identity management systems.
"This patent reinforces our intellectual property position in the mobile and wearable markets, especially in the area of smart wallets," states David Tunnell, CTO of NXT-ID. "This invention details how various electronics, such as touch screens, buttons, batteries and microphones with voice recognition can be added to materials, providing tight integration that enhances wallet functionality." NXT-ID's Wocket(TM) is a smart wallet, the next evolution following the smart phone and smart watch. NXT-ID is introducing its innovative, patent-pending Wocket(TM) as the next natural step in the evolution of smart devices. Wocket(TM) is a next generation smart wallet designed to protect your identity and replace all the cards in your wallet, with no smart phone required. Read more at http://finance.yahoo.com/news/nxt-id-patents-methods-add-145300975.html
LifeLock, Inc. (NYSE: LOCK) is a leading provider of proactive identity theft protection services for consumers and fraud and risk solutions for enterprises. LifeLock's threat detection, proactive identity alerts, and comprehensive remediation services help provide peace of mind for consumers amid the growing threat of identity theft. Leveraging unique data, science and patented technology from ID Analytics, Inc., a wholly-owned subsidiary, LifeLock offers identity theft protection that goes significantly beyond credit monitoring.
Recent problems causing concern: Home Depot Inc. (NYSE: HD)'s investigation of a suspected hacker attack is renewing pressure on retailers and credit-card providers to strengthen payment-system security. The largest home-improvement chain said recently that it was working with banks and law enforcement on the possible incursion, following a report by KrebsOnSecurity that a "massive" batch of stolen credit- and debit-card information was posted for sale online. http://www.bloomberg.com/news/2014-09-02/home-depot-shares-drop-after-retailer-investigates-data-breach.html?cmpid=yhoo
Leading freight forwarding company, United Parcel Service, Inc. (NYSE: UPS) is the latest to fall prey to cyber attacks. The company has reportedly faced malware attacks across 51 U.S. stores, which represents 1% of the existing 4,470 UPS stores in the U.S. According to the company, customer details such as debit and credit card information for cards used in any of the breached stores may likely be exposed to hackers who have caused these cyber crimes in the UPS system. Read more: http://www.nasdaq.com/article/ups-stores-hit-by-cyber-attack-customer-data-compromised-analyst-blog-cm383209#ixzz3CNl9pbwj
Weeks after JPMorgan Chase & Co. (NYSE: JPM) discovered a major data breach in its systems, investigators have found clues that show the hackers used a global network of computers available for hire to reroute the stolen data from the bank to a large Russian city. Using a computer network staging ground, called a "bulletproof" hosting stage platform, because of its fortress-like security to keep out law enforcement agencies and other cybercriminals, the hackers took over computer systems around the world, from South America to Asia, sending commands and hiding their identity to break into one of the most heavily guarded financial networks on Wall Street, the Bloomberg report said. Read the full story at http://www.ibtimes.com/jpmorgan-data-breach-traced-back-russia-which-calls-claim-nonsense-1678296
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