NXT-ID, Inc. (Nasdaq:NXTD; NXTDW) Media Alert;
IWCE’s Urgent Communications and Australia’s Sam Volkering’s Tech Insider Report on NXTD’s Payment Solutions
OXFORD, CT – March 2, 2015 (Investorideas.com Newswire) NXT-ID, Inc.’s (NASDAQ: NXTD
DISTRIBUTED VOICE DIRECTED PAYMENT METHOD AND SYSTEM.”
By Donny Jackson
NXT-ID seeks patent for voice-authentication technology for making payments, other potential uses
Authentication-solutions provider NXT-ID announces that it has filed a provisional patent for a system that leverages voice-recognition technology to ensure a secure and convenient method for making payments. The same approach can be used to authenticate secure user access to networks and databases, according to a company official. Under the NXT-ID approach, a user can access a payment account - a bank account or a credit card - via a voice command specific to that account, according to David Tunnell, NXT-ID’s chief technology officer. The approach provides two-factor authentication, because the system recognizes both the password and the speaker’ voice, he said. NXT-ID plans to integrate this technology into its Wocket smart wallet, which is in production and is expected to be commercially available in the spring, Tunnell said.
Read the full article at http://urgentcomm.com/cybersecurity/nxt-id-seeks-patent-voice-authentication-technology-making-payments-other-potential-us
Sam Volkering’s Tech Insider
By Sam Volkering
And so it Begins. The Payment Systems War of 2015
Last week my sister in law lost her phone. She had the phone in one of those cases where you can keep your cards too, which she also lost — credit and debit cards. So they cancelled all her cards. Anyone would do the same thing in the same situation. Here’s where things get frustrating. She found her phone the next day. So she got the phone back and all the cards. But all the cards were already cancelled. This is a frustrating situation because it will take at least a week, maybe more, to get new cards. There’s one problem with this situation. And it’s not what you think. The only reason for this inconvenience isn’t the misplacing of the phone and cards. It’s that cards are inherently insecure. Let’s imagine someone had stolen the phone and wallet. The phone would be useless as it was pin locked and any banking app was two-factor authentication secure. The cards, on the other hand, would be a free for all. Considering both have PayPass on them, a simple tap of the card would mean a shopping spree for the thieves. Or even a swipe and sign of the credit card and its happy days for the crafty crooks. But all this could be averted with biometric payments. Biometric Payments set to rule the game. I got a Wocket in my pocket and it’ll only listen to me. Wocket is a “smart wallet”. It operates on a similar principle to Apple Pay, but with one key difference. Wocket does still have a card, but like Apple Pay, the fundamental security relies on biometrics. For example, you can load all your cards into the Wocket. Debit, credit, store and loyalty cards. To unlock Wocket you can use a pin code and voice recognition. On the Wocket you then select the card you want to use. You take the specially designed card out of the Wocket and use it as normal. That means you can also use it in an ATM to withdraw cash from your account. That’s a big plus over any other system right now. In terms of security, the card is useless without your biometrics. And after every use, the card wipes itself clean and becomes useless until the next time you select a card. Wocket also doesn’t rely on your smartphone. It’s 100% independent from any “smart” device. That’s a win, particularly with the inherent vulnerability of mobile devices. Wocket isn’t yet compatible with Chip & Pin tech. But a representative from Wocket said they might incorporate it in future generations. I like the idea of Wocket. Particularly as a stopgap between full acceptance of mobile payment systems and where we are now.
Read the full article at http://www.techinsider.com.au/2015/03/mobile-payment-systems-war-2015/
Wocket is a 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.
All your credit, debit, loyalty, gift, ID, membership, insurance, tickets, medical information, passwords, coupons, and virtually any other card can be protected on Wocket.
See the Wocket FAQ at http://www.wocketwallet.com.
About NXT- ID Inc. - Mobile Security for a Mobile World: (NXTD) (NXTDW): NXT-ID, Inc.'s 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 Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. Wocket was recognized as one of the top technology products at CES 2015 by multiple media outlets including Wired.com. 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 and has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
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D. Van Zant
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