New York, NY - September 16, 2013 (www.investorideas.com newswire)
Investorideas.com, an investor research portal specializing in investor
research in leading sectors, issues commentary on the mobile security
sector . Frost & Sullivan’s Global Program Director, ICT in
Financial Services, Jean-Noel Georges and Alan Goode, Managing Director
from Goode Intelligence share insight into the rapidly changing sector
and comment on Apple’s (
AAPL) recent implementation of fingerprint biometrics.
Additionally the CEO of an industry newcomer NXT-ID, Inc. (
OTCQB: NXTD), shares his perspective on the future of biometrics for identification and verification.
Last year Goode Intelligence predicted that mobile biometric
security would move from "an interesting concept” to a "must-have”
feature for all smart mobile devices (SMDs) His predictions have come to
fruition.
Alan Goode, Managing Director of GoodeIntelligence.com recently
shared his insight with Investorideas.com telling us, "I believe that
the main driver for adoption of biometrics into consumer electronic
devices is the mass adoption of smart mobile devices and the challenges
this poses for strong authentication and identity verification - in
other words how do we securely prove identity on a mobile device without
affecting the user experience. Passcodes and One-Time-Passwords are not
the most convenient way to prove identity on a mobile device,
especially when we are on the move. As more and more of our daily lives
are being managed by these devices, having to authenticate using
technology that was designed for a personal
computer
and a keyboard is becoming undesirable. "
"What Apple (
AAPL ) has done with Touch ID is to improve the usability of identity verification on mobile devices - to make it more convenient. "
He also sees biometrics playing a key role in other technology,
saying "There is a move to make authentication and identity verification
on mobile devices more convenient and biometrics can provide a solution
to this. This includes many biometric modalities including fingerprint,
voice, facial and eye verification technologies. We predict that we
shall see a marked increase in consumer technology supporting biometric
authentication. Not just mobile phones, but smart TVs, games consoles,
cars and wearable technology. Take a look at the latest Xbox console,
Xbox one - it supports voice and facial recognition. Multi-factor
biometric authentication can support many endpoints and ensure that we
have a continuous experience when we switch between endpoints (NOTE:
Take a look at this video from Nuance for a glimpse into what can happen
with cross-platform voice recognition.” (
http://venturebeat.com/2013/09/08/how-nuance-tapped-the-cloud-to-bring-voice-recognition-to-mobile/).
Mr. Gino M. Pereira, Chief Executive Officer of NXT-ID, Inc. (
OTCQB: NXTD
said "Over the past couple of years it has become apparent that simple
password protection is not sufficient in today's increasingly
sophisticated hacking world. Now giants such as Apple (
AAPL ) and Google (
GOOG)
are publically saying so. The next few years will see increasing usage
of all different forms of biometrics for identification and
verification. One day somewhere in the future we will seamlessly have
access to our homes, cars,
computers
and other devices simply by being in proximity to them and being
recognized biometrically. It will be simple, seemless and more secure "
NXT-ID is launching an advanced MobileBio™ technology that secures
consumers' platforms via innovative authentication and encryption.
The first product the company is launching later this year is the
Wocket™, a unique technology with a very different approach to payment
security. Instead of replacing the wallet, they are aiming to improve
upon it. The Wocket™ reduces the number of cards in your wallet while
supports virtually every payment method currently available at
Point-of-Sale (POS) at retailers around the world including magnetic
stripe, EMV/NFC and barcode…all within a secure vault within a wallet.
Analyst Jean-Noel George from Frost & Sullivan recently said,
"Protecting the mobile device itself is a first step, necessary to
secure mobile payments. Although a personal identification number (PIN)
can do the job, in 2011 more than 60 percent of smartphone users were
not using a PIN to protect their mobile access. "
"The time is now right for biometric technology to emerge as a
secure solution for mobile applications that require high levels of
security, particularly payment," said Mr. Georges. "From a pure-payment
security point of view, biometrics has already delivered significant
advantages."
Investorideas.com asked him how long he thinks it will take for NFC
or touchless payments to be in widespread use for payments in the US
and what percentage of credit card holders in the US currently use NFC
to make payments and how does he see that number changing over the next 5
years ?
He noted. " For the payment industry, the US market moved directly
from magnetic stripe payment card to contactless payment cards. The
infrastructure (POS, ATM) are being changed to accept contactless
payment cards in the US. Major industry players (financial institutions,
MNOs, OEM handset vendors,...) are deeply involved in the NFC
technology. We can also add ISIS as a perfect driver for a US massive
roll out. But the reality is different, and having NFC capabilities on
your smartphone, does not automatically generate end user massive
adoption and usages. I do not see NFC in the US as an important means of
payment before 2015. "
"If you are back to the means of payment industry, it took 2
decades in Europe to move from cash/coins to EMV card payment. In the
US, it will take time for the end user to move from the well known bank
card to a NFC mobile payment. "
In discussing how the wallet war shifting to an MPOS war he said, "
Many players already entered to the wallet war (software vendors,
banks, financial institutions, ...) without a real leader. I can see the
same business orientation coming to the mPOS. Many players are entering
to this market with a plethora of solutions, but at the moment none
took the lead. For SMB and SME, there is a real value added to use mPOS
instead of traditional POS hardware. They just need to add a small
add-on (most of the time for free) and they will be charged a little
more than traditional fees but only based on their sales. Some business
models have fixed fees based on your sales amount. So you have to pay
even when you did not sale anything, which I s not comfortable for the
retailer. The platform to be used is your own device (smartphone and/or
tablet).
Commenting on Apple's (
AAPL
) recent acquisition of Authen Tec fingerprint biometric technology
Jean-Noel said, " As I said, fingerprint recognition made lot of
progress in terms of quality, speed and of price (as finger print
readers were not doing perfect recognition. New ones are doing several
pictures of your finger to obtain a better result). Apple just confirmed
the rumors were referring to. The quality level of fingerprint
technology reached a sufficient level at that time. So I don't think
that a multimodal solution for basic application will be a major trend
in a short time. I heard about Validity Sensors Inc doing the same."
In terms of industry growth he told us . " We are forecasting for
Europe a €151 billion in 2017, and €502 billion in 2017 globally. Once
again, mobile payment included for us, SMS, USSD, online payment, NFC,
P2P and cloud based payment. I can see that Identity Access Management
(IAM) is one of the biggest growth opportunities for the security mobile
industry. We are forecasting 1.14 billions smartphone devices in 2017
with associated revenue of $371 billion. "
Noting key trends for investors following the mobile payment and
mobile security space he commented, " IAM will be key for mobile
security. I saw that to overpass the lack of adoption and the complex
ecosystem, many players are using cloud based credential for payment.
Cloud solutions for payment are definitively a trend to follow. You have
cost efficiency, easy to use and a sufficient security level. Cloud
will be strategic in the future. Apple already mentioned that biometric
data will not be stored on the cloud....but for how long?"
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About NXT- ID Inc. - Mobile Security for a Mobile World 
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