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) reports recent media coverage for the Company’s
voice recognition system for payment solutions and its biometric smart wallet,
the Wocket™.
NXT-ID, Inc. released news last week on the Company’s
latest patent for “DISTRIBUTED VOICE DIRECTED
PAYMENT METHOD AND SYSTEM.”
Media Coverage:
Urgent Communications
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.
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.
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/
Read this release
in full at http://www.investorideas.com/CO/NXT/news/2015/03021.asp
Contact:
Investors:
Media:
D. Van Zant
800 665-0411
This
Media alert was Published at Investorideas.com
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