Breaking Tech News: NXT-ID (OTCQB: NXTD) Patents Offline
Local Identity Validation and Fraud Prevention System
SHELTON, CT - September 4, 2014 (Investorideas.com Newswire)
NXT-ID, Inc., (OTCQB:
NXTD), a biometric
authentication company focused on the growing mobile commerce market, announced
today that it 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. 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."
Typically, identity verification is managed
via online cloud services. The validation process requires users' private
information to be not only sent up to the service, but to be requested from
various data sources and sent back down the client-side application.
Man-in-the-middle attacks can intercept this information either going to or
coming back from the service, even altering the information to spoof it.
Furthermore the data being used to verify the identity is known by more than
one source and is therefore susceptive to social engineering hacks and data
mining. Without cutting off this constant stream of private information being
sent to and from, online validation will always have significant issue with
both security and privacy.
The patent describes methods to verify the
owner of a card or financial account prior to allowing enrollment into a smart
wallet. Under this invention, individuals, accounts, devices and even financial
records may be authenticated locally without passing private information over a
cloud connection and running a background check. The system is even capable of
dynamically generating challenge questions and secret answers from locally
known values to provide the user with a standard validation experience.
Combining this technology with NXT-ID's
Dynamic Pairing Technology brings an entirely new level of security and
authentication to smart wallets and wearable technology.
Wocket™
is a smart wallet, the next evolution following the smart phone and smart
watch. NXT-ID is introducing its innovative, patent-pending Wocket™ as the next natural step in
the evolution of smart devices. Wocket™ is a next generation 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.
Credit,
debit, ATM, loyalty, gift, ID, membership, insurance, ticket, emergency,
medical, business, contacts, coupon, and virtually any card can be protected on
Wocket™. More than 10,000 cards, records, coupons, etc. and 100 voice commands
can also be stored on Wocket™.
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
led by the Wocket™ ; a next generation smart wallet designed to replace all the
cards in your wallet, no smart phone required. The Wocket works anywhere credit
cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.com/
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:
Media: 800-665-0411
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Disclosure: As of June 2014,
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hundred 144 shares (cash equivalent) for news publication and marketing of
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