WASHINGTON, DC-- LaserLock Technologies, Inc. (OTCQB: LLTI), a company involved in authenticating people and products announced today that it has signed a decade-long, $7 million contract with a Mexican gaming company to license its VerifyMe™ Identity Services. The technology will be used to authenticate players in online casinos run by the gaming company and to meet the requirements of recently passed anti-money laundering legislation in Mexico.
VerifyMe™ Identity Services is a multi-factor authentication solution that replaces the broken system of passwords and PINs for human authentication, utilizing three authentication factors to achieve this. It verifies something you are, generally a biometric such as facial recognition; something you have, generally possession of a smartphone or other connected device; and something you know, for which VerifyMe™ utilizes a high-integrity gesture swipe. It conforms to the highest security standards set out by the US National Institute of Standards and Technology, Level 4. The system also has the ability to geo-tag users in applications for which geo-location information is necessary. The entire process takes about five seconds to complete; yet the system is nearly impossible to hack.
"This is a new milestone in our fight to deliver viable, strong authentication technology to the marketplace and speaks volumes to the underlying technology that makes up VerifyMe™," said Neil S. Alpert, Chief Executive Officer. "The current system, in which passwords are so easily hacked and online and financial security so vulnerable, needs to be replaced and VerifyMe™ is the ideal technology to do it."
Additionally, "the deal signifies a bright future for LaserLock not only for the strength of our technology but the future financial success of the company as well," Alpert added.
As a matter of confidentiality, LaserLock Technologies does not currently release the names of its clients.