Friday, April 11, 2014
WASHINGTON, DC--(Marketwired - Apr 10, 2014) - LaserLock Technologies, Inc. (OTCBB: LLTI), a company involved in authenticating people and products announced today that its identity authentication technology, VerifyMe™, has been approved by the Mexican Government for both online gaming and to fulfill the requirements of a new reform passed last year to curb money laundering in the country. The approval is in conjunction with a project in the gaming industry.
"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."
VerifyMe™ is a multi-factor authentication solution that replaces the broken system of passwords and PINs for user authentication. It utilizes three independent authentication factors instead of just one: it verifies something you are, generally a biometric such as facial recognition, something you have, generally possession of a smartphone, tablet or other connected device and something you know, for which VerifyMe™ utilizes a high-integrity color 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.
"Historically, high levels of identity assurance, like NIST Level 4, have been expensive to implement and cumbersome to use -- what's really unique about VerifyMe™ is that it eliminates both of those issues," said Paul Donfried, Chief Technology Officer. "VerifyMe™ is much easier to use then complex passwords and organizations can actually save money by reducing their support and risk management costs. Increasing the privacy and identity protection they provide their customers becomes a powerful additional benefit."