WASHINGTON, DC--(Marketwired - Sep 8, 2014) - LaserLock Technologies, Inc. (OTCBB: LLTI), a leader in protecting companies, industries, governments and individuals from the rising threat of counterfeiting and fraud, announced today that it has signed an agreement to license its VerifyMe™ Identity Services platform to a major financial services advisory firm that consolidates hundreds of billions of dollars in assets for its 100,000 investment banking clients.
This financial institution, which actively updates holdings from thousands of institutions nightly, will use VerifyMe™ to protect against identity fraud when logging onto its system. The system is indispensible to firms in three countries and in all fifty states. LaserLock will generate revenues based on a user fee/annum.
VerifyMe™ Identity Services is a multi-factor authentication solution that conforms to the highest security standards set out by the US National Institute of Standards and Technology (NIST) -- Level 4. The platform utilizes three human authentication factors to verify 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. The system also has the ability to geo-tag users in applications for which geo-location information is necessary.
"Identity theft is no longer just the tagline of television and movie scripts. People can barely open up a newspaper or turn on the television without hearing about another identity breach. LaserLock's technologies were created to put an end to what has unfortunately become a daily occurrence," said Neil Alpert, chief executive officer. "We are very proud of this milestone in the financial services industry. Now is the time to replace the broken system of passwords and VerifyMe™ is the ideal technology to do so."
"LaserLock's robust VerifyMe™ platform was developed to protect the millions of Americans who every year fall prey to identity fraud and password breaches online. By using VerifyMe™ people no longer have to worry that their passwords are too simple and will be hacked because VerifyMe™ replaces passwords all together," said Paul Klapper, director at LaserLock Technologies.
As a matter of confidentiality, LaserLock Technologies does not currently release the names of its clients.
ABOUT LASERLOCK TECHNOLOGIES, INC.
LaserLock is a high-tech solutions company in the field of authenticating people and products. It offers state-of-the-art solutions to combat identity fraud and counterfeiting utilizing multi-factor authentication and a suite of security pigments for governments, health care providers, the gaming industry, the financial services industry and high-end retailers.