"This invention is very timely in the face of continued breaches of data and privacy." stated
"This invention provides security without sacrificing privacy," says
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
Wocket™ is a smart wallet, the next evolution following the smart phone and smart watch.
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. can also be stored on Wocket™.
Wocket™ is now available for advance ordering at www.wocketwallet.com at a price of
The full Wocket product FAQ is available to consumers and media at http://nxt-id.com/wocket-faq.
Forward-Looking Statements for
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