A contactless card that will include fingerprint identification, could become a weapon in the identity theft battle, its creator, FacePrint Global Solutions, believes. The combination of the multi-functional smart card and the company’s e-DNA technology could be used in security access and cryptographic applications as well as other identity situations, such as passports, drivers’ licenses, medical and insurance records, work permits, resident alien cards, and more.
FRESNO, Calif. – In its ongoing war against identity theft, FacePrint Global Solutions, Inc. has announced it has secured the exclusive North American licensing rights of a multi-functional smart card that, combined with FGS’s unique e-DNA technology, will be available to a vast and growing market that includes law enforcement agencies, schools and motor vehicle departments. Following an assessment of existing technologies, FGS has signed a 20-year, renewable deal with award-winning smart card creator Patrick Vassort of Switzerland to widely commercialize the product, known as the Icomsat Smart Card, a contactless card that features fingerprint identity.
“I’ve studied the technology that goes into the whole domain of identity theft solutions for the past five years and I see great promise with this smart card because it is adaptable to the secure integration that our e-DNA technology can offer,” said FGS Chief Operating Officer Serge Carrier, adding that the banking industry currently represents a staggering $2.5 trillion market, with over 25 billion annual bank card transactions. “This is the most secure solution in the world for ID theft prevention,” he said.
“We see a world of marketing potential here, especially with the unique solution that the smart card and e-DNA(R) technology can bring. The market is huge, and so is the need for secure solutions,” Carrier also added.
According to a study commissioned by the Federal Trade Commission, last year alone, over 9.9 million Americans reported being victims of identity theft, at a total cost of nearly $50 billion – an average of almost $5,000 per victim. Experts estimate that the problem is growing at a rate of 20 per cent annually. Meanwhile, in the credit card and banking industry, the cost of fraudulent transactions alone has surpassed an estimated $47.6 billion.
The combination of smart card and e-DNA(R) technologies will have a dramatic impact on identity recognition, security access, and cryptographic applications. From ID cards, passports, drivers’ licenses, social security cards, medical and insurance records, to work permits, resident alien cards, club memberships, voter cards, student ID, and pilots’ licenses, its possibilities are endless. Banks, correctional facilities and personnel agencies will largely benefit from this technology.
Of particular interest to FGS is the fact that this technology solves one of the most pressing problems facing the distance-training industry; that is the confirmation of the identity of persons actually sitting in front of computers at exam time. Further, the considerable data storage capacity of the card will make it possible to offer clients enriched services, such as access to funds, personal data, and consumer transaction data for premium rewards from preferred suppliers.
This agreement will give FGS the ability to have a direct impact on its core market. This technology was designed to significantly improve confirmation of identity. The Icomsat Smart Card eliminates the need for multiple cards, is user friendly and makes it impossible to steal, forge or fraud. The smart card contains a sensor that can be matched to a fingerprint reader. It also contains a chip to store the fingerprint. This innovative technology is easy and cost effective and can be integrated with existing administration, IT and security systems.
FacePrint Global Solutions, Inc. is dedicated to developing a slate of biometric solutions for secure identification, facial imagery products and distance-learning training for government and law enforcement agencies to answer the needs for a safer community and country. FGS’s unique e-DNA(R) coding technology produces detailed scans that be reduced to extremely compact code, which enables rapid image capture and creation, search, transmission and re-creation without loss of image quality. FGS currently anticipates that the first of its information technology identity solution products, distance-training law enforcement tools, and the Smart Card will be introduced to the market in 2005. FacePrint Global Solutions, Inc. is headquartered in Fresno, California (www.faceprint.tv.)