This patent represents advancements in biometric and cryptographic authentication, and another key technology to NXT-ID's widely anticipated next generation payment and identity product -- the Wocket™.
Dynamic pairing addresses several vulnerabilities facing current authentication methods. These include "brute force" attacks, where attacking computers systematically check all possible passwords until one is found, and "man in the middle" attacks, which caused the Target and other recent retail data breaches where the attacker impersonates each end point to the satisfaction of the other.
"We wanted to develop a method where devices could establish trust with one another, but without exposing any private information that could be used in an attack or identity theft," says David Tunnell, CTO of NXT-ID. "Instead of passing private, identifiable information about an individual over the internet, we send dynamic pairing codes that contain hidden risk assessments. Each new risk assessment measures how sure 'you are who you say you are' based on multi-factor authentication such as biometrics. Since each new risk assessment is dynamic and hidden within the dynamic pairing code, it makes cyber attacks extremely difficult and easy to detect, while enabling authentication and encryption across remote devices and services."
Dynamic pairing is flexible, easy to implement, and brings a high level of trust to transactions without sharing any private information that could be used for cyber attack. With dynamic pairing, private data is kept private, under the control of the owner of the data where it belongs so that your identity cannot be stolen, while still enabling other systems to trust the authenticity of a user, device or application.
"We believe dynamic pairing could change the way access is given in a vast number of applications and help to prevent substantial losses in the financial payments industry," says Gino Pereira, CEO of NXT-ID. "Dynamic pairing can make a significant difference in identity management and secure communications while enabling individuals to keep their critical and private information from being stolen. Our first application of this innovative technology of course will be our Wocket™ Smart Wallet."
Wocket™ is a new biometrically secure smart wallet designed to replace the traditional wallet and the number of cards consumers carry. Its dynamically programmable magnetic stripe, NXTCard can replace up to 20,000 cards and can include medical records, ID, coupons etc. that are currently kept in a wallet, with one single secure card. Wocket will feature interchangeable accessories, which are direct attachments, to offer various styles, textures and colors to support a variety of common uses including carrying cash. Wocket™ is a smart wallet that can completely replace your existing wallet with more functionality, comfort, style and security.
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (OTCQB: NXTD) innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms led by the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.thewocket.com/
NXT-ID' wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
Forward-Looking Statements for NXT-ID
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 Securities and Exchange Commission.
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