iWallet: Identity Theft Protection and so Much More
WHITEFISH, MT / ACCESSWIRE / June 16, 2015 / Identity theft happens every 45 seconds in the United States and costs consumers more than $24.7 billion in 2012 alone, according to the Federal Trade Commission. While most people associate modern identity theft with high tech crimes, Javelin Strategy & Research found that 43% of all identity crimes stemmed from a lost or stolen wallet, compared to just 11% from online sources and 19% from credit card skimmers and other transactional sources.
iWallet Corporation (OTCQB: IWAL), a developer of secure luxury "techcessories" products, aims to combat identity theft with its fingerprint biometric locking mechanisms, Bluetooth(R) BLE communication solutions, RFID blocking, and other technologies designed to secure personal identification, passports and credit cards. Unlike Apple Inc.'s (NASDAQ: AAPL) Apple Pay or Bitcoin Shop Inc.'s (OTCQB: BTCS) solutions, its technologies are designed to hold existing payment solutions rather than replace them.
Beyond the identity theft market, iWallet has launched a technology and licensing division. Based on the company's patented BIO-BLU(TM) Biometric Bluetooth(R) Smart locking technology, the new division is dedicated to expanding, through its own offerings and by licensing to other manufacturers, protection to consumer items such as luggage, purses, jewelry and prescription medicines.
If the video below does not display properly, please follow this link to see an interview with iWallet Corp. CEO Jack Chadsey: https://vimeo.com/130554488.
Consumers have been spending an increasing amount of money on solutions designed to prevent or catch identity theft before it becomes costly for them. LifeLock Inc. (NYSE: LOCK) has built a billion-dollar business - albeit with some FTC issues in the past - around providing identity theft protection services to individuals and enterprises, while Equifax Inc. (NYSE: EFX) generates a substantial amount of revenue from providing credit reports to consumers.
At the same time, many software manufacturers like Intel Corporation's (NASDAQ: INTC) McAfee and Symantec Corporation (NASDAQ: SYMC) have built billion-dollar companies providing software to individuals designed to protect their computers from viruses and other malware that can lead to identity theft and stolen information. These technologies certainly help reduce the problem with software, but consumers must pay a yearly fee in most cases.
The irony is that LifeLock's services help after-the-fact and Symantec's software only helps with 11% of identity theft cases. In the meantime, the cause of more than 40% of identity theft cases is going largely ignored by the market with the exception of iWallet's innovative technologies and NXT-ID Inc.'s (NASDAQ: NXTD) Wocket(R). This segment of the market could be worth much more over the long run as consumer awareness begins to increase.
iWallet has developed a robust patent portfolio of design and utility patents surrounding biometric fingerprint recognition sensors and Bluetooth(R) BLE communications. These technologies can be integrated into existing products or launched as stand-alone products across several verticals.
In particular, the company's technologies are designed to enable low-cost biometric fingerprint security for wallets, passport cases, and accessories like handbags. In other words, nobody but the owner can open the wallet. These technologies help prevent simple types of theft where unattended bags are opened or credit cards are snatched. The Bluetooth(R) Low Energy ("BLE") technology is designed to complement biometrics by tethering any device to a phone. For instance, if you forget your iWallet at the checkout counter and walk out the door, an alarm will sound from your phone once the Bluetooth tether is broken. Radio Frequency Identification (RFID) protection adds another layer of security, blocking the remote reading of credit cards and passports.
Some potential applications for the technology include:
- Zero Password Authentication - Fingerprint sensors, heart monitors, or other biometric devices can be used to authenticate users across devices.
- Access Control - Biometrics can be used to open Bluetooth(R) enabled door locks and other access control technologies using a fingerprint.
- No Hacking Security - iWallet's secure biometric sensors and Bluetooth(R) BLE data connection provide security without the vulnerability of an internet connection.
- NFC On-Board - Payment system integration that combines biometrics with payment technologies to validate the correct user is making a transaction.
iWallet launched its iPassport product and showcased its other products - including the iWallet - at the 2015 International Consumer Electronics Show ("CES") in Las Vegas, Nevada. In a sign of increasing interest in the category, the company's products were honored at the show with the 2015 International CES Innovation Award and were on display at the Personal Privacy and Cyber Security Marketplace, which showcased personal cyber security products.
Yahoo! Travel highlighted the new device as one of "11 Cool Things from the Consumer Electronics Show that Will Make Travel Better," while both products were featured on CNBC, USA Today, Huffington Post, and Fox News, among other global media outlets. These media outlets have already helped to increase awareness of its product lines in a grassroots manner as it begins to set up distribution channels and expand into retailers.
The company sells its products directly to the consumer via its website, co-brands with luxury brands such as Dunhill and Montblanc, and is expanding wholesale efforts worldwide.
iWallet is uniquely positioned to capitalize on the growing incidence of identity theft by directly addressing the single largest source of such thefts - wallets. With its initial products already launched and awarded at CES, the company is approaching a tipping point in the luxury sector, while working hard to grow distribution and launch into further markets with new products over the coming quarters.
The company plans to develop licensing revenues through its new technology division, allowing other manufacturers to incorporate iWallet's array of protections into their own products. Combining all of these initiatives, management believes that it can significantly enhance shareholder value by generating immediate revenue while setting the stage for longer-term value creation.
For more information, visit the company's website at www.iwalletusa.com.
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SOURCE: Emerging Growth LLC