Identity verification software solution provider LaserLock has signed a 10 year contract with an unnamed Mexican gaming firm in the sum of $7 million to provide an ID verification and authentication platform.
The service, called VerifyMe, is intended to help prevent money laundering in Mexico. Mexico boasts very strict AML laws, and money laundering is growing epidemic in the country. VerifyMe will do away with passwords and PINs in exchange for a 3 step verification process for accessing accounts.
The 3 steps bring together the ever spring ID trifecta, something you have, something you are, and something you know.
Something you have: Smartphone or tablet with a unique identifier.
Something you are: A bio-metric feature such as facial scan or fingerprint (on compatible devices)
Something you know: A certain gesture or swipe.
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LaserLock’s VerifyMe solution is NIST Level 4 compliant and also has a Geo-location feature for a future “Somewhere you are” verification step.
“This is a new milestone in our fight to deliver viable, strong authentication technology to the marketplace and speaks volumes to the underlying technology that makes up VerifyMe. The current system, in which passwords are so easily hacked and online and financial security so vulnerable, needs to be replaced and VerifyMe is the ideal technology to do it,” Neil S. Alpert, LaserLock’s CEO, commented.
The news comes shortly after the Mexican Government deemed VerifyMe compliant to all of its new AML standards.
“Historically, high levels of identity assurance, like NIST Level 4, have been expensive to implement and cumbersome to use. what’s really unique about VerifyMe is that it eliminates both of those issues,” said LaserLock CTO, Paul Donfried, regarding the government approval.