New Consumer Security Device From GuardID Systems(TM) Available Immediately21 June 2006
GuardID Systems, a privately held company, today announced that its ID Vault two-factor authentication system for secure online access to banks, credit unions and brokerages is available immediately at major consumer electronics retailers such as Best Buy, Circuit City and CompUSA.
As stated in the 2006 Identity Fraud Survey Report from Javelin Strategy & Research: " ... fraud amounts [due to] breach of information through the Internet (phishing, spyware, hacking and online transactions) have significantly increased from $2,897 [billion dollars in 2005] to $6,432 [billion dollars in 2006]." The report also states that "if armed with appropriate tools, prevention and detection measures taken by the consumer can make a significant impact on the incidence rates & costs of identity fraud."
"Our customers' Internet security is one of our major concerns," Brian Woods, Executive Vice President and General Merchandizing Manager of CompUSA said. "We sell many products to help ease our consumers' safety concerns and the ID Vault products from GuardID Systems provide a powerful and secure way for users to access financial accounts."
Alex Giakoumis, Director, Corporate Business Development, Smart Card & Secure ICs for Atmel(R) Corporation, manufacturer of the secure Smart Card chip used in the ID Vault design said, "Putting the power and advanced security capability of Atmel's Smart Card technology directly in the hands of consumers is a very big step toward improving consumers' online security and protection."
"ID Vault is the first authentication system available directly to consumers, which addresses recent Federal Government findings that hardware-based two-factor authentication is more secure than password-only single-factor sign-in, said Jerry Thompson, CEO of the company." He added that, "Consumers are no longer willing to take a passive approach to their online security and want a solution with the power and ease of use of ID Vault to ensure that their online financial transactions are protected."
Identity theft is a growing concern for consumers and banks alike. According to the Federal Trade Commission (FTC), approximately 27 million American adults have been victims of ID theft in the last five years(1). Furthermore, the Federal Deposit Insurance Corporation has found that unauthorized access to checking accounts is the fastest growing form of identity theft(2).
About ID Vault:
The ID Vault authentication system is based on proven smart card technology, plugs into any Windows PC USB port, and works with thousands of financial institutions. ID Vault is easy to use and portable and can also be used with any non-financial web site that requires a sign-in, such as online newspapers, email, etc.
Availability & Pricing:
ID Vault is available immediately at major electronics retailers like Best Buy, Circuit City and CompUSA with an SRP of $49.99 for a single token sku and $79.99 for a two token sku.
About GuardID Systems:
GuardID Systems, a privately held company, designs, develops and markets two-factor authentication products to help consumers protect themselves against online identity theft and other forms of fraud. For more information, please visit http://www.guardidsystems.com.
(1) Federal Deposit Insurance Corp: "Putting an End to Account Hijacking Identity Theft," Dec. 2004.
(2) Federal Financial Institutions Examination Council: "Authentication in an Internet Banking Environment," Oct. 2005.
Source: prnewswire
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