Smart Technology Targets Consumers’ Digital Security Concerns – Next Generation Smart Wallet Competition Reveals Social Media Identity Theft Issues
Smart technology influence targets digital payment industry’s security concerns; companies announce latest authentication improvements: NXT-ID, Inc. (OTC:NXTD) , Visa Inc. (NYSE:V) , Mastercard Incorporated (NYSE:MA) , Lifelock, Ink. (NYSE:LOCK) and Symantec Corporation (NASDAQ:SYMC)
NXT-ID, Inc., (otcqb:NXTD) a biometric authentication company focused on the growing m-commerce market, notes that the current social media competition “Show us your Wallet”, for its next generation smart wallet, Wocket™ reveals first-hand evidence of how social media can unintentionally play a role in identity theft. “An exuberant contestant submitted a photo of their big fat bulky wallet, unfortunately displaying all the details of their driver’s license”, says Laurence Savin, a marketing consultant overseeing the contest for NXT-ID. “We obviously had to quarantine it and notified the contestant it was not best practice to publish information like this on social media.”
To read the full press release, please click here: http://financialnewsmedia.com/profiles/nxtd.html
Gino Pereira, CEO of NXT-ID, said “This issue has made headlines with people posting their credit card information on Facebook and Twitter. Social media interaction can incite behavior that may not ever be considered in the real world.” He went on to say “Your identity can be stolen from your driver’s license, credit cards, debit cards and other personal information, all of which can be protected with the Wocket wallet; it’s your own personal vault.”
Wocket allows you to enter your personal information directly, without having to access the internet or a computer server. If your Wocket is lost or stolen all your personal information is hidden unless you are the authorized user. Your Wocket Card does not hold any identifying information after the card is swiped so if it is lost it has no value to others.
Companies like Visa Inc. (NYSE:V) and Mastercard Incorporated (NYSE:MA) have been working to battle the rising issue of security breaches, like the recent news of P.F. Chang’s currently investigating a potential breach of credit and debit information at 33 of its locations. P.F. Chang’s said that it’s continuously working to understand the nature and scope of the incident. It says the security compromise has been contained and that it has been processing credit and debit card data securely since June 11. To read the full story, please click here: http://ipad.aol.com/article/2014/08/04/pf-changs-names-33-restaurants-in-data-breach/20941702/?icid=maing-grid7%257Cresponsive-tablet%257Cdl31%257Csec1_lnk2%2526pLid%253D510889
On Tuesday, V closed down 1.62% on over 2.7 million shares traded, while MA closed down .48% on a volume of over 4.5 million.
Lifelock, Inc. (NYSE:LOCK) , has been another company at the forefront of the security issue. Recently, they announced new product enhancements, including personalized activity alerts on credit card, checking and savings account transactions. These enhancements are available with our new expanded service offerings, LifeLock Advantage™ and LifeLock Ultimate Plus™. In addition, LifeLock Ultimate Plus members can receive these activity alerts on their investment accounts, adding some peace of mind against identity fraud in a digitally connected world. LifeLock is the only identity theft company that can monitor across its network to provide alerts spanning a more comprehensive cross-section of consumers’ financial lives. These new product choices offer additional protections when withdrawals, purchases or balance transfers exceed pre-set personalized limits. LifeLock’s network includes the top 100 banks and thousands of smaller financial institutions, and monitors the online banking transactions of those banks and institutions
Symantec (NASDAQ:SYMC) recently released a sneak peek at upcoming offerings Norton Security and Norton Security with Backup. As cybercriminals become more devious and the attacks they launch become more sophisticated, Symantec is overhauling its consumer product portfolio to offer faster performance and stronger, defense-in-depth protection for people and their information as they use Android, Windows, Mac and iOS devices. The pre-release software1 is now available for free download from the Norton beta website2. “Too often consumers believe they must trade speed for security and therefore, they put their information at unnecessary risk,” said Fran Rosch, executive vice president, Norton Business Unit, Symantec. “Our research shows one-in-two people don’t take basic precautions like using passwords or security software on their mobile devices.3 The changes we’re making to Norton are designed to help keep your information safe without sacrificing the performance of your smartphone, tablet or laptop.”
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