US identity and geo-location technology provider LaserLock Technologies has signed a ten year contract, worth $7 million, with an unidentified Mexican gaming company that will see LaserLock’s VerifyMe Identity Services authenticating players in online casinos.
The need for strong authentication in this area has increased due to recently passed anti-money-laundering legislation in Mexico, a company spokesman said this week, adding that LaserLock’s technology will be replacing passwords and PINs with a quick, three-factor authentication process.
“The multiple factors involved in the VerifyMe method adhere to the classic identification trifecta: something you have, something you are and something you know,” the spokesman said.
“In this case it breaks down to a connected device (like a smartphone), a biometric (like facial recognition) and a gesture swipe respectively. The solution adheres to NIST Level 4 standards and can be bolstered by a geo-tagging feature if a “somewhere you are” location factor is deemed necessary.”
Neil S. Alpert, LaserLock’s CEO, described the deal as a new milestone for the company. “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,” he claimed.