Expect a nice move on BKYI today on this news.
Tuesday November 18, 7:00 am ET
New Integrated Technologies to Be Used at Check Cashing and Retail Environments
MINNEAPOLIS, Nov. 18 /PRNewswire-FirstCall/ -- BIO-key International, (OTC Bulletin Board: BKYI - News), a leader in finger-based biometric identification, announced today that ChoicePoint (NYSE: CPS - News), the leading provider of identification and credential verification services, has selected BIO-key's technology to integrate into an identity verification solution the company will be piloting with several of its check cashing and retail customers.
Under the agreement, ChoicePoint will incorporate BIO-key's WEB-key(TM) user identification solution in an application that helps retailers reduce the impact of identity fraud by proving that individuals are who they claim to be.
"The Federal Trade Commission reported identity theft cost individuals and businesses $53 billion in losses last year, the joint effort between ChoicePoint and BIO-key will combat this costly problem. ChoicePoint is a trusted name in the security and identification industry and BIO-key is pleased to be a valued partner, providing an important part of their comprehensive solution," said Mike DePasquale, CEO of BIO-key.
"ChoicePoint customers require solutions that are convenient, fast and reliable. BIO-key's technology meets those criteria. We look forward to working with BIO-key to offer these solutions which will help prevent one of the most personal and complex criminal acts in our society, identity theft," said Dave Pugmire, ChoicePoint vice president. "These solutions will initially be used in check cashing applications in retail locations to accurately identify consumers."
Tom Colatosti, Chairman of BIO-key said, "Finger-based biometrics is the most practical, scalable and cost effective solution available to deter the multi-billion dollar identity theft crisis in America. There are many biometric technologies on the market today and each have unique roles to play in providing security and identity management solutions, however finger biometric is exceptionally well suited for applications in the high volume and rugged retail environments where identity theft breeds. Finger-based biometrics is a an elegant and effective solution for reducing the billions of dollars in losses caused by identity theft fraud in the insurance, retail and finance industries."
About ChoicePoint
ChoicePoint Inc. (NYSE: CPS - News) is the leading provider of identification and credential verification services for making smarter decisions in a world challenged by increased risks. Serving the needs of business, government, non- profit organizations and individuals, ChoicePoint works to create a safer and more secure society through the responsible use of information while ensuring the protection of personal privacy. For more information, visit the company's Web site at www.choicepoint.com .
About BIO-key
BIO-key develops and licenses advanced biometric finger identification technologies that are cost effective, scalable and easy to deploy. BIO-key products provide "True User Identification(TM)" that prevents data and identity theft while preventing false aliases. BIO-key pioneered the only finger identification algorithm that has been certified by the ICSA. It offers cost effective, high-performance one-to-many finger and one-to-one identification solutions providing security and positive identification for government and enterprise applications. ( www.bio-key.com )
