GuardID Systems Unveils New Consumer Identity Theft Protection Device
PHOENIX - GuardID Systems has unveiled its ID Vault two-factor authentication system for secure online access to banks, credit unions and brokerages. The company says ID Vault is the first authentication system available directly to consumers, which addresses recent findings that hardware-based two-factor authentication is more secure than password-only single-factor sign-in. According to the FTC, approximately 27 million American adults have been victims of ID theft in the last five years. The FDIC has found that unauthorized access to checking accounts is the fastest growing form of identity theft. "Using only a password to access your online bank statements makes anyone an easy target for online thieves and hackers," said Jerry Thompson, CEO of GuardID Systems. "Two-factor log on, meaning a physical device as well as a password, is a much more secure way of performing any online transaction - ID Vault offers this two-factor security and is an all-in-one, practical solution." The ID Vault authentication system is based on smart card technology. It plugs into any Windows PC USB port, and works with thousands of financial institutions. ID Vault will be available in the first quarter of 2006 and will be sold at major electronics retailers like CompUSA and Best Buy with an SRP of $49.99.