ImageWare® Launches ImageWare Authenticate, Embeds Biometrics to Make Identity Assurance Simple

Rhea-AI Summary

ImageWare Systems, Inc. (OTCQB: IWSY) has launched ImageWare Authenticate, a biometric multifactor authentication (MFA) solution. It integrates seamlessly into business applications, leveraging multimodal biometric scanning that requires no special equipment and operates in the Cloud for enhanced security. With cybercrime losses reaching $945B annually, the FBI endorses stronger authentication methods. ImageWare's solution aims to boost security for industries like banking, enhancing user confidence while simplifying the authentication process.

Positive

• Launch of ImageWare Authenticate enhances security with biometric MFA.
• Solution integrates easily into existing applications, reducing implementation barriers.
• Addresses growing cybersecurity threats with a 300% increase in cybercrime since COVID-19.

Negative

• None.

SAN DIEGO, Feb. 1, 2021 /PRNewswire/ -- ImageWare^® Systems, Inc. (OTCQB: IWSY), a leader in biometric identification and authentication, is pleased to announce the release of ImageWare Authenticate, a software solution that enables customers to seamlessly integrate biometric multifactor authentication (MFA) into existing business and consumer applications.

ImageWare Authenticate delivers key authentication benefits for customers to leverage today:

• Multimodal biometric scanning from mobile device (no special equipment needed)
• Biometric matching in the Cloud, enabling biometric authentication across multiple devices
• Seamless integration into existing applications through OIDC and SAML

More than 80% of all cybersecurity breaches leveraged passwords, as reported in the Verizon 2020 Data Breach Report. An immense $945B (over one percent of global GDP) is lost to cybercrime each year, as reported by the Center for Strategic and International Studies. As a result, the FBI recommends, "More complex forms of multi-factor authentication such as biometrics or behavioral authentication methods." ImageWare Authenticate delivers exactly that – a move from unsecure password protection to multifactor authentication using multimodal biometrics with Cloud-based matching to ensure seamless use across all of one's devices.

Using biometrics to authenticate someone's identity remains one of the safest and easiest validation methods. The unique qualities of a person's face, fingerprint, palmprint, voice, or iris make biometric authentication the most accurate method for end user assurance. Fusing multiple biometrics gives users an even higher rate of accuracy. Most phones have a built-in camera and microphone to capture users' biometrics, ensuring that no additional equipment is necessary. ImageWare Authenticate provides users with the security, safety and ease of use.

"ImageWare has a history of developing innovative solutions to emerging threats. With the 300% increase in cybercrime since the beginning of the COVID-19 pandemic in addition to the significant movement of employees to remote work, ImageWare moved quickly to meet the demand for easy verification and authentication of users to secure confidential, personal and company information with biometrics," said Kristin A. Taylor, Chairperson, President, and CEO of ImageWare. "Companies must authenticate consumers for services ranging from mobile banking and money transfers to downloading or accessing high value assets from health records, bank statements and insurance documents all the way to Big Game Bowl or concert tickets. With the launch of ImageWare Authenticate, we will help organizations better secure their applications and data while ensuring a low-friction end-user experience by enabling users to scan biometrics with an easy-to-use mobile app on their iOS or Android device."

Landmark Credit Union in Wisconsin and Catlin Bank in Illinois both leverage biometrics with ImageWare Authenticate to verify employee identities into critical business applications.
"There's no doubt that common, non-biometric two-factor authentication (2FA) is weak; we know that this is a common attack vector which leads to costly breaches," said Jeff Fauver, President-CEO of Catlin Bank. "The ImageWare Authenticate solution provides the flexibility we need to protect application and network access. Today's environment is forcing us to deal with remote access, and we're happy to be working with a leader like ImageWare to secure our network perimeter."

"A challenge for our banking customers is ensuring the right person is accessing the right data; nobody should have to worry about scammers or cybercriminals stealing their money or personal financial data. With ImageWare's multifactor authentication solution, we're improving customer confidence in our security systems," said Jerry Jacobs, Information Systems Manager of Landmark Credit Union. "Not only are our customers' minds at ease, but our management has realized significantly lower security risk, higher customer satisfaction, and a more robust business as a result. ImageWare is undoubtedly a leader in the biometric authentication realm; I am glad we are working closely with them – the livelihood of our business depends on it."

Previously named GoVerifyID, ImageWare Authenticate, is being re-released with significant updates to the product functionality such as a Cloud backend with REST interface, self-service portal for managing users and application connectors seamless integration through OIDC and SAML, and auto-provisioning upon trial or product purchase.

Read more about ImageWare Authenticate here and register for a free trial where we will prove how we deliver "Identity Assurance Made Simple."

About ImageWare® Systems, Inc.       
Founded in 1987, ImageWare provides defense-grade biometric identification and authentication for access to your data, products, services or facilities. We are experts in biometric authentication and considered a preeminent patent holder of multimodal IP, having many of the most-cited patents in the industry. Our patented IWS Biometric Engine® (BE) is the most accurate and fastest biometrics matching engine in the industry, capable of our patented fusion of multiple biometrics. Part of our heritage is in law enforcement having built the first statewide digital booking platform for United States local law enforcement - and more than three decades of experience in the challenging government sector creating biometric smart cards and logical access for millions of individuals. We are a "biometrics first" company, leveraging unique human characteristics to provide unparalleled accuracy for identification while protecting your identity. Please visit www.iwsinc.com.

Forward-Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if," "should" and "will" and similar expressions as they relate to ImageWare Systems, Inc. are intended to identify such forward-looking statements. ImageWare may from time to time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in ImageWare's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

Media Contact:	Investor Relations:
Jessica Belair	Terri MacInnis, VP of IR
ImageWare Systems, Inc.	Bibicoff + MacInnis, Inc.
(310) 717-0877	818) 379-8500 x2
jbelair@iwsinc.com	terri@bibimac.com

 

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SOURCE ImageWare Systems, Inc.

FAQ

What is ImageWare Authenticate?

ImageWare Authenticate is a biometric multifactor authentication solution allowing seamless integration into existing business applications.

How does ImageWare Authenticate improve security?

It leverages multimodal biometric scanning and Cloud-based matching, significantly enhancing security against cyber threats.

What impact does the launch of ImageWare Authenticate have on investors?

The launch could enhance ImageWare's market position and attract new customers, potentially leading to revenue growth.

When was ImageWare Authenticate launched?

ImageWare Authenticate was launched on February 1, 2021.

What market problems does ImageWare Authenticate address?

It addresses the vulnerabilities of password-based authentication, reducing risks associated with cybercrime, particularly in financial services.