GuardID Systems has announced that its ID Vault two-factor authentication system for secure online access to banks, credit unions and brokerages is available immediately at major consumer electronics retailers such as Best Buy, Circuit City and CompUSA.
As stated in the 2006 Identity Fraud Survey Report from Javelin Strategy & Research: ” … fraud amounts [due to] breach of information through the Internet (phishing, spyware, hacking and online transactions) have significantly increased from $2,897 [billion dollars in 2005] to $6,432 [billion dollars in 2006].” The report also states that “if armed with appropriate tools, prevention and detection measures taken by the consumer can make a significant impact on the incidence rates & costs of identity fraud.”
Alex Giakoumis, Director, Corporate Business Development, Smart Card & Secure ICs for Atmel(R) Corporation, manufacturer of the secure Smart Card chip used in the ID Vault design said, “Putting the power and advanced security capability of Atmel´s Smart Card technology directly in the hands of consumers is a very big step toward improving consumers´ online security and protection.”
Identity theft is a growing concern for consumers and banks alike. According to the Federal Trade Commission (FTC), approximately 27 million American adults have been victims of ID theft in the last five years. Furthermore, the Federal Deposit Insurance Corporation has found that unauthorized access to checking accounts is the fastest growing form of identity theft.