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Magal Security Systems (MAGS) Message Board

  • smartcardsforamericans smartcardsforamericans Sep 21, 2001 11:55 AM Flag

    HYC: Secure ID- read news

    this will turn into enormous busines for HYC, on top of their $300MM core business - book vale of $5.65, market cap of only $160MM, over $300MM in revenues - very compelling. Don't take my word for it, see for yourself. We want to own companies that will have products and services for "highly motivated" buyers, and secure, touch-based ID fits squarely in that theme. This is a big deal and the market will figure it out.


    Thursday September 20, 4:17 pm Eastern Time
    Press Release
    SOURCE: Hypercom Corp.
    The Logix Cos. and Hypercom Introduce Touch Screen Identification Verification Capability Using Hypercom Terminals
    LONGMONT, Colo. and PHOENIX--Sept. 20, 2001--The Logix Cos., a leader in identification authentication software, and Hypercom Corp. (NYSE:HYC - news), the leading provider of secure electronic payment terminals, Thursday released IDLogix, a positive ID verification software solution for use on Hypercom's secure touch screen ICE(TM) terminals.

    IDLogix instantaneously displays highly precise encoded information about an individual's physical characteristics and description details based on information stored on drivers' license magnetic stripes and barcodes.

    It is ideal for airport ticket counters, bus and train stations, rental car companies and other sites where fast and highly accurate verification of an individual's identity is essential.

    ``Law enforcement agencies and commercial organizations are together clamping down on those who present fraudulently-produced identification or otherwise pretend to be someone they are not,'' said Scott Bahneman, senior vice president of business development, The Logix Cos.

    ``Now, you can accurately verify someone's identity by simply swiping the person's magnetic-stripe driver's license, or scanning the license's 2-D bar code onto a compact ICE card terminal equipped with IDLogix -- and also conduct traditional credit/debit, check, EBT and loyalty card transactions if desired.''

    ``Up until now it has been too easy to create and pass off false ID or use someone else's ID. With IDLogix, we have now embarked on the introduction of a series of technologies that will prevent this.

    ``Through the use of Hypercom's secure graphic touch screen terminals, we enable the display of identification-related information which is read from encoded magnetic stripes and secure 2-D barcodes found on most currently-issued drivers' licenses and other ID cards.

    ``This capability allows positive verification of the authenticity of an ID document and allows you to match the ID data and description to the person presenting the document,'' said O.B. Rawls, IV, senior vice president and general manger, Hypercom USA/Canada.

    ``Combined with secure electronic payments, and especially rapidly emerging smart cards, this new capability will create a highly secure, fraud resistant payment and ID environment. Applications include car rental, airport check-ins or ticket purchases, age verification and other identification and access functions.

    ``We think these capabilities, when combined with other advanced ICE functions, such as electronic signature capture, have enormous and very positive potential that can help boost security and eliminate fraud in a number of areas,'' said Rawls.

 
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