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BIO-key International, Inc. (BKYI)

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  • BIO-key MobileAuth Aims to Obsolete Traditional Authentication Methods
    GlobeNewswire

    BIO-key MobileAuth Aims to Obsolete Traditional Authentication Methods

    A different authentication approach offering the highest levels of integrity, availability, security, and accuracyWALL, N.J., May 10, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of identity and access management (IAM) solutions featuring biometrics, today introduced its new mobile app, BIO-key MobileAuth™ with PalmPositive™ the latest among over sixteen strong authentication factors available for BIO-key's PortalGuard® Identity-as-a-Service (IDaaS) platform. MobileAuth’s fast, touchless biometric user authentication – using a palm scan – works with any Android or iOS device to provide the unprecedented combination of a simple, privacy-protected, and convenient user experience with the identity integrity and availability that enterprises require. While multi-factor authentication (MFA) is an essential part of any IAM strategy, organizations such as NIST and the FBI have warned that traditional MFA methods such as passwords and phone-based methods, including one-time password (OTP) generators and SMS codes, remain vulnerable to social engineering and cyberattacks. Moreover, relying parties, lose control over who is accessing their systems, since the end-user can share a credential or enroll additional users into their phones, without the relying party’s consent. In addition, hardware tokens with their lifecycle costs, lost token churn and difficult user experiences present other challenges. According to the 2020 Verizon Data Breach Investigations Report, 81% of hacking-related breaches leverage stolen or weak passwords. This, along with other well-documented password challenges, has driven the adoption of passwordless workflows using phone apps secured with user-controlled device-based biometrics or other device-unlock factors. While more secure than passwords, reports of account sharing, unauthorized delegation, and SIM swapping demonstrate that this type of biometrics lacks the integrity and availability required to support enterprise-level security. BIO-key MobileAuth with PalmPositive offers a different way to authenticate, eliminating the inconvenience, security risks, and costs of traditional authentication methods by introducing the new category of Identity-Bound Biometrics (IBB), which are well-suited for everyday use cases including remote workforces, third-party access, Customer IAM (CIAM), and passwordless workflows. Starting with PalmPositive as the first Identity-Bound Biometrics authentication method, future methods including voice and facial recognition will be added to BIO-key MobileAuth in 2021 to continue to offer the highest levels of: Integrity: by permanently binding a biometric (palm scan) to the user’s digital identity to ensure only they can use their account privileges, not a proxy. Availability: because the user is free to authenticate themselves across multiple devices, even if a new device is introduced. Security: because biometrics cannot be forgotten, phished, stolen, or forged. Built-in liveness detection prevents imposters from using scanned pictures or fakes. Accuracy: a palm scan is up to 400x more accurate than common user-controlled device-based biometric authentication methods. “With the obvious deficiencies in traditional authentication methods, we believe it is time to challenge the status quo,” said Michael DePasquale, Chairman and CEO of BIO-key International. “While we still provide customers with a full suite of flexible authentication options, we felt it was important to introduce a different way to authenticate that costs less and provides the security controls enterprises need without sacrificing convenience. By launching BIO-key MobileAuth with PalmPositive as a form of Identity-Bound Biometrics, customers can have the confidence that their multi-factor authentication and passwordless workflows will distinguish legitimate users from hackers.” BIO-key MobileAuth is an easy-to-use mobile app with no new hardware required and a fast QR code registration and enrollment process that can be completed in seconds. As part of BIO-key’s PortalGuard IDaaS platform, BIO-key MobileAuth supports its MFA and Single Sign-On (SSO) solutions to streamline logins while making them more secure. BIO-key MobileAuth with PalmPositive is now available for both iOS and Android and requires an active BIO-key PortalGuard IDaaS account. To learn more about BIO-key MobileAuth, PalmPositive, and Identity-Bound Biometrics please visit BIO-key's website. About BIO-key International, Inc. BIO-key has over two decades of expertise in providing authentication technology for thousands of organizations and millions of users and is revolutionizing authentication with biometric-centric, multi-factor identity and access management (IAM) solutions. Its PortalGuard IAM solution, that provides convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premises and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions. BIO-key Safe Harbor Statement All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to execute and deliver on contracts in Africa; our ability to expand into Asia, Africa and other foreign markets; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, 3 personnel, and the geographic markets in which we operate; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption see "Risk Factors'' in our Annual Report on Form 10-K for the year ended December 31, 2019 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted. Engage with BIO-key:Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-internationalTwitter – Corporate: @BIOkeyIntl Twitter –Investors: @BIO_keyIR StockTwits: BIO-key Media Contact:Erin KnappMatter CommunicationsBIO-key@matternow.com914-260-3158

  • BIO-key, Provider of Identity & Access Management (IAM) Solutions, including Biometrics, Hosts Q1 Investor Call Friday, May 14th at 10am ET
    GlobeNewswire

    BIO-key, Provider of Identity & Access Management (IAM) Solutions, including Biometrics, Hosts Q1 Investor Call Friday, May 14th at 10am ET

    WALL, N.J., May 07, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of identity access management (IAM) and large scale identity solutions, including industry leading biometric capabilities, will host a conference call to review its first quarter 2021 results on Friday, May 14, 2021 at 10 a.m. ET. Results will be released prior to the market’s opening. Mike DePasquale, Chairman & CEO, Cecilia Welch, CFO, and Fred Corsentino, Chief Revenue Officer, will participate on the call. Conference Call Details Date / Time:Friday, May 14th at 10 a.m. ETCall Dial In #:1-877-418-5460 U.S. or 1-412-717-9594 InternationalLive Webcast / Replay:Investor Webcast & Replay – Available for 3 months.Audio Replay:1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 10156403 About BIO-key International, Inc. (www.bio-key.com)BIO-key is revolutionizing authentication with biometric centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard solution, that provide convenient and secure access to devices, information, applications and high-value transactions. BIO-key’s proprietary software and hardware solutions, with industry leading biometric capabilities, enable large-scale on-premise and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions. Engage with BIO-key Facebook – Corporate:https://www.facebook.com/BIOkeyInternational/LinkedIn – Corporate:https://www.linkedin.com/company/bio-key-internationalTwitter – Corporate:@BIOkeyIntlTwitter – Investors:@BIO_keyIRStockTwits:BIO_keyIR Media ContactInvestor ContactErin KnappWilliam Jones, David CollinsMatter CommunicationsCatalyst IRBIO-key@matternow.comBKYI@catalyst-ir.com914-260-3158212-924-9800

  • Identity and Access Management Provider BIO-key Issued U.S. Patent for Enabling Next-Generation Continuous Biometric User Authentication
    GlobeNewswire

    Identity and Access Management Provider BIO-key Issued U.S. Patent for Enabling Next-Generation Continuous Biometric User Authentication

    Expands IP Portfolio to 18 IAM and Biometric Patents, Underscoring BIO-key’s Long-Term Commitment to Innovation WALL, N.J., April 26, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of identity and access management (IAM) solutions powered by biometrics, announced that the company has been issued patent # 10,984,085 by the U.S. Patent and Trademark Office for its invention titled “Biometric Recognition for Uncontrolled Acquisition Environments.” The patent will protect BIO-key’s method of enabling next-generation continuous and passive biometric user experiences with its process for enrollment and continuous authentication. The patent expands BIO-key’s portfolio to a total of 18 IAM and biometric patents. The patent provides an important asset for the company to leverage for its own authentication platforms and to license to mobile device and laptop manufacturers, along with associated security software providers to enhance their security capabilities. The patent’s methods are expected to be particularly valuable deployed in mobile devices with in-screen fingerprint sensors, cameras and microphones generating a continuous stream of partial biometric samples of fingerprints, faces or voices over time. With BIO-key’s patented approach, this initially imperfect sample stream is assembled into a full and complete biometric template that can be used to complete the end-user’s enrollment or authentication in a seamless and efficient manner. BIO-key’s intelligent data pre-processing and transformation algorithms sort through these varying samples of biometric data, making reliable and accurate connections between samples of different sizes, resolution qualities and points of view. In this manner, it supports continuous authentication assurance of a user’s identity during ongoing activity. Historically, biometric enrollment and authentication were event-based. Users enrolled into a biometric system which captured their data through a regimented process to create their enrollment record. Likewise, authentication was a discrete sample capture-and-compare event which produced a yes or no answer at a point in time. As biometric security evolved, BIO-key identified a need for more adaptable, passive and continuous enrollment and authentication methods to establish and maintain confidence that the device user remains the same over time. “This patent extends BIO-key’s leadership in innovating unobtrusive methods to protect individual identities for next-generation biometrics systems,” said Mira LaCous, Chief Technology Officer, BIO-key International. “With enterprises and end users asking for less-intrusive means to assure and protect identities, this technology is a valuable weapon in the fight against identity theft and account takeover, while making it easier for end users to get things done.” For more information about BIO-key’s Biometric Identity Solutions, visit the BIO-key website. About BIO-key International, Inc.BIO-key is revolutionizing authentication with biometric centric, multi-factor identity and access management (IAM) solutions, including its PortalGuard IAM solution, that provide convenient and secure access to devices, information, applications, and high-value transactions. BIO-key’s proprietary software and hardware solutions, with industry-leading biometric capabilities, enable large-scale on-premise and Identity-as-a-Service (IDaaS) solutions as well as customized enterprise and cloud solutions. BIO-key Safe Harbor StatementAll statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, sales cycles, personnel, and the geographic markets in which we operate; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2020 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company undertakes no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise. Additionally, there may be other factors of which the Company is not currently aware that may affect matters discussed in forward-looking statements and may also cause actual results to differ materially from those discussed. In particular, the consequences of the coronavirus outbreak to economic conditions and the industry in general and the financial position and operating results of our Company, in particular, have been material, are changing rapidly, and cannot be predicted. Engage with BIO-key:Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/ LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international Twitter – Corporate: @BIOkeyIntlTwitter – Investors: @BIO_keyIRStockTwits: BIO_keyIR Media ContactInvestor ContactErin Knapp William Jones, David CollinsMatter CommunicationsCatalyst IRBIO-key@matternow.comBKYI@catalyst-ir.com914-260-3158212-924-9800