Biometrics News
BIO-key to Provide Biometric Authentication for Major Global Bank
By Bud Yanak
Dec 8, 2004, 05:51

BIO-key to Provide Biometric Authentication for

Major Global Bank 

Solution Improves Electronic Funds Transfers Security and Convenience

Dec 8, 2004 – Wall, NJ – BIO-key International, Inc. (OTC Bulletin Board: BKYI), the leader in finger-based biometric identification and wireless public safety solutions, today announced the deployment of a pilot project at the Commercial Banking Division of a major global money center bank.  

WEB-key, a complete identification system providing one to many finger matching, will authenticate the identity of institutional customers responsible for treasury transactions and electronic funds transfers.  The huge cash value of each transaction requires  highly secure identification and authentication.  BIO-key’s biometric technology will be used as an alternative to the current identity management system, which is based on an “electronic token” to authenticate a customer’s identity.

In addition to the improved level of security, BIO-key’s system provides a dramatically improved ease of use for customers, a lower cost of operation, and a higher level of “auditability”. The biometric pilot will have a two-phase implementation: first phase of the deployment will include internal users; the second phase of the pilot will be targeted at the bank’s largest and most demanding commercial customers. Upon successful completion of the pilot, the bank intends to deploy BIO-key’s biometric solution to all the bank’s institutional customers.

“Identity theft is the fastest growing crime in the U.S. The ability to provide commercial institutions with a more secure authentication method, while providing customers an easier, more convenient way to confirm their identity is an important security and convenience milestone for both the bank and customers,” said Mike DePasquale, BIO-key CEO.

Verifying customer identity is a major concern for banks as they move billions of dollars around the globe on a daily basis. BIO-key’s biometric solution allows the bank to use a single identity management process to validate the identity for their entire enterprise, from employee identification to every point they touch a customer, including check cashing and fund transfers. BIO-key is committed to providing the authentication tools that banks require to protect customer’s assets; a critical success factor required in today’s “electronic environment”. Having a higher degree of certainty of “who is at the other end of the wire” enables banks to thwart frauds such as identity theft and Phishing attacks.

About BIO-key

BIO-key develops and delivers advanced identification solutions and information services to law enforcement departments, public safety agencies, government and private sector customers. BIO-key’s mobile wireless technology provides first responders with critical, reliable, real-time data and images from local, state and national databases. BIO-key’s high-performance, scalable, cost-effective and easy-to-deploy biometric finger identification technology accurately identifies and authenticates users of wireless and enterprise data to improve security, convenience and privacy as well as reducing identity theft. Over 2,500 police, fire and emergency services departments in North America are using BIO-key solutions, making BIO-key the leading supplier of mobile and wireless solutions for public safety worldwide

 (http://www.bio-key.com)

BIO-key Safe Harbor Statement

This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. The words “estimate,” “project,” “intends,” “expects,” “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 Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of BIO-key International, see “Risk Factors” in the Company’s Annual Report on Form 10-KSB and its 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. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

For more information, contact:

Julie Garand

508-460-4036

Julie.garand@bio-key.com