The Melbourne man who invented mobile wireless EFTPOS in the 1990s, Daniel Elbaum, reckons this device will help stop identity theft.
The Melbourne man who invented mobile wireless EFTPOS in the 1990s, Daniel Elbaum, believes Australians will soon need to carry a wallet-sized personal security card to access banking and basic services to protect against theComputershare co-founder Tony Wales and trucking magnate Ian Cootes are among the investors who have already poured $125 million into Mr Elbaum’s venture, VeroGuard, which has been working on a solution to prevent cyber crime for the past 20 years.
“Medibank, Latitude, Optus, [those incidents] are all based on an ID breach that lets you come in and take over the system,” Mr Elbaum told“Until a year ago, everybody said we’ve got one hardware [a smartphone] let’s use this for everything. Now everybody is moving back to hardware and in three years you effectively won’t be able to log in online without hardware, I can guarantee you.”, up 2.6 per cent from the year before, while in Australia, the bill reached $US2.92 million, up 3.
“The biggest black hole in technology that’s been created is internet security for individuals,” he said. “Nobody knows how to hack this technology yet and it allows you to use all the services in the cloud and never be at risk.Users of his VeroCard enter an assigned PIN number when prompted by the application they are trying to access.Asked what happens if you lose your wallet or the device, Mr Elbaum said it remained secure and could be easily replaced.
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