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Biometric Signature ID Secures Series A Equity Investment from Mohegan Biometrics LLC

Texas Business reports:  DALLAS—Biometric Signature ID Inc. (BSI), developers of patented gesture biometrics software for Identity authentication over the Internet, closed a Series A financing with Mohegan Biometrics LLC, a subsidiary of the Mohegan Tribe of Indians of Connecticut.

This investment is consistent with the tribal Council’s strategy to diversify its revenue sources by pursuing other non-gaming investment opportunities.

BSI’s premier product BioSig-ID is a gesture biometrics technology that is activated simply by using a mouse, stylus or finger to create an online password. The speed, length, angle, direction and other metrics are captured and create a unique pattern to each user. A second layer of ID verification includes Click-ID technology (picture password) designed to verify the user’s identity by clicking on specific objects in a selected image. USignOnline enables users to sign contracts online, thereby increasing and protecting revenue while providing proof that the user authorized the action. The products combine to create a Identification, Authentication and Authorization (IAA) strategy as a security standard.

The Tribes’ Business Diversification Department identifies and evaluates various diversification opportunities in commercial enterprises and technologies such as BSI’s gesture biometrics.

 “We are very pleased to participate as a partner with BSI as their technology is becoming the new gold standard for online identity authentication and security,” said Mohegan Tribal Council chair Bruce "Two Dogs" Bozsum in a prepared statement.

The use of the BSI technology for online identity verification is designed to prevent fraud, comply with industry specific legislation, and increase the ability to “know your customer” ensuring that only a registered user gains access to their digital assets after a log in using BioSig-ID software. Additionally,  BSI’s uSignOnline technology is designed to allow registered users to “authorize” the use of their credit card or funds transfer with confidence.

Independent testing by Tolly Group found that the BioSig-ID gesture biometrics software was 99.97% accurate in keeping impostors from gaining access to a user’s account. First time users who completed surveys demonstrated a 98% user acceptance rating of the software. The technology also includes a multi-layer approach to security providing multi factor authentication – the new gold standard in security.

“BSI is excited to be partnered with the Mohegan Tribe and looks forward to moving into new markets with our identity authentication software only solution.” said Biometric Signature ID chief executive Jeff Maynard in a statement. “We are the missing link in password security as we validate the person who is using the system not the password, without the need for any special hardware. With a 98% user satisfaction rating and using Flash or HTML5 the BioSig-ID software can be used on virtually all devices including mobile.”

BioSig-ID gesture biometrics does not require any additional hardware or software downloads, can be used on any device that accepts an input anywhere, anytime, does not collect personal identifying information, and tracks and reports all interactions. It also supports multi-factor identity proofing to meet and exceed the standards and guidelines demanded by regulatory agencies in the following industries:

1.    Online Commerce: Retail and Gaming organizations can add a level of assurance to help prevent ID fraud, account takeover fraud, payment fraud and insider fraud.

2.    Support of the White House’s new program, National Strategy for Trusted Identities in Cyberspace (NSTIC) for safely transacting commerce on the Internet.

3.    Governmental-level security supporting initiatives for Federal Identity Credential and Access Management (FICAM), the Department of Homeland Security (DHS) and the new software biometric technology needs advocated by DARPA.

4.    Online Learning: Higher Education Revised Education Act of  2009 and institution accreditation guidelines to verify the student taking a course is who they say they are from enrollment to final exam.

5.    Healthcare: (a) DEA’s requirement for electronically prescribing controlled substances (b) HIPAA, HIT, and HIE for authenticating access to patient records.

6.    Banking and Finance: Exceeding Federal Financial Institutions Examination Council (FFIEC) guidelines published June 2011 to require layered security to safeguard customer information and reduce fraud.

7.    Cloud and Mobile Computing: support for Federal Information Security Management Act (FISMA) certification for cloud computing.

A Dallas-based software company, Biometric Signature ID Inc. (BSI), provides solutions to reduce identity fraud through its’ patented BioSig-ID Online biometric handwriting and gesture technologies.