Alternet signs counterfraud jv with BIOMETRY
27 June 2014 18:00 GMT

Reducing bank fraud is the aim for new link up between BIOMETRY and Alternet

Alternet Systems, a company dealing in digital currency and mobile commerce services, has announced a strategic joint venture with BIOMETRY in order to take advantage of the supplier's BioME product, which replaces passwords and PINs through the combination of dynamic facial and voice recognition.

Alternet intends to integrate BioME into its payment system's anti-money laundering and anti-fraud components. The link up will see Alternet expand BIOMETRY's market reach, through its network of clients, including financial institutions and mobile network operators. The company is also exploring a broader relationship with BIOMETRY, which will be the subject of additional agreements.

Alternet Systems, Chief Executive Officer, Henryk Dabrowski commented, "Cybercrime, credit fraud, identity theft and mobile security is a global, multi-billion dollar concern. Gartner estimates approximately $2.7 billion in attempted bank fraud in Latin America, Europe and the U.S. We unfortunately have been witness to this alarming reality through data breaches at major retailers. The platform we are building is dealing with this issue head-on within the digital currency industry. With BIOMETRY's patented secure digital payment solution, Alternet strengthens its Digital assets and Currency offerings. After evaluating multiple solutions, we made a strategic decision that BIOMETRY's products are the perfect match for our OneMarket and Alternet Financial Services offerings. We will begin to leverage BIOMETRY's products into Alternet's global customer base of financial institutions and mobile network operators in the immediate future."