ITBiometrics, a biometrics company that specializes in security for online financial transactions and biometric identity authentication, announced today it will be hosting a hacking contest. By encouraging professional and amateur hackers alike to hack into the ITBx Fingerprint Crypto Wallet, they hope to show the benefits of biometric security for cryptocurrency wallets.
ITBiometrics is offering a $10,000 price to the first person that can hack their ultra-secure, Fingerprint Crypto Wallet—a device that not only uses your fingerprint, but also scans your pulse for authentication. These features ultimately defend against hackers who could use lifted fingerprints to break into sensitive devices.
By entering the hacking contest, hackers will have the chance to put the product to the test, ultimately showcasing the advances in biometric technology for crypto assets. “The Hacker Contest lets us prove our advanced biometric technology that we believe can have a big impact on anyone’s peace of mind,” says Chairman Howard Prager.
To ITBiometric’s customers, a cold wallet fingerprint and pulse authentication may be preferred over traditional hot wallets for it’s increased security. Cold storage devices are inherently more secure than hot wallets since they are not connected to the internet, but additional fingerprint and pulse identification prevents hackers from stealing passwords and lifting prints that would otherwise compromise holdings. As an example, ITBiometrics proved that even cold wallets stored in your phone are not safe. Watch this short video of Andy Finch, ITBiometrics’ CEO, hack an iPhone with a Gummy Bear:
So in addition to hack-proof fingerprint with pulse authentication, consumers can also rest well knowing that the ITBx Fingerprint Cypto Wallet also includes multi-signature authentication, open-source storage, and ephemeral key wrapping—additional challenges to hacking.
ITBiometric’s Chairman Howard Prager commented, “The ITBx Fingerprint Cypto Wallet provides a simple and secure way to protect anyone’s high-value assets against theft. We noticed at ITBiometrics that there are plenty of people who are victims of hacking but could not find a product that will give them the protection they need. ITBiometrics solves this problem with the ITBx Fingerprint Cypto Wallet—a device we believe is unhackable, which is why we’re encouraging hackers to prove us wrong.”
The launch of ITBiometrics’s ITBx Fingerprint Crypto Wallet hacking contest is a big milestone for the company and biometric industry. Anyone who hacks the product will gain notoriety in the hacking community, with the added benefit of $10,000 given by ITBiometrics.
Signups for early access are available on the ITBiometrics website today.