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Oz Tech Set To Replace Passwords, Credit Cards

Australians may soon need to be equipped with a personal security card in order to access banking and other basic services, to stop the mounting threat of cybercrime.

Melbourne man Daniel Elbaum invented mobile wireless EFTPOS in the ’90s and is now behind this new tech.

Trucking magnate Ian Cootes and Computershare co-founder Tony Wales are among the investors who have so far thrown $125 million into Elbaum’s new venture VeroGuard, which has been working on a solution to cybercrime for the past two decades.

Now VeroGuard has invented the VeroCard, which is a multifactor authentication device the size of a business card.

According to their website, it offers the same level of protection as a bank transaction during online use.

Elbaum says it is already being used by intelligence agencies and defence forces, and it is only a matter of time before it becomes common in wider society as a way to replace passwords and regular cards.

Speaking to the Australian Financial Review about the recent spate of hack attacks, Elbaum says, “Medibank, Latitude, Optus are all based on an ID breach that lets you come in and take over the system.”

Any solution to this ongoing problem is certainly welcome.

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