Guard ID Systems, Inc., the privately held company famous for developing ID Vault and advertised as the world’s first integrated system to protect online consumers against identity theft and fraud, has now received $11 million in new financing to expand operations. The money is expected to be used in research and development to enhance and expand their security products, in addition to intensifying sales and marketing efforts.
The leading players in the arrangement are:
Prism VentureWorks, an early-stage venture capital firm
Intersections, Inc. (Nasdaq:INTX), a leading provider of consumer and business identity risk management services
Trinity Ventures, an early-stage technology investor
Prism VentureWorks managing partner Jim Counihan, who will join the Guard ID Systems board of directors, said, “Anyone who conducts financial transactions online is vulnerable to online identity theft and fraud, and Guard ID Systems has the right solution to make it safe for consumers to bank and shop online.” Intersections CEO Michael Stanfield will also join the Guard ID Systems board of directors.
Guard ID Systems (www.GuardID.com) sells its product, the ID Vault, at major retailers, including Best Buy, Costco, Fry’s Electronics, and even Amazon.com. “Identity theft is growing fastest online, and the millions of consumers who turn to the Internet to bank and shop are beginning to understand that traditional Internet security solutions aren’t keeping pace with today’s sophisticated online identity theft schemes,” said David Watkins, president and CEO of Guard ID Systems, Inc. “Our significant growth indicates that our ID Vault service has been embraced by consumers.”
ID Vault provides a USB device for portable storage of usernames and passwords, and automatically signs consumers into online accounts without typing to protect against keystroke loggers and other spyware. The system is also designed to monitor thousands of financial and shopping sites, verifying the IP addresses and sign-in protocols to protect consumers from signing into imposter sites.
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