International Automated Systems, Inc.'s Fingerprint-Secured Debit Card Program To Be Featured at Debit Card Industry Forum
AMERICAN FORK, Utah, Feb. 25 /PRNewswire/ -- Randy Johnson, vice president
of International Automated Systems, Inc. ("IAS") (OTC Bulletin Board: IAUS)
will be an invited speaker and the company's new fingerprint secured debit
card system will be featured at Faulkner & Gray's eighth annual Debit Card
Forum Convention, to be held in Orlando, Fla., February 27-29, 2000. The
annual event attracts an international audience of industry executives and
specialists, including managers of bank debit card programs, retail banking
officers, bank operations/DP managers, electronic funds transfer (EFT) network
and point-of-purchase sales executives, credit card executives, retail
executives, ATM professionals and third-party processors.
International Automated Systems, Inc. successfully developed and piloted
the first fingerprint-secured debit card program in a retail environment. The
company's technology, consisting of hardware and software having been
incorporated into a security device attached to a computer, banking or retail
sales terminal, has been approved by the American Clearing House for use in
securing commercial and banking transactions, including Internet transactions.
Technology developed and marketed by International Automated Systems, Inc.
provides positive, cross-referenced identification of persons based upon
three-dimensional fingerprint images. It allows users and subscribers to post
transactions at an Automated Fingerprint Identification Machine (AFIM)-enabled
terminal using a data-encoded "magstripe" card containing specific banking
information and cross-referenced to the individual's real-time fingerprint
identity. With the AFIM system, anyone, anywhere may engage in interstate or
international commerce secured by personal identity and funds availability,
regardless of where they bank.
Retailers, banks and any business that has a need for guaranteed
transactions may subscribe to the service, which requires the installation of
the AFIM system connected to International Automated Systems, Inc.'s
fingerprint identification database. Upon processing an inquiry and providing
a positive identification, the system assigns an identification number to the
fingerprint identification that becomes embedded in the transaction
information. The system, which potentially could spell the end to credit card
fraud, is designed not only to prevent fraudulent identification but also,
through the embedding process, to prevent duplicate transactions being posted
to the individual's account.
"After only five months of an ongoing beta-test, approximately 50% of the
households in the pilot city already purchase groceries from the local
supermarket using our consumer, fingerprint-secured debit card system," said
Neldon Johnson, president and chief executive officer of International
Automated Systems, Inc. "We are encouraged by the interest that is building
and believe we have a business solution that will rapidly catch on among
industry decision makers actively seeking a 'bullet-proof' method of securing
transactions," said Johnson.
International Automated Systems, Inc. develops high-technology products
designed for increasing business efficiency, transactional security and access
control. Visit the company's web site at www.iaus.com.
NOTE: Statements contained in this release that are not strictly
historical are forward-looking within the meaning of the safe harbor clause of
the Private Securities Litigation Reform Act of 1995. Editors and investors
are cautioned that such forward-looking statements invoke risk and
uncertainties that may cause the company's actual results to differ materially
from such forward-looking statements. These risks and uncertainties include,
but are not limited to, demand for the company's product both domestically and
abroad, the company's ability to continue to develop its market, general
economic conditions and other factors that may be more fully described in the
company's literature and periodic filings with the Securities and Exchange
Commission. This is not a solicitation to buy or sell securities and this
does not purport to be an analysis of the company's financial position.
SOURCE International Automated Systems, Inc.