L-1 Identity Solutions, a provider of identity protection services, has acquired the assets of Retica Systems, Inc; a move that strongly enhances L-1's Civilian Identity Management Program. L-1's biometric programs are cost-efficient, identification security measures that are utilized in many security-related industries.
Coupled with algorithms, copyrights and software programs, the acquisition will allow L-1 use of iris-on-the-move and iris-at-a-distance products which will improve the accuracy of identity programs at large-scale, high volume facilities. Retica's Mobile Eyes application uses a small camera to catch and recognize an individual's irises, while the Eagle Eyes application uses iris recognition in conjunction with video surveillance to identity individuals at varying distances within a crowd. These new applications will be an addition to the iris services already offered by L-1 to security services and military officials in conflict areas.
"This asset acquisition gives us a greater range of solutions to address a wider set of opportunities more quickly within the growing market of high-volume and large-scale civilian identity management programs," says Robert V. LaPenta, chairman, president and ceo of L-1 Identity Solutions.
The new programs are intended to provide low-cost biometric services to industries and organizations with a large employee base who may be handling highly secured information. The expanded use to identification measures may help lower the number of security breaches at large-scale facilities. L-1's services are currently utilized by government agencies, law enforcement, border patrol and the military. The new integrated services have inspired hopes that L-1's services will be extended to non-governmental markets and industries that work with sensitive information.
"The Retica assets also open up new opportunities for L-1 outside of the government market, particularly in commercial identity management applications used by the gaming, hospitality, healthcare, and other industries," says LaPenta.
At present, more than 9 million individuals fall victim to identity theft each year in the United States. The risk of identity theft in the U.S. has been intensified by the increased use of technology to store, process, and transfer personal information. Medical identity theft is one of the fastest growing types of theft, as many hospitals are now accessing and exchanging patient medical records through the electronic medical records database system. A current Ponemon Institute study reported by HealthID News shows that close to 1.5 million Americans have fallen victim to medical identity theft at an estimated cost of 28.6 billion dollars.