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Thursday March 16, 7:33 pm Eastern Time
Mytec fingers portable e-commerce security market
OTTAWA, March 16 (Reuters) - Mytec Technologies Inc. (Toronto:MYT.TO - news) is looking to wrap a portion of the e-commerce security market around its finger with a new portable device that replaces passwords with fingerprint recognition.
The Toronto-based firm released on Thursday a authentication device that can be integrated into a range of portable equipment such as palmtop computers, cellular phones and remote controls for set-top boxes.
Until now, portable devices have been secured by passwords -- but those can be easily forgotten, lost or stolen, Mytec said.
Shares in Mytec shot up 31 percent on Thursday after the announcement, gaining C$1.65 to C$6.90 in late trade on the Toronto Stock Exchange.
Mytec said the device, for which it hopes to strike license or development deals, is based on the same technology it provided to Smith & Wesson for a so-called ``smart' gun.
That gun, which reads fingerprints from the trigger, is being developed to fire only by a registered user.
Mytec's technology, which couples an advanced algorithm with sensors that detect fingerprint patterns, can now work in devices operated entirely by batteries.
The lightweight device, which measures just a few inches in length, was the size of a pool table when development work began seven years ago.
``It's quite small and as time moves on it will be smaller still,' Chief Executive Dennis Hollingshead said in a telephone interview. ``It's truly amazing.'
Biometric encryption, as it is known, has been patented for use with images including fingerprints, the iris, voice and face.
``This technology will have a tremendous impact on portable e-commerce over the Internet,' said Mytec vice-president Frank Chen in a statement. ``MPAD can provide true user authentication while ensuring complete data and personal privacy.'
($1=$1.47 Canadian)
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