There's a new device that could replace your wallet for good, while still keeping your information safe from hackers.
We've all heard of smartphones, even smart watches, but soon smart wallets will be hitting the market. Creators of the Wocket hope it will be in your pocket
"This becomes your personal vault," said CEO Gino Perreira of NXT ID.
Perreira claims the Wocket is designed to prevent identity theft.
"The way you put card information on there is you would put it in a card reader that we provide and you scan a card directly from your hand into the Wocket," Perreira said.
You can store up to 10 thousand credit and/or gift cards on the Wocket. Perreira said the information doesn't live on a server or anywhere on the Internet so it cant be hacked or stolen if it does fall into the wrong hands.
"When I put it back in after one swipe all the information on this card has disappeared, so it's useless to anyone that takes it," Perreira said.
According to Travelers Insurance in Hartford, 40 percent of identity theft is caused by a lost or stolen wallet. The Wocket was tested by focus groups at the University of New Haven and Sacred Heart and fared well with students, according to Perreira. He added the batteries don't have to be charged, ever.
"After two years you can go into a grocery store and buy these coin shaped batteries for a couple of dollars and then you're off and running again," Perreira said.
When using your Wocket to make a payment you use the touch screen, selecting the card you want to use. Before that you must verify your identity by either using a pin number or voice recognition security measures.
"Once you identify yourself to your Wocket, the Wocket can communicate by Bluetooth to any device computer, phone, whether it's a tablet," Perreira said.
It's not a locket, but rather a Wocket, you can rock it on your docket on May 28.
A selling price has not yet been released.
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