The chip implant is being presented as an advance over credit cards and smart cards, which, absent biometrics and appropriate safeguard technologies, are subject to theft, resulting in identity fraud.
Identity fraud costs the banking and financial industry some $48 billion a year, and consumers $5 billion, according to 2002 Federal Trade Commission estimates.
In his speech today at the ID World 2003 conference in Paris, France, Scott R. Silverman, CEO of Applied Digital Solutions, called the chip a "loss-proof solution" and said that the chip's "unique under-the-skin format" could be used for a variety of identification applications in the security and financial worlds.
The company will have to compete, though, with organizations using just a fingerprint scan for similar applications.
The ID World Conference, held yesterday and today at the Charles de Gaulle Hilton, focused on current and future applications of radio frequency identification (RFID) technologies, biometrics, smart cards and data collection.


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