A CUTTING-edge cyber security firm will begin manufacturing in Adelaide next year, producing cards and software to enable hyper-secure online transactions.
Melbourne-based firm VeroGuard Systems has secured $6.2 million in State Government funding to set up a base at the Edinburgh Parks industrial estate north of Adelaide.
The company’s $57.5 million investment is expected to create 596 jobs in the first three years.
It will build an advanced manufacturing facility to produce its VeroCard technology and an operations centre to provide global customer service and digital support infrastructure.
The company has committed to recruiting 424 of the 596 required employees from the northern Adelaide region, which could include former automotive workers.
Premier Jay Weatherill said the “revolutionary” technology developed by VeroGuard “will make remembering numerous PINs … and giving credit card details over the net a thing of the past”.
“It essentially gives you bank-level security for individual transactions,” he said.
“That will massively improve security and protect people from identity fraud.”
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The company’s products are used by governments and private companies around the world.
Its website says the credit card-sized Bluetooth device can be used as a digital wallet to store more than 100 cards securely within a tamper proof ‘black box’.
“VeroCard provides an easy and secure point of entry for all sensitive information with a PIN and has full EFTPOS device functionality,” it states.
The card “enables the user to access websites, applications, cloud storage or payment systems…