Periodic Reporting for period 1 - SecWire (A highly innovative and low-cost anti-counterfeiting solution which utilises micro-wires to maximise security and authentication)
Periodo di rendicontazione: 2019-06-01 al 2019-09-30
Counterfeiting of valuable and security documents is an increasing problem worldwide. Banknotes, driving licenses, passports, ID cards and residence permits are all subject to increasingly frequent and accurate counterfeiting efforts. The trend depicts 71% on document fraud versus 29% on identity fraud. Counterfeits represent 53% of the document fraud and are more frequent on less secure documents. 251,000 counterfeit euro banknotes were withdrawn from circulation in the first half of 2019. Worldwide identity fraud is another major issue with 16.7 million victims of identity fraud for a total stolen amount of €16.8bn last year. In Europe, 0.8M individuals are affected by identity theft with a loss of €2bn only at European level. The European Commission 2018 Work Programme (REFIT) includes the presentation of a legislative initiative to improve the security of ID cards and residence documents of EU citizens. However, most of the prevention action failed and counterfeiting still represent a major issue. WMT is introducing SecWire, a ground-breaking anti-counterfeiting system which utilises ferro-magnetic micro-wires to guarantee authenticity. The SecWire algorithm is also able to directly determine whether products are real or fake by analysing their signature in the absence of an authentication label. The micro- wires can be cut to any length and embedded (i.e. braided in the paper) into products such as banknotes, passports, ID cards and event tickets. The SecWire is invisible and impossible to be removed, duplicated or deactivated.
WMT undertook a full analysis of both the technical and business potential of SecWire concluding that it will be highly valuable for the anti-counterfeiting industry and specifically for document security. WMT defined the remaining activities to reach commercialisation including a pilot testing to demonstrate the efficacy and accuracy of WMT in reducing documents counterfeiting. WMT utilised the feasibility study to validate the regulatory pathway, and secure key strategic partners to assist in the product development of new machine assembly and alloys composition. WMT also analysed in detail the go-to-market strategy to define the approach for accelerated and effective market uptake.
The expected outcome of the project is to successfully produce customizable unique thinner wires; to optimize the ultimate alloys with specific electromagnetic properties; develop SecWire signature pen-reader, scale-up production; validate the efficacy of WMT in a pilot testing and to achieve the CE Marking for commercialisation in Europe. The SecWire development will boost economic growth and create jobs within WMT, and have a wider impact on the European market