Velma Hart Named Partner of Dallas Identity Security Firm

Feb. 9, 2011 - PRLog -- Velma Hart, a veteran financial expert who challenged President Obama’s economic strategy at a town hall meeting last year, has been named a partner of a Dallas software company that seeks to develop software and hardware to crack down on identity fraud and theft.

Hart will begin her new role immediately with B-Security Systems LLC, a company that has a patent pending for a sophisticated software system idea that is conceived to make it more difficult for thieves to illegally use social security numbers and other forms of personal identifying information.  The software is designed to provide the federal government and commercial outlets an innovative method that could reduce fraud and potentially save billions of dollars lost due to fraud.

“I’ve talked to security experts, engineers and technologists who believe the ‘B-System Privacy Protection Method” is an innovative – even monumental – product that will have global impact,” said Hart who recently lost her job as CFO of AMVETS, a veteran service organization. “This is a project I am very pleased to support by way of being the CFO and ringing the bell that discoveries have been made that offer tangible solutions to crack down on a serious problem and that will create national permanent new jobs.”

The Federal Trade Commission recently reported that more than 9 million Americans are victims of identity theft every year. “Identity theft is just not inconvenient,” said Hart, “today it is well known that anyone who has had their credit cards stolen, no less their social security card or number stolen, knows how many hours, days, weeks, months, it takes to repair the damage.”

The B-System Privacy Protection Method, in part, offers a more effective and secure means to issue and protect the national use of the social security number. Tom Hill, who ran the EDS Fellows and the Distinguished Engineering Program, says de Beasley’s concept “potentially solves an enormous identity management problem facing the United States government.” Doug Harris, Ph.D., an Associate Dean and Research Professor, at the University of Texas at Dallas and a cyber-security expert, says, “With the current problems of identify theft, it is difficult to estimate the magnitude, value and impact of this program, but it will be huge.”

Ray de Beasley invented this identify theft solution as he took in-prison computer classes at Trinity Valley Community College while serving a 15-year-sentence on drug charges. He began reading every technology book he could get his hands on and asked his mom to help him research common denominators that made financial crimes successful.  

To test his idea, de Beasley interviewed convicts who had specialized in ID theft and other financial fraudulent crimes. In late 1991, while serving his sentence, de Beasley was able to research, experiment and discover an algorithm that will put in place an innovative method that will prevent the criminal use of stolen social security numbers.

After he developed B-System in late 2002, de Beasley used additional convicted men and women to conduct an intellectual beta test and to foolproof his discovered method, he said. Dr. Ranette Halverson, chair of the computer science department at Midwestern State University in Wichita Falls, TX, said she thinks de Beasley has solved the puzzle. “de Beasley had the vision to put together all the many existing pieces of technology,” she said, “ . .hardware, software, and people…that would be necessary to provide the needed national solution.”

Hart said she is excited about the potential. “I’m ready to take this story on the road. So many people in this country are hurt by identify fraud, so many people need jobs, and this opportunity is one way to make a difference.”

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