By: Chris D. Sham COO and VP of Sales at faceEsign
As of 2024, there are over 100 million laptops in the U.S. These devices are an integral part of the lives of both business and personal users. Still, although they are woven into the fabric of society, their use can have some unforeseen negative consequences. Each device, whether used for business or pleasure, is connected to the Internet, which poses a significant security challenge. With worldwide cybercrime costs estimated to hit $10.5 trillion annually by 2025, cybersecurity has become more critical than ever for individuals and businesses.
Cybercrime is complex, and cybercriminals’ strategies are ever-evolving, but one of the most devastating and potentially costly cyber threats is identity theft. For consumers and organizations, the rising levels of identity theft are a growing issue. The U.S. Federal Trade Commission (FTC) received more than 1 million complaints of identity theft and 2.6 million complaints of related fraud in 2023, resulting in total financial losses that exceeded $10 billion.
Chris D. Sham, COO and VP at faceEsign, spearheads operations for a groundbreaking technology solution backed by a patented multi-layered biometric system, including facial recognition, video, audio, fingerprint, and retina. His multifaceted skill set, including vast experience in business development consultancy for both mature and startup organizations, sales marketing, and operations management, gives him insight into the security challenges that modern business leaders face.
The threat environment, particularly regarding identity-related issues, is evolving at a speed that was inconceivable only a decade ago, and C-Suite executives are rightly worried. According to Sham, “Around 93% of companies expect a negative impact on cybersecurity due to AI, and it’s a threat that should not be ignored. The ability of AI to speed up the development of cyber threats is unprecedented, and organizations need to set up systems to cope with emergent threats. At faceEsign, our mission is to secure high-level digital transactions, positioning faceEsign as an authority in fraud prevention and identity verification.”
Experience Counts
Chris D. Sham is a self-starter. His eye for growth industries and entrepreneurial mindset were apparent from the day he started on his journey to the cutting edge of cybersecurity. According to Sham, it was a journey of discovery.
“I was thrown in at the deep end, working in sales across tech, real estate, finance, and motor vehicles. But entrepreneurship was always my passion, so when the chance came to join the forefront of cyber solutions, I jumped at it. I found like-minded partners who share my drive for tech and security, and together, we’re set to transform digital transactions with a product that far surpasses what’s available today.”
For Chris, early-stage companies are a passion. His advice and insights into the fast-moving world of entrepreneurial endeavors have paid dividends for organizations that want to get to market and scale quickly. This is one reason he is playing a pivotal role in harnessing the power of technology to prevent identity fraud and unauthorized data access.
The Power of Inspiration
Once the realm of science fiction, facial recognition technology has quickly evolved into a cornerstone of modern security. Using AI-driven biometric software, it identifies individuals by analyzing facial features against stored templates. Widely applied in access control, device authentication, and public surveillance, facial recognition provides a seamless, contactless alternative to traditional security methods, offering efficiency and convenience for security professionals and users.
However, Chris and his partner, Steven R. Schwartz, realized that more than one authentication layer is required to protect user identity and data stored on many devices. According to Chris, organizations today can only remain competitive when their data is safe from bad actors.
As he puts it, “Today, multilayer security is the only way CIOs can achieve peace of mind. We regard the combination of facial recognition, video, audio, fingerprint, and retina scanning as the gold standard of security – but there are very few startups like faceEsign focused on providing an integrated solution to emerging security challenges.”
Sham notes that the facial recognition market was estimated at roughly five billion U.S. dollars in 2022. The market is projected to grow, reaching 19.3 billion U.S. dollars by 2032. “We’re seeing explosive growth, driven by a real need to verify identity. But designers have to think out of the box if they’re going to stay one step ahead of cybercriminals.”
Birds of a Feather
Chris D. Sham and Steven R. Schwartz had been communicating for months about the security environment’s entrepreneurial possibilities, but real life sealed the deal. Chris relates the story that started it all. “A friend of Steven’s experienced the effects of identity theft, and it cost him tens of thousands of dollars and a time-consuming legal battle to clear his record. The first question that Steve asked was why, if we have access to all this technology like IP tracking and two-factor authentication, could this not have been prevented?”
This experience led to the creation of faceEsign. Sham recounts that Steven R. Schwartz partnered with a former Google patent attorney and spent three years developing a comprehensive biometric verification system, securing a patent recognizing signatures’ unique role as biometric markers. Chris adds, “We quickly aligned on the market need for an integrated security solution. My background in business development and startup sales filled a crucial gap. With some refinement, I believe we’ve developed patented technology beyond current AI and tech capabilities, ready for future integration.”
To learn more about Chris D. Sham’s vision for a more secure world, visit his LinkedIn page. For more information on the groundbreaking faceEsign security solution, visit the company’s website.
Published by: Annie P.
