Traditional security methods such as passwords are under increased stress due to online attacks and users’ continued usage of weak passwords or sharing of passwords across multiple online devices.

As a result, banks and governments are looking to significantly increase their standards of mobile security. However, they do face a number of challenges:

• High cost and inconvenience of Second-Factor Authentication (2FA) hardware tokens per customer
• High cost and unreliability of one-time passwords sent via SMS
• Cost and unpredictability of physical distribution
• Rejection of insecure mobile tokens by regulators
• Need to protect against advanced persistent threats and man-in-the-middle attacks
• Need to develop and produce new, secure mobile devices

Enterprises have their own set of challenges:

• Allowing convenient access to corporate services without staff members having to carry hardware tokens
• Finding a truly secure software token
• High cost of hardware solutions

Cloud-Based Payments make use of tokenized credit card keys and other fraud detection mechanisms to mitigate the security risks of a purely software-based mobile security approach.

However, banks need to put in place additional mobile software security mechanisms to protect their mobile payments from cyber-attacks.

In protecting payments, the main challenges banks face are:

• Processing protected key materials so that data can never become exposed during cryptogram generation
• Processing and decrypting encrypted payloads such as keys from the CBP server
• Performing housekeeping operations on protected keys, allowing seamless synchronization between the original CBP SDK and CBP TA

Today, banks, governments and enterprises are looking to fortify mobile security measures and protect data such as Personal Identifiable Information (PII) from security lapses and attacks.

Verification of identity has always been based on face-to-face interactions and on physical documents and processes. On-going day to day verification of identity has also been largely based on physical devices (cards, passports and the like) issued by ‘trusted entities’ such as banks or governments.

The transition to a digital economy has changed that, and mandates a very different approach to identity systems.

In a world that is increasingly governed by digital transactions and data, and with mobile authentication and mobile payments becoming more commonplace, our existing methods for managing security and privacy are no longer adequate. Instances of data breaches, identity theft and large-scale fraud are on the rise.

In addition, a significant portion of the world’s population lacks the necessary digital credentials to fully participate in the digital economy.

Our technology is designed to address the multiple issues that banks, government agencies and enterprises face with every transaction and every interaction. Thus identity, and the protection and controlled use of data and attributes associated with identity and authentication, are central to our approach.