Cambridge, UK - 14 February 2012
Cryptomathic has launched a range of two-factor authentication (2FA) smart phone applications to meet the requirements of its global clients for a user friendly and cost effective online security solution. The suite delivers Cryptomathic's extensive financial security expertise within a convenient and easy to use mobile application, which enables users to securely authenticate themselves and undertake online transactions without the need to carry a dedicated authentication token.
Cryptomathic developed the Mobile AuthApp suite to meet advancing security requirements for accessing sensitive information online. With the ability to generate one-time-passwords (OTPs) on a wide range of devices including Blackberry, Apple iOS and Google Android, the solution delivers a versatile and effective mechanism to protect organisations from malicious data breaches using an everyday tool which is familiar and convenient to the end-user. Aligning with open standards such as the Initiative for Open AuTHentication (OATH) as well as banking industry standards, including MasterCard Chip Authentication Protocol and VISA Dynamic Passcode Authentication, ensures the suite can easily be integrated into existing security systems and that the solution is fully interoperable with the global payment network.
Peter Landrock, Executive Chairman and Founder of Cryptomathic, comments: "While many banks are deploying 2FA for their online banking systems, these require end-users to carry around a separate token. By implementing an application that can be used via smart phones, Cryptomathic is delivering a more convenient solution that removes the need for an additional token. This ensures the system is easy to deploy and highly cost effective compared with legacy tokens. It also offers the formidable security which Cryptomathic is renowned for."
To securely log into a web application, an end user is advised by their service provider, for example a bank, to download and install the application onto their smart phone via the provider's website or through an application store. Therefore, the high cost to organisations of distributing new hardware tokens or replacing existing ones is eliminated.
"Cost and user adoption are critical for the deployment of large-scale authentication projects," Landrock continues. "Cryptomathic's new Mobile AuthApp perfectly meets these requirements and also provides added value to our many customers who already use our SMS solutions for secure online access. The product offers benefits to organisations including the omission of man-in-the-middle attacks and the ability to choose the security features and functionality they desire with no additional cost."