Assurity Partners V-Key For New Mobile Software Authentication Solutionby Fintech News Singapore February 16, 2017
Assurity Trusted Solutions has inked a collaboration with V-Key, a global leader in digital mobile security and accredited by the Infocomm Media Development Authority (IMDA), to deliver an innovative form of authentication via V-Key’s mobile soft token application called V-Tap.
V-Tap will provide a new level of security and convenience for consumers who use commercial online services delivered through Assurity’s National Authentication Framework (NAF). This includes securities trading firms, banks and insurance companies. The mobile soft token will be offered in addition to Assurity’s hardware and SMS authentication solutions.
Users will simply download the new V-Tap enabled OneKey mobile app onto their mobile device and enrol with a registration code. This effectively binds their identity to their mobile device after which they can authenticate themselves and authorise transactions by means of the soft token.
Charles Fan, Chief Executive Officer of Assurity said: “With cyber threats becoming more sophisticated and the increasing number of people accessing their online accounts via mobile applications, there is a need to outpace these threats and provide end-users with a highly secure and yet convenient authentication option.
The launch of this new soft token solution underscores our commitment to constantly seek safe and innovative solutions that cater to consumers’ security and lifestyle needs, such as enabling quick access to multiple online services with the use of a single authentication device.”
The software token from V-Key, also deployed by top banks in Singapore, combines the security of hardware tokens with the convenience of SMS-based One-time Password (OTPs). Unlike SMS-based OTPs however, soft token-based OTPs are able to work offline and do not require mobile network connections, eliminating latency and delivery issues.
V-Tap is built on top of V-OS, V-Key’s pioneering virtual secure element, which equals or betters smart chip security specifications and offers robust protection for the Assurity application including multi-layered protection against advanced threats targeting mobile applications.
This means the protocols for verification of the user’s identity are as secure as those for services that require strong authentication such as financial transactions. By deploying V-Key’s solution, which works on both iOS and Android devices, Assurity adds another layer of security for smartphone users who seek to protect all their online transactions on-the-go conveniently, with one application.
Benjamin Mah, Chief Executive Officer of V-Key said: “We are meeting the demands for heightened mobile security in Singapore’s Smart Nation drive. The new authentication solution exemplifies a global standard of convenient security in software, as it will allow users to access online services safely and securely, from any location. This authentication solution enables the end-user to log into e-services almost instantaneously.”
“V-Key’s solutions are heralding a new phase in security by providing a deep security layer around the app itself. With the smartphone rapidly becoming a primary channel for organisations and consumers alike, the need to secure the mobile apps has become more important,” says Edwin Low, Director of Accreditation@IMDA.
Besides being a layer of convenient security, the soft token authentication solution can also be easily migrated to a new mobile device in case of loss, or change of the device. In such circumstances, if a person loses or replaces their phone they should contact their service provider to reactivate the application on their new phone.
Reactivation will deactivate the old application on their previous phone and is a secure yet easy process. Compared to a hard token limited by its battery life, a soft token app can be upgraded over time and requires next to no maintenance and very little cost.
Assurity will start implementing the new soft token solution by the end of February. The company is in talks with its customers to implement this new authentication solution.