ID: IRCNE2013101988
Date: 2013-10-19
According to “ITPro”, IBM has developed two-factor authentication that uses near-field communication (NFC) to secure financial transactions on mobile devices.
Big Blue claims using NFC means that users no longer have to carry inconvenient devices such as a random password generator.
Two-factor authentication is already prevalent in the business world – where employees are required to enter a password and a verification code sent by text message to log into accounts or services.
IBM said its scientists have applied the same concept using a PIN and a contactless smartcard, such as a bank card or an employer-issued identity badge.
A user simply holds the contactless smartcard next to the NFC reader of the mobile device and after keying in their personal identification number (PIN), a one-time code would be generated by the card and sent to the server by the mobile device.
The technology is based on end-to-end encryption between the smartcard and the server using AES (Advanced Encryption Standard) security.
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