(PRWEB) September 25, 2014
Transaction Security, Inc. announced today that it has been granted a breakthrough patent for technology to protect user data and transactions on mobile devices. Founder and patent co-author, Rod Beatson, believes it will significantly improve the security and user convenience of mobile transactions, reduce card payment and ID fraud and provide secure device/cloud communications. He explained that Transaction Security has been building its Crypto-Sign® Intellectual Property portfolio now for a number of years to enable enterprises to build low-cost, user-friendly, highly secure protection for mobile devices, their data and associated transactions.
In making the announcement, Beatson commented, “There has been much publicity recently from Samsung, PayPal, Apple and others with regard to the use of mobile device biometrics in payment systems and for general transaction security. TSI was preparing for this several years ago and the patent is the result of the TSI team’s vision.” Explaining the importance of the patent he said, “It’s all about using a biometric sensor on the device to protect access to the device and its data in the event of loss or theft, to enable highly secure PKI-based communications and to encrypt device data without the need to enter complex passwords.”
Beatson added “…the method uses a local encrypted template and a previously entered complex password to achieve this and the security can be enhanced significantly with the entry of a user-selected simple PIN. There are systems in place today that purport to accomplish this level of security but the recent highly publicized data thefts have proved them to be ineffective. We believe our solution is user friendly, highly secure and can be easily implemented – at very low cost. In addition, since the biometric data is stored in secure encrypted form only on the device, it significantly enhances user privacy – a very important objective. Commenting further he explained “We believe that our improved methodology can be used to provide a trusted relationship between user, device, and server whether cloud-based, remote or local. In addition, this provides the opportunity to release user credentials, like an authentic electronic signature with an ink-on-paper look, directly from the device.”
“The patented method achieves all this, while, at the same time relieving the user of the need to enter and remember complex passwords,” he added
Mark Kelty, Board Director, co-author of the patent and TSI’s Software developer, explained, “I have worked with Rod for a number of years now on developing this process and we are excited about the potential it offers for the expanded role of mobile devices and for the reduction in fraud.
Glen Gulyas, Board Director who works with Strategic Partners added, “Our first prototype application for user authentication of Windows-based devices was originally beta-tested by Microsoft, who said at the time they believed it would be very valuable to their OEM’s.”
“Later versions were evaluated positively by Dell, HP, AT&T, the FAA and others”, he added. “In addition, we recently received Notice of Allowance on a related patent application, due to issue shortly, which was filed in conjunction with our partner 20/20 Ventures, LLC and which covers a novel method of applying automatic signature verification to authorize POS transactions. These two patents can significantly reduce the billions of dollars lost in Payment Card and ID theft fraud. We were a little early to the market but now the opportunity is here.”
As a final comment, Beatson added, “Our objective now is to move these patent-protected Crypto-Sign processes into the mainstream marketplace and we are seeking strategic partners to help us accomplish this”.