ATLANTA, Aug. 30, 2019 /PRNewswire-PRWeb/ -- swIDch is proud to announce that they have launched their innovative fintech products in the US market. With this move, they hope to offer their unique authentication solutions to as many service providers as possible. Alvin Mayers, a 20-year industry veteran is leading the launch into the North American Market for swIDch, focusing on developing relationships and partnerships with North American banks and financial institutions. "SwIDch offers a unique value proposition for banks, issues and financial institutions to compete with newly launched phone based wallet payments, as well as offering a secure way to guarantee a cardholder has authorized a transaction. We are eager to partner with service providers to launch this service." says Mr. Mayers
swIDch is a technology company specialized in security and identity management that aims to eliminate CNP fraud. swIDch started its journey in November 2015 as SSenStone in Seoul, Korea. Chang Hun Yoo, the founder and CEO of swIDch is an authentication and security expert with 20 years of experience who holds over 40 global patents. With a small team of 7 members who had over 100 years of combined experience in the security industry, SSenStone launched their first product: a 2-way dynamic key matching algorithm. swIDch is both FIDO UAF and FIDO2 certified, and they had many government customers such as the Constitutional Court of Korea and the Minister of Interior and Safety and large private corporations such as Woori Financial Group, Lotte Members, and Hanwha General Insurance.
The team behind swIDch has created a revolutionary Dynamic One-Time Authentication Code algorithm that enables payment companies to generate Dynamic PANs (Primary Account Number) in a network less environment, without the need for any additional infrastructure. This algorithm aims to solve the problems of card-not-present fraud where details of a debit or credit card are stolen via online payments that are vulnerable to attacks such as phishing, where a legitimate-looking payment gateway actually funnels valuable card numbers into an attacker's database. The essence of the ingenious swIDch algorithm is to combine three pieces of information: a public ID, a secret ID, and the time. The public ID is not encrypted, while the secret ID uses a strong conventional encryption system. The encrypted and unencrypted elements are combined with time to form a single number, that can be split into a card number, a card expiry date, and a Card Verification Code, or CVC. The numbers will not clash because the public ID is fixed and the time is the same for everyone. The encrypted, secret ID is used to check that a unique user is the one who says they are.
swIDch has identified an important, expensive problem and found a brilliant, elegant solution. The card-not-present fraud is estimated to be worth between $25bn and $40bn globally, accounting for roughly 4% of all transactions. With the help of swIDch, during offline transactions, the card number is never displayed on the card and uses standard EMV, contactless, and magnetic stripe payments. For online transactions, users will only have to touch their physical cards to their smartphones to display the One-Time Dynamic PAN. This PAN is formatted as standard cardholder data and thus can be used at any online merchant.
The benefits of swIDch are numerous and many can take advantage of them. Banks, financial institutions and other issuers are not required to build their own, heavy dynamic infrastructure and they can save money on expensive installation costs and eliminate network traffic load. The solution provided by swIDch can be deployed very quickly, using their own technology and without the need to build additional infrastructure. By creating a unique code from a network less device, service providers will be better protected from the attacks of hackers. No matter if a service provider is serving just a few thousands or is serving millions of customers, the solution provided by swIDch can be adapted to fit the needs of anyone. Customers will gain an unprecedented level of control of their accounts by not having to remember any passwords.
swIDch can be used in various industries. The technology behind swIDch is very light, and it can be applied to all security areas including payments, authentication, and IoT.
The payments in the business industry will be safer by not having the credit card number displayed on the card while making an offline transaction. During online transactions, a dynamic virtual card number will be used for one-off payments and a static virtual card number will be used for card-on-file payments. All of these transactions can be done using the already existing payment infrastructure. With the help of the swIDch solution, authentication systems are no longer required to use an input ID, a password, and the RSA Key. All of these can be replaced with one unique dynamic code without having to spend extra money on additional infrastructure. swIDch has a unique approach for KYC services by using One-time Dynamic PAN using the current payments infrastructure.
IoT is more and more present in the lives of many. Many IoT devices are exposed to hacker attacks. The team behind swIDch knows all about this and their algorithm is the solution to increase the security of all IoT devices from a house. The solution is to use dynamic command codes rather than static command codes for remote control devices in order to prevent hacking.
For more info, visit http://www.swidch.com
Media Contact:
Alvin Mayers
[email protected]
770 862 3252
SOURCE SwIDch
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