This week’s major emerging financial industry event, Money2020, is officially over until next year. During the event, one of the many innovative mobile financial solutions on display was the Connected Smart Card (CSC): a payment security solution from Tyfone.
CSC is currently being piloted by CoVantage Credit Union to provide additional security to customer passwords and protection for all mobile banking transactions and operations. The technology is born from the quickly emerging post-password paradigm that the world is adopting: passwords simply aren’t enough to secure important documents and information, and that’s even when they are being used. Passwords and pins provide too much friction for most users to even bother.
The CoVantage pilot exists to of course increase security for customers, but also to minimize the friction that has made passwords into the IT equivalent of pulling teeth. The program will be using Tyfone’s SideSafe solution for Android and once the pilot has completed, further deployments will most likely involve the company’s SideKey solution that acts as a key-chain portable smart card authentication chip.
The Tyfone solution is not fully without password, but instead bolsters a PIN with strong smart card authentication from any mobile device. It’s a point-to-point verification system that stores the necessary information on the CSC hardware and offers two points (sending and receiving) of authentication challenge, which is a big one-up on one-way-request response methods.
“We were concerned that CoVantage would have to sacrifice either cost or aspects of security we wanted to deploy,” said Robert Van Abel, CoVantage CIO, continuing his endorsement: “By choosing the Tyfone CSC solution we met all our criteria for security and convenience, on top of a low total cost of ownership.”