Authenticate online and with PIN
Mobile payments services provider, Accumlate AB has turned on a system that secures online credit card transactions using a standard mobile phone to verify and authenticate users.
The first product to be released for the Accumulate Mobile Everywhere platform, the new Check ME system is being launched today at the Mobile World Congress in Barcelona.
When a user makes a credit card purchase online, the system would authenticate them with a PIN code provided via Check ME on the mobile.
The system is being proposed as a cheaper alternative to physical online banking authentication devices, and is good for payments, internet banking, person to person money transfers and secure login.
The level of security achieved is the same as token generators but without the need for any extra device, the vendor said.
Because two lines of communication are needed to authorise a transaction between customer and service provider, the system also overcomes data intercepts and other threat scenarios where information can be siphoned off for fraudulent use.
The Stockholm-based vendor said that to secure an online credit card transaction a use has their regular computer and standard cellular phone while the service provider sends encrypted information and receives encrypted reconfirmation from a web server, and an external transaction service.
Check ME will work with Android, Blackberry, iPhone, Java, Linux, Nokia Series 40/60 and Windows Mobile devices. It conforms to the 3-D Secure initiative that is maintained by Visa International as a means of validating online transactions between a card user, merchant and the card issuer.
CEO Stefan Hultberg said Check ME would be the followed by other identification and payment services based on mobile phone authentication.