How to Turn Your Smartphone into an Authentication Tool

Encap – An Alternative to SIM Based ID Solution 

For the purpose of online banking, users need to identify themselves and hence the password and Pin has been allotted to each user while indulging in online banking activity. Online banking prompts users in identifying themselves correctly and hence most of the banks begin with a password and PIN and also demands some kind of extra info into a key fob or a card reader.

In the present scenario, millions of customers have been using the digital banking service most of them through their mobiles. As per a recent study by Encap, it could cost $ 202,000 to make onetime password hardware though it could be reduced to $9,000 on switching to a software based solution.This trend was spotted by Encap and in 2006, two DnB Norway bank employees planned to form Encap as an alternative to SIM based ID solution.

 They build a system instead which used the mobile phone to identify the users and presently the company has around ten partners in Europe and branching out across the US. The issue is that, these authentication solutions had been created for enterprise wherein an enterprise grade technology is done to support around 15,000 users which now needs to be increased to hundreds of millions.

Solution Based on Three Things 

The difference with regards to the solution is based on three things - `something you have’, `something you know’ and `someone you are’.Encap captured the identity of a device, enabling customers to use it as `something they have’, which runs on any device irrespective of it being an Android or Apple and is independent from operators SIM cards.

It is then covered with a password or a PIN which is `something you know’. Biometric could also be used which is natively available on the device for instance, Touch ID which is `something you are’. It is much easier to operate, wherein on switching from fobs to Encap, the clients eradicate the customer support service, the no. of the phone calls on authentication that goes down to around five for every 10,000 users.

Rather than providing an app, the provision of API is also made available wherein customers could build in an app which means that customer could do anything needed within the app and would not be compelled to leave it to do any security functions.

Authentication – Security – App-Defender

Besides authentication, it is also related to security wherein a component known as app-defender is a security layer which protects the app against any malware. It is presumed that the application could be running in a hostile environment and should the malware make attempts to intrude or inject itself, it is shutdown like a barrier.

Encap also seems to be a digital signature and to change the device into a legal writing pen to sign documents, one would have to venture out in order to purchase expensive SIM based solutions. This can be replaced with a software component which enables user in generating cryptography keys directly on to their smartphones as well as tablets.

Consumers keen on using financial services could bank on Encap which is unique and helps users to protect themselves from security breaches and malicious hackers.