With increasing incidents of e-fraud making the news, local company iWise has launched a single-use password system designed to make e-commerce more secure.
The Cape Town-based software development company says its solution adds an extra dimension to e-banking security by sending a single-use, five-digit password directly to the user`s cellphone. It grants access to a single workstation for a limited period of time.
iWise founder Russel Hawkins says the difference is: "All current technology in use in Internet banking cannot prove that the authorised user is the person logging in." Hawkins says iWise stops hackers before they enter a site.
"Normally a user logs into an e-business application on the authentication page, where he is asked to enter his username and password. Using this service, he will additionally be asked to enter an extended user authentication credential, called a Token ID," he says.
Using the industry standard (PKI) methodology, the passwords are picked and after a preset time, the codes are destroyed by removal from memory. Fees are negotiated on a deal-by-deal basis subject to volume.
iWise`s service is targeted at e-business applications of banks, medical schemes, insurance, retail and any other e-businesses that require secure login procedures.
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