A UK-based organization has introduced a new secure and easily accessible authentication method to address problems surrounding hacking and remembering one-time passwords. The method can be used by security solution developers in sectors, such as banking, insurance, and e-commerce amongst others, thereby enabling users to prevent security breaches or hacking events.
The company has developed a unique secure authentication system which comprises of a combination of one-time codes and an easy-to-remember mental pattern. The system is hardware free and utilizes the user’s mental authentication pattern with a small security device (key fobs). The key fob provides different codes every time for login access.
The system displays the matrix (visual/picture) on the user’s screen comprising of different numbers. By using the mental pattern, the user can access and read newer code, thereby eliminating threats. The matrix has different numbers for every secure access login while the mental pattern remains the same. Using the same pattern, users can extract and read the codes for secure authentication each time. The system provides the flexibility to choose either a single pattern or different patterns for logging into various accounts or sites. The system’s combination has the potential to replace passwords, personal identification numbers (PINs), and other authorization codes and can also be integrated with biometrics.
The unique combination authentication system can find application in areas, such as secure login to bank accounts, payment gateways, credit/debit transactions and many others, especially in sectors, such as banking, insurance, and e-commerce. The system can be leveraged by security solution developers for creating tailor-made authentication solutions as per user requirements. It is convenient and can be implemented by service providers without incurring much cost.
With advanced cyber attacks increasing at an alarming rate, security is of prime importance for enterprises, particularly in the area of secure access authentication. According to Frost & Sullivan, the total addressable market size for secure authentication solutions is expected to grow from $600 million in 2017 to $1.5 billion by 2022 with a compound annual growth rate (CAGR) of 19.7%.
The system addresses concerns with remembering passwords, pins, and encryption codes that are provided by traditional solutions. The unique approach with the mental pattern is a prominent feature of this solution, which is stored in fragmented formats with the service provider and is difficult to hack unlike traditional password encryption and storage systems.