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Passwords, which are one of the traditional authentication methods, are not only cumbersome but are easy to compromise since they are centrally stored. While biometrics are becoming mainstream to augment passwords, in most cases biometric solutions such as Apple’s TouchID do not replace passwords, but instead map biometrics to passwords behind the scenes. Unfortunately, this method of providing convenience does not resolve the security vulnerabilities of centrally storing the passwords and biometric data. Other biometric data for face and voice recognition is often stored in networked devices, which makes them easier to compromise remotely, and unlike passwords, once compromised they are irreplaceable.
Proven digital security measures that incorporate smart card chips have been in vogue in Europe for years now and are finally making their presence felt in the US, in the form of EMV credit cards. When implemented correctly, it virtually eliminates most fraud and is relatively easy to use. These smart card chips, which are capable of securely storing biometric data, provide high levels of both security and convenience for even the most valuable transactions. Although promising, these solutions are often limited to physical access for transactions at the Point-of-Sale or to control access in secure facilities such as airports.
Innovations from companies like Tyfone, however, extend standardized smart chip technologies capable of connecting mobile devices and Internet of Things (IoT) for both logical and physical access.
Our focus is enabling digital transformation and positive customer experience that doesn’t compromise on security
Tyfone is a leading provider of digital security solutions for identity and transactions, including secure multichannel solutions that address the cyber security concerns for financial institutions, government, and other industry verticals. The firm combines its hardware security framework—Connected Smart Card (CSC)—and its software platform U4ia (pronounced Euphoria) to provide its clients with exceptional endpoint security. “All of our protocols are based on global standards, and our innovations in hardware miniaturization and software development are key areas of differentiation,” asserts Rawlings.
Digital transformation initiatives such as the migration of IT and operational infrastructure to the cloud or the deployment of mobility solutions can gain significant value from technologies such as Tyfone’s. “Our focus is enabling digital transformation and positive customer experience that doesn’t compromise on security,” Rawlings continues.
In addition to a comprehensive security platform for Mobile and Internet Digital Banking, Tyfone has a strong portfolio of patents. “With over 1,100 issued invention claims in 15 countries, we can license our technology to clients, partners and competitors,” concludes Rawlings. The company has been credited by analysts to have invented security technologies that have become mainstream, including Apple Pay™.
Tyfone’s customers include two of the Top 10 Credit Unions, US Department of Defense, and Electric Power Research Institute (EPRI). Tyfone institutional equity holders include RPX Corp [NASDAQ: RPXC], First Data [NYSE: FDC], and In-Q-Tel (www.iqt.org). In addition, the company’s impressive list of individual investors includes retired General David Petraeus.