TokenOne Selected for a Consortium Project in the US

TokenOne, a Sydney-based cybersecurity firm is now the first Australian company to be selected for a consortium project for the US National Cybersecurity Centre of Excellence.

KEY TAKEAWAYS: 

• The Multifactor Authentication (MFA) for e-Commerce project will put transaction security in the spotlight
• The aim is to steer discussion away from passwords and to alternatives such as multifactor authentication
• Callsign, CA Technologies, Rivetz, RSA, Splunk, TokenOne, and Yubico are all collaborators in the project
• TokenOne plans to expand worldwide and says the NCCoE project is a huge milestone
• TokenOne is backed by investors such as Singtel Innov8. Retired FBI assistant director Charles Archer sits on the company’s advisory board

“Consumers, retailers, payment processors, banks, and card issuers are all impacted by fraud. Part of e-commerce fraud reduction includes an increased level of assurance in purchaser or user identity,” comments NCCoE’s Sarah Kinling.

“Retailers recognize that customers could be put off by the complexity that multifactor authentication mechanisms may add to the purchasing checkout and post transaction processes,” Kinling continues.

“Multiple forms of multifactor authenticators, such as FIDO, out-of-band, and one-time-password devices will be considered to provide retailers and their customers a diverse set of implementation options. All products incorporated into the reference design will be standards-based commercially available and open source products,” Kinling explains.

TokenOne’s technology allows businesses, customers and individuals to access services through a unique PIN that is visible to nobody else, including the service that is being accessed. No algorithms are involved.

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