US-based cybersecurity solution developer iSign International has partnered with SoftPoint to build a secure, ‘unhackable’ digital wallet.
By working together to create qkerPAY, the companies are hoping to give consumers and businesses a secure platform for online and offline payments. The new solution claims to be unhackable and this is achieved by utilising iSign’s six-factor authentication system.
qkerPAY uses actionable QR and patterned payment tokens to ensure transactions are quick and simple and completed without the need of sharing credit card numbers.
The six-factor authentication of iSign is comprised of a username, dynamic device token, device, GEO location, profile blockchain, and a password or biometric signature. Leveraging all of these authentication methods enables users to protect their accounts by adding the number of things a hacker would need to know or attain.
This dynamic device token security level is a software which generates a long alpha numeric string which is created when a user logs in. If a hacker is able to retrieve this token, they would only have a limited time to use it as another would be created whenever the user next logged onto their account.
GEO Location is used to ensure anytime someone tries to log in from an unusual area, they are notified. The profile blockchain security level uses artificial intelligence to monitor the behaviours of the user and identify if they start making unusual actions.
SoftPoint co-founder Chris Rivadalla said, “Data breaches are on the rise for all businesses. Thus, any institution that collects or processes data today is vulnerable and exposed from a financial and reputational risk concern within this new era of escalating data integrity threats. Given the current environment and through world-wide expertise, technological leadership, and forward-thinking security concerns there is a multiplier effect with our strategic partnership with iSign International to combat these fiduciary responsibilities.
“Most industries currently operate with outdated, costly, legacy systems, within unsecure environments and disconnected platforms. Overall, qkerPAY is a huge advancement in the evolution of digital payments. Not only is it secure and easy-to-use, qkerPAY, with its Actionable QR code, will be available online on e-commerce websites and offline at bank ATMs and retailers, including the 1000s of retailers that already use SoftPoint solutions.”
SoftPoint is a clous-based payments technology platform which offers an array of POS terminals and mobile transaction solutions.
