Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Mobile & Wireless

SecurID Inventor Launches Mobile Payment Technology Offering

Universal Secure Registry LLC (USR), a mobile payment security technology and identity authentication company founded by Kenneth Weiss, the inventor of the technology behind the SecurID tokens now owned by RSA, today announced licensing availability of its patented electronic wallet technology to third parties including credit card companies, wireless carriers, banks, retailers and others.

Universal Secure Registry LLC (USR), a mobile payment security technology and identity authentication company founded by Kenneth Weiss, the inventor of the technology behind the SecurID tokens now owned by RSA, today announced licensing availability of its patented electronic wallet technology to third parties including credit card companies, wireless carriers, banks, retailers and others. The USR electronic wallet does not transmit sensitive information from or store exploitable information in the mobile device.

Mobile Payment TechnologyWeiss founded USR in 2000 while he was in the application process for the core USR patent that was filed in March 2001. The company had been operating in stealth mode since while it conducted in R&D and filed additional patents. Formally incorporated in 2007, USR came public with its story in March 2011. Why? The company says it has been waiting for certain claims to be allowed on key patents that are core to achieving critical mass of intellectual property and patented technology. Weiss currently holds twenty-two (22) U.S. patents and numerous foreign patents, and others pending to address identity theft, secure financial transactions (eliminating multiple credit cards), and what the company says is a substantially improved replacement for the SecurID card/fob.

Leveraging its patented 3+ FACTOR SECURITY™ system, USR’s enabling identification technology makes mobile payment transactions fast, convenient, and secure. “The future of the mobile payment market is being defined now and tunnel vision piecemeal solutions will only retard the inevitable,” said Kenneth Weiss, CEO and founder, USR.

The company says that unlike other electronic payment technologies being tested or introduced by companies such as Google and Isis, private or sensitive information is not stored on the mobile device or transmitted at the point of sale (POS) with USR. The USR electronic wallet provides a convenient and reliable way to authenticate identity with three factors quickly. It integrates the convenience of a mobile phone with the security of a protected remote server. This enabling technology acts as a trusted agent for personal transactions including mobile payments, financial transactions, tolls, vending machines, computer/network/cloud access, physical access, licenses and all privileges associated with identity.

Some benefits of USR’s electronic wallet technology include:

• No sensitive information stored on phone or transmitted

• Secure – 3+ FACTOR Security that identifies, rather than verifies, user identity

• Scalable – Relatively low cost, easily implemented on all mobile phones and POS terminals and integrates with existing infrastructure

• Versatile – Transactions may be completed via NFC, Bluetooth, cellular network, or Wi-Fi

Advertisement. Scroll to continue reading.

• Convenient – Integrates interpersonal financial transactions, direct consumer-to-vendor funds transfer and credit and debit card payments

• Flexible – Trusted agent for wide range of services and applications where reliable identification is required

• Universal – One convenient integrated application used for electronic wallet, interpersonal funds transfer, computer/network access, and access to physical facilities

The USR electronic wallet uses near field communication (NFC) and Bluetooth and provides a secure, remote universal electronic repository for personal, private, and sensitive information; integrating the convenience of a mobile phone with the security of a protected remote server to act as a trusted agent for personal transactions including mobile payments and funds transfer, computer/network/cloud access, and access to physical facilities.

“Using their smartphone as an e-wallet, consumers can minimize carrying and keeping track of traditional plastic cards yet enjoy all the benefits that traditional debit cards provide. For merchants and service providers, using their smartphone as a mobile payment acceptance device gives unprecedented freedom to securely accept payment in the field or to help alleviate long checkout lines in store,” notes Christopher Justice in a SecurityWeek column.

According to Frost & Sullivan, the total payment value for NFC globally will reach more than 110 Billion Euro in 2015.

Written By

For more than 15 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Learn about active threats targeting common cloud deployments and what security teams can do to mitigate them.

Register

Join us for an in depth exploration of the critical nature of software and vendor supply chain security issues with a focus on understanding how attacks against identity infrastructure come with major cascading effects.

Register

Expert Insights

Related Content

Artificial Intelligence

Two of humanity’s greatest drivers, greed and curiosity, will push AI development forward. Our only hope is that we can control it.

Mobile & Wireless

Infonetics Research has shared excerpts from its Mobile Device Security Client Software market size and forecasts report, which tracks enterprise and consumer security client...

Mobile & Wireless

Samsung smartphone users warned about CVE-2023-21492, an ASLR bypass vulnerability exploited in the wild, likely by a spyware vendor.

Malware & Threats

Apple’s cat-and-mouse struggles with zero-day exploits on its flagship iOS platform is showing no signs of slowing down.

Mobile & Wireless

Apple rolled out iOS 16.3 and macOS Ventura 13.2 to cover serious security vulnerabilities.

Mobile & Wireless

Critical security flaws expose Samsung’s Exynos modems to “Internet-to-baseband remote code execution” attacks with no user interaction. Project Zero says an attacker only needs...

Fraud & Identity Theft

A team of researchers has demonstrated a new attack method that affects iPhone owners who use Apple Pay and Visa payment cards. The vulnerabilities...

Cybersecurity Funding

Los Gatos, Calif-based data protection and privacy firm Titaniam has raised $6 million seed funding from Refinery Ventures, with participation from Fusion Fund, Shasta...