Most of these transactions involve SMS based payments, direct mobile billing using PIN and one time password authentication and mobile web payments.
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The result is the creation of a well-executed service such as HBO GO that offers video on demand through mobile devices but requires authentication of a full cable subscription.
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PhoneFactor is one company that is gaining traction with two factor (strong) authentication based on mobile devices.
Another specific target of numerous investors this year, is mobile security, particularly the authentication and enhanced security of wireless devices.
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Point-of-Sale (POS) mobile payments where a smart phone becomes the authentication device to complete a transaction at checkout.
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Still, mobile malware as a whole is growing, and two-factor authentication is increasingly being used to defeat traditional security schemes.
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Its trusted smart life solutions bring security and contactless performance to a wide range of applications such as eGovernment, banking, mobile transactions, transport ticketing, access management, infrastructure, device authentication, RFID tagging and gaming.
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To allay these security fears the mobile banking providers need to create an environment for safe transactions by addressing concerns around authentication, theft, fraud, hacking, malware, and so on.
Businesses are being launched on the mobile platform to provide a wide range of services from medical advice and diagnosis, to pharmaceutical authentication, to payment and finance systems.
But RSA, the security division of EMC, says 220 companies, including Target, Sears, Macy's, Sprint, T-Mobile and 14 of the 20 largest U.S. financial institutions, use its "knowledge-based authentication" (KBA) service and that it has a "false failure" rate (meaning folks flunking on erroneous public info) of less than 5%.
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