Singapore launches security device for all online transactions

By eGov Innovation Editors | Dec 16, 2011

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Assurity Trusted Solutions (Assurity), a wholly owned subsidiary of Infocomm Development Authority of Singapore (IDA), has launched a security device that can be used in all online transactions.

The new device, called OneKey, would allow service providers such as banks and securities trading firms to offer their end users the convenience of using just one two-factor authentication (2FA) device.

Assurity explained that banks and securities trading firms have been required to put in place a 2FA platform for customers to make electronic transactions as an important second line of defense against unauthorized transactions.

"A basic 2FA platform requires a user to receive a one-time password (OTP), either via a physical device, or through a text message to his personal electronic devices (such as handphone), to complete the transaction," it said. "However, these devices are vulnerable to malware that can steal personal information and sniff out unencrypted text messages."

Chai Chin Loon, Chief Operating Officer of Assurity, said at the public launch of OneKey that a typical 2FA transactions based on just OTP, either through hardware device or SMS, can still be exploited by man-in-the-middle attacks. Transaction Signing in OneKey will require users to key in their transaction details, which provide an additional layer of security to detect any changes to the details.

"One can think of Transaction Signing in OneKey as the equivalent of signing an online cheque,” he said.

With OneKey, users can access multiple online platforms and may do online banking and online securities trading with just a single device. Users can look forward to the convenience of using just OneKey as more Service Providers come on board.

OneKey is developed by ST Electronics and manufactured by VASCO Data Security International Inc, a US-based leader in strong authentication and e-signature solutions. From January 2012, Assurity will roll out a year-long public education program to guide consumers on how to use OneKey.