November 11, 2014 -
With the ultimate goal of replacing password entry, HyprKey is launching the first phase of its new mobile payment system in November which provides a three-factor authentication alternative to passwords.
A key part of HyprKey’s solution is “HYPR-3”, a token generator that users stick to their bluetooth-enabled mobile device to verify it. Then, to make a payment through the HyperKey app, the user swipes their fingerprint on their phone and enters a numeric PIN, providing three factor authentication.
HyprKey can be used as a Biometric Authentication Platform for any digital wallet, and can be used to pay through QR code or NFC terminals, as well as for authentication on both mobile and desktop sites. Its three-factor authentication makes users virtually impervious to keylogging, malware, compromised networks, and man-in-the middle attacks.
“By logging in with the HyprKey app, users are able to eliminate the threat of hacking through malware, viruses, and compromised networks,” HyprKey CTO Bojan Simic said in a statement. “We don’t want to tell users how to generate and store their passwords, but we do want to change the way they enter their passwords.”
The HyprKey app will be available for download on both iOS and Android platforms on November 16, and will be featured this week at the Empire Startups Summit and in January at International CES.