V-Key is a global digital mobile security provider, accredited by the Infocomm Media Development Authority (IMDA). V-Tap addresses securities trading companies, banks and insurance companies who use commercial online services delivered through Assurity’s National Authentication Framework (NAF). The mobile soft token will be offered in addition to Assurity’s hardware and SMS authentication solutions.
Users have to download the new V-Tap enabled OneKey mobile app onto their mobile device and enrol with a registration code. This effectively binds their identity to their mobile device after which they can authenticate themselves and authorise transactions by means of the soft token.
Furthermore, the soft token authentication solution can be migrated to a new mobile device in case of loss, or change of the device. In such circumstances, if a person loses or replaces their phone they should contact their service provider to reactivate the application on their new phone. Reactivation will deactivate the old application on their previous phone.
Assurity will start implementing the new soft token solution by the end of February 2015. The company is in talks with its customers to implement this new authentication solution.
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