HyprKey Brings Three-Factor Authentication to Mobile Payments

Every day, millions of people bury their heads into their mobile devices and tablets.

Although we live in a world that is always-on, tech-loving, and go-go-go, there comes a time when we begin to wonder about our safety and security. It was projected that from 2012 to 2013, mobile fraud grew by 260% according to ABI Research. With high-profile data breaches fueled by the vulnerabilities of mag-stripe credit and debit cards, consumers are growing paranoid about security. The combination of this paranoia and the much-publicized Apple Pay have had consumers looking towards mobile payments as a stopgap for these payment card vulnerabilities.

Luckily, smart companies like HyprKey are strengthening their mobile security and even making is safer to perform mobile payments.

HyprKey has come to the mobile payment space as a means to make both bitcoin and biometrics-secured payments, mainstream.

The HYPR-3 token offers consumers an easy, three-factor authentication by the swipe of an adhesive biometric token generator, am on-device PIN code, and connectivity for the transmission of the user’s tokenized information. HyprKey’s three-factor authentication process gives users a more personal approach to mobile security and mobile payments with the “Something I have, something I am, and something I know” protocol.

HyprKey’s three-factor security will be open to third-party payments, in an effort to better secure in-store and online payments. Their goal is to bring chargeback risks and interchange costs to zero. The long play here, is to also increase bitcoin usage and merchant acceptance.

WIth HYPR-3, HyprKey hopes to drive confidence in mobile payment security, and eventually have consumers feel safe enough to link their debit card directly to what HyprKey calls DebitCoin. Consumers can purchase bitcoins through their linked debit account in real-time at the point-of-sale, and take advantage of bitcoin specific discounts offered by these merchants.