none

DIGITAL SECURITY YOU CAN RELY ON

18-07-2016
by 
in 
About 18 million people in 2014 were victims to identity theft in the United States with two-thirds of them reporting a direct financial loss.

South Australian company A Backbone Computing Solution has developed a higher degree of security that allows people to safely shop online and pay bills over the internet without the need for passwords or additional encryption.

Co-Founder Stav Morris said the new system was tailored for the average consumer and would address the issues of data privacy, security and storage while reducing transaction time.

“The motivation here is to have a version of your operating database that can’t be edited retrospectively and logs every single transaction,” he said.

“Most common checkouts you have to write in your details, username password, then you go through your postal address, credit card details and we aim to eliminate the bulk of that.

The new system, which is designed to be used worldwide has been advertised as a “better than Blockchain” solution to online theft and credit card fraud.

Blockchains are a common form of hi-tech database that are used by banks globally: they work as public ledgers of transactions with complete information of addresses and balances. They use the method of having information public to ensure transactions match up.

“Once you establish the network it will remit transactions very quickly and it doesn’t really require a middleman. The function of the bank then becomes to manage the task and make sure people get paid from some account that has money in it – be it virtual, physical or some form of digital currency.”

Personal information such as credit card details, health insurance details and sensitive documents would be entered into the A Backbone system to be used as verification for purchases.

All data logged into the A Backbone system would remain private and would not be able to be modified, edited or deleted. This would include private data and sensitive documents as well as monetary transaction information.

Morris said the system would mean merchants would only need a credit card number to process transactions, which could be verified through notifications approved following identification via fingerprint or facial recognition scans.

“The theme is non-ownership and this is how we distinguish ourselves a little bit from Blockchain technologies. The idea is to have authorisation and validation rather than authentication,” Morris said.

“It’s not just a transaction system, it’s an identity system. We can store sensitive information without people looking at it, browsing through it or trying to copy it.

“All your information like your credit card details, your private health care and gym membership will tag onto your identity. Then things like your home address, email, or phone number become gateways to your account.

“And with technology like 3D facial recognition and fingerprints being made available the account becomes as simple as picking up your phone and getting scanned.”

About 18 million people in 2014 were victims to identity theft in the United States with two-thirds of them reporting a direct financial loss.

The majority of victims were unaware of how offenders obtained their information and 45 per cent only discovered the incident after being contacted by the bank.

Related news & editorials

  1. 14.12.2018
    14.12.2018
    by      In
    HRS Heat Exchangers has developed a range of pasteuriser/steriliser units for the food packaging industry.
    All HRS Thermblock systems allow for full adjustment of the heating-holding-cooling cycle of the product, so that it can be tailored to a specific product and method of working. They can also... Read More
  2. 13.12.2018
    13.12.2018
    by      In
    Optibelt reckons its low-stretch and maintenance-free Red Power 3 v-belt drives offer a range of advantages in heavy-duty applications. Crucially, the belts are designed so that once correctly tensioned the first time, they don’t require retensioning - a valuable saver of time and money.
    A major... Read More
  3. 13.12.2018
    13.12.2018
    by      In
    Exair’s has developed a fine-mesh nonwoven drum cover for use on 60 and 205 litre drums. The breathable material allows the air from an Exair Line Vac air-operated conveyor to circulate when moving material in or out of a drum. The drum cover prevents contamination of the material and keeps it... Read More
  4. 12.12.2018
    12.12.2018
    by      In
    With almost 40 years of experience in applications of incremental shaft encoders, Plant Control & Automation has developed a number of instruments for both testing and simulating these complex devices.
    Now the company has put all this expertise into one instrument: the EncoderLab is both an... Read More