Risks of identity and monetary theft plague the current technological security system especially with online transactions. To protect any fraud, numerous authentication technologies have been developed over recent years, such as OTP, tokens, IDs, and passwords, but they still hold loopholes that hackers have cracked. There is a need for much more layered authentication process that requires a combination of different technologies.

Korean startup Ssenstone is an authentication cybersecurity startup that provides technologies and solutions for businesses to conveniently secure ‘identify’ and ‘authenticate’ its users in a rapidly changing ICT world.

OTAC authentication technology developed by Korean Startup Ssenstone solves most of the challenges in the security system. OTAC or One-time authentic code login solution has a 0% chance of identity theft and duplication, no network reliance, and can authenticate independently.

Security through one-time authentication code

OTAC provides authentic security by using one-time authentication codes that come up with random codes. OTAC has much more advanced security than One Time Pin (OTP), which is majorly used in the finance sector. The main aim of OTAC is to provide authentication without using a password to prevent leaking of information and provide a convenient and safe login process for users. The technology is set to change online and card payment security and authentication through giving credit cards a dynamic CVC code, enabling the use of biometric/PIN cards, and creating a virtual card number using your mobile phone

How OTAC works?

Users use their phones to develop an alphanumeric code then OTAC generates a one-time code without using a password or network connection. When the user wants to access the system, they can scan or type the code into the system and get access.

How it makes payments and authentication easier?

OTAC system provides an environment that does not require a password or ID to login or access to a private network. Instead, it generates a one-time random code that can identify users. Using the OTAC system, customers can access business opportunities that are new and prevent all kinds of fraudulent behavior in the payment system. For accurate identification and protection of privacy by using an e-mobile and ID by creating numbers for identification. The payment process is made easy since there is no need for a network connection, but the security is still there. The use of dynamic PANS makes the user have control over their security and finances. Users can develop OTAC and use it with different channels like keypad voice and Bluetooth, whereas small size algorithms fit into any chips and devices for maximum security.

Two-way algorithm to protect secondary damage

Ssenstone has developed two main technologies – one is the one way authentication other is two-way dynamic key matching algorithm. A large amount of personal information leakage can happen due to hacking that can lead to secondary damage such as brute force attacks, phishing and pharming. Ssenstone’s two-way dynamic key matching algorithm is a technology that more securely protects the authentication system by using an authentication key that changes every time between users and servers. Ssenstones’s technology is available through their products StonePass, which is a user-selectable integrated authentication solution, OTAC, OTAC-Payment and OTAC e-id.

Team and awards

Ssenstone has an able team of security experts worldwide who come together to improve authentication and security in the finance sector. The startup’s CEO and founder Chang Hun Yoo has more than 18 years of experience working in the authentication and security sectors. In 2016 the startup was selected by the 4K global 300 as a promising ICT startup and got the Republic of Korea Prime Minister citation in the same year. In 2017, the startup took first place at the K Global security startup competition and baby unicorn South Korea competition. It won the innovation award at COMEUP 2020 held in Seoul, Korea.

Competitiveness and expansion strategy

Ssenstone’s primary differentiation strategy is its one-time authorization code, which authenticates a user’s identity for only one session. OTAC doesn’t save identification keys anywhere on the device or system, guaranteeing 0% security leaks and identification key duplication. OTAC eliminates the need for a user to remember passwords and identification keys, identifying key storage and password caching. Using OTAC, a user’s actual ID and password are never transmitted over any network, and the user never has to remember these details. The startup has already made in-roads in the Asian market through partnering with Israel-based firm Ress data security, K-Petro, Kywa, Nice, NFRI, Life Planet, IBK, K-car, Hanhwa systems, lotte members, among others. Ssenstome has secured over 5.2 billion won in investments and intends to enter the European market through its strategic partnerships with EUROPAS 2020, Money 20/20 Europe, and the GEP program.

Also Read,

• Fintech startup Jireh Exim launches app to make payment transactions handsfree
• Korean startup PAYCOQ offers reliable and efficient “Korean startup PAYCOQ offers reliable and efficient mobile payment solutions for sellers 
• Korean startup HivvLab Inc’s cryptocurrency payment system PayCrypto gets upgraded to Ver 1.1
• Korean FinTech CONCAT to launch smart solutions for insurance agents

What’s your thoughts?

+1

0

Upvote

+1

0

Clap

+1

0

Clap

+1

0

On fire

+1

0

Meh

+1

0

Clap

+1

0