RedPay and Ziliant Systems have won an SABS Design Institute Prototype Award for an authentication device targeted at the financial market. The ZiPAD authentication device is used to protect transaction data on Internet channels. The ZiPAD has some unique features that differentiate it from other products in the market. These patented features include a simple method of interfacing to legacy PCs and a mechanism for providing strong authentication of financial transactions. RedPay and Ziliant have partnered to develop the product and bring it to market.
Mark Currie of Ziliant Systems says, "There are many devices out there that provide strong user authentication, however when it comes to financial transactions on the Internet this is of little use. With user authentication, an attacker can still mount a 'man in the middle' attack using Trojans or spoofing, and can then issue fraudulent transactions. What is required is the strong authentication of transactions. The approach taken with the ZiPAD device is to provide strong authentication of transaction data. This completely eliminates any chance of an attacker issuing fraudulent transactions, and also provides non-repudiable digital signatures on transactions, which are in line with the ECT Act."
Adds Dave Ritten of RedPay, "The other unique feature of the device is the ease with which it can interface to legacy PCs; no device drivers or other software are required to connect it. This is critical when mass deployment of devices is required to end user PCs - the ZiPAD is truly plug-and-play. We have patented these concepts, and believe that we have a world beating product in the making. A large South African bank is currently evaluating the device, and we have interest from investors in taking this product to the world markets."
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