Qpay's original provisional patent which is the next generation of security for electronic transactions has been successfully vetted by the Patent examiner.
Qpay CEO Greg Walter is very pleased with the results. "This is the best outcome our customers and investors could hope for. Corporate customers who use our technology can rest in comfort knowing they have patent protection and therefore a strong competitive advantage.
"Most businesses in the mobile space have great technology they can copyright, but there are very few who have patentable technology. Our security is a generational leap forward and the examiner apparently agrees.
Amongst the successful claims in the Qpay patent is the ability for consumers to have an interactive experience and provide multiple outcomes when authorising transactions.
"Most authorisation and identity systems provide customers a yes / no outcome. With Qpay a customer can stop a transaction, identify different types of fraud, select other options and of course authorise with a higher degree of confidence than previously possible
Covered in the patent is a process which protects consumers from Man-In-The-Middle (MIM) attacks. A form of fraud known to compromise tokens.
"The Qpay technology allows users to identify and report MIM attacks before money is taken from their account.
Another part of the patent prevents identity theft whilst still another prevents international criminals from accessing customers secret codes such as their PIN.
Greg Walter (who is the inventor) also spotted a potential security hole in Voice biometrics, and incorporated a resolution to this. Whilst current leading authorisation platforms such as Tokens and SMS use two factors, the Qpay patent covers up to five factors of authentication which is unprecedented.
The ideal security system should cover something you have (such as a token or a mobile phone), something you are (biometrics), something you know (such as a PIN or password) and something random (such as a one time password). Qpay believes it is the first to deliver all of these in one application.