Tyfone Issues Fourth Patent for Mobile Secure Transaction Platform

Tyfone, a provider of unified mobile secure transaction infrastructure for mobile banking, mobile identity management, and mobile contactless NFC payments, announced the award of its second patent this year for the company’s mobile electronic wallet technology. Tyfone has four issued and several pending patents.

This newest patent, U.S. 7,805,615, entitled, “Asymmetric cryptography with user authentication,” has an effective filing date of July 15, 2005.

Tyfone’s u4ia Mobile Secure Transaction platform provides assurance to identity authentication and secure access to electronic wallet information even if the mobile phone is not connected to the network at the time of transaction. The algorithm authenticates a user without password hacking because there is no local storage of direct hashed password or password in the clear.

In case of being underground in a train station and to unlock your wallet to tap-and-pay on the turnstile; one can do securely even when there is low or no network connectivity for the mobile phone.

"The need for authenticating users for access to data involved in financial transactions is obvious and cannot be overstated," stated Jim Reavis, founder of the data security firm Reavis Consulting Group and executive director of the Cloud Security Alliance, in a press release.

"The vast majority of people are not security experts, nor do they pay as much attention as they should when it comes to secure authentication. For the mobile secure transaction marketplace to grow and thrive, it requires companies, such as Tyfone, to develop secure methods that can be easily deployed for consumers by stakeholders such as financial institutions, carriers, device manufacturers and retailers," Reavis added.

Tyfone also announced the issuance of patent, US 7,828,214, entitled “Mobile phone with electronic transaction card” having an effective filing date of Feb. 22, 2005. Tyfone’s patented technology allows the use of a mobile phone having a memory card slot and a memory card compatible with the memory card slot to transmit transaction data to a reader device.

“A well known law in Physics, called Faraday's law, describes how a time-varying magnetic field creates an electric field,” commented Prof. Pramod Chandra (PCP) Bhatt, faculty emeritus of Indian Institute of Technology Delhi.

“Electromagnetic waves manifest a form of duality between electric and magnetic fields - advancing in tandem in time and space. Radio waves and microwaves emitted are one form of electromagnetic waves in specific frequency band referred to as radio frequency or RF,” Bhatt added.

 This time-varying magnetic field based relationship is one of the key operating principles behind RF identification (RFID) and contactless NFC.

Tyfone’s patents, u4ia, and SideTap memory card product enable any commerce stakeholder to bring immediate scale and security to all mobile transactions, both online and offline at point-of-sale.