HyprKey releases HYPR-3 tool for improved Bitcoin transaction security

Monday 17 November 2014 14:35 CET | News

HyprKey, a fraud prevention technology company, has released the HYPR-3 three-factor authentication protocol for improved Bitcoin transactions security.

HyprKey has been creating a biometric authentication bridge between the user and the mobile wallet built on top of it. It auto-converts Bitcoin in real-time so users can spend it without ever even touching the digital currency by linking their debit cards, thereby authenticating transactions at the point of sale.

The HYPR-3 token is a sticker that is placed on the back of the user’s smartphone, or phone case, and communicates with it via Bluetooth. When the user swipes his or her finger on the device, it reads the fingerprint, registers the static discharge from that finger motion and authorizes the transaction. The reader introduces a third step in security, after users’ PIN codes and the sticker itself.

HyprKeys CTO, Bojan Simic, explained that having the biometric TOTP (time-based one-time password algorithm) token generator is what eliminates fraud from the equation.

HyprKey went through a number of alpha stages before landing on the biometric sticker. For now, according to the team, this is the simplest deployment method because using the sticker separates the authentication process from the users operating system.

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Keywords: HyprKey, HYPR-3, biometrics, fingerprint, scanner, sticker, smartphone, Bitcoin, transaction, security
Categories: DeFi & Crypto & Web3
Countries: World
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DeFi & Crypto & Web3

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