So many people around the world have not yet stopped gaping at two factor authentication process while a US based start-up company uQontrol has already introduced a three factor authentication and taken online security to an all new level.
Physically the Qkey is similar to a usb stick with an embedded EMV chip (as used in credit cards and debit cards) embedded on it. The Qkey offers a storage capacity of 4GB where the user details are stored through a dedicated browser interface. A strong master password forms the first factor of authentication, an OTP forms the second factor and to confirm a payment process the key needs to be physically tapped thus completing the third factor.
Qkey will help prevent online frauds and increase security greatly. 3 wrong password entries would render the key unusable. Each Qkey is unique to a user. A general question that rises in every human mind is what if one forgets his password. In such a case the Qkey would need to be reset by uQontrol which is a pretty long process because of the need to authenticate properly every caller making such a claim.
Along with online security, the Qkey also enhances ones online shopping experience by feeding details like credit card information, preferred websites and shipping information before-hand which saves a lot of time. The Qkey also connects to mobile using built in NFC. As of now the Qkey works on Windows interface both on mobile and laptops however uQontrol has promised to soon make it compatible with MAC, Android and iOS.
The Qkey is only available in US markets till now but not long before Qkey or a similar technology makes way through Indian markets. With serious concern about online security and online frauds around the world such a thing would definitely be a tool many would be willing to try.