The world has not yet stopped gaping at the two-factor authentication process while uQontrol, a US-based start-up company, has already introduced a three-factor authentication; taking online security to an all-new level.
What is the Qkey?
Physically, the Qkey is similar to a USB stick with an embedded EMV chip (as used in credit and debit cards). It offers a 4GB storage capacity to store user details 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 fraud and increase security greatly. 3 wrong password entries would render the key unusable. Each Qkey is unique to a user. A general question that arises in every human mind is what if one forgets his password. In such a case, uQontrol will have to reset the Qkey. This is a pretty long process because of the need to authenticate every caller making such a claim.
Besides online security, the Qkey enhances one’s online shopping experience by feeding details like credit card information, preferred websites and shipping information beforehand. This saves a lot of time. Moreover, the Qkey also connects to mobile using built-in NFC. Currently, it works on Windows interface both on mobile and laptops. Nonetheless, uQontrol has promised to soon make it compatible with MAC, Android and iOS.
The Qkey is only available in US markets. However, it is not long before Qkey or a similar technology is introduced in Indian markets. With serious concerns about online security and fraud around the world, such technology would be a useful tool.