StrongKey, a cybersecurity company who makes breaches irrelevant with solutions built on open source hardware-based key management, was selected to collaborate with the National Cybersecurity Center of Excellence (NCCOE, under the U.S. Department of Commerce) on the Multi-factor Authentication for E-Commerce project to develop practical, interoperable cybersecurity approaches that address the real-world needs of complex and Information Technology (IT) systems.
Smart chip credit cards and terminals work together to protect in-store payments. These in-store security advances were introduced in 2015, and have pushed malicious actors who possess stolen credit card data to perform payment card fraud online. Because online retailers cannot utilize all of the benefits of improved credit card technology, they should consider implementing stronger authentication to reduce the risk of electronic commerce (e-commerce) fraud.
In collaboration with stakeholders in the retail sector, the NCCoE published a practice guide that explores risk-based scenarios to trigger the use of multifactor authentication (MFA) to help reduce fraudulent online purchases. In the project’s example implementations, if certain risk elements (contextual data related to the transaction) are exceeded that could indicate an increased likelihood of fraudulent activity during the online shopping session, the purchaser will be prompted to present another distinct authentication factor—something the purchaser has—in addition to the username and password.
"StrongKey is excited to work with the NCCoE, once again leveraging its extensive cybersecurity experience in everything from protecting sensitive payments and health data to integrating with complex manufacturing processes and industrial IoT equipment," says COO Jake Kiser. The cybersecurity company works with organizations across industries to guard access with strong authentication, to protect against tampering with digital signatures, and to secure sensitive data with tokenized encryption and encrypted file management.
LEARN MORE ABOUT THE PROJECT HERE: Multi-factor Authentication for E-Commerce
About the NCCoE: The NCCoE, part of the National Institute of Standards and Technology (NIST), is a collaborative hub where industry organizations, government agencies, and academic institutions work together to address businesses' most pressing cybersecurity issues. This public-private partnership enables the creation of practical cybersecurity solutions for specific industries, as well as for broad, cross-sector technology challenges.