IBS Journal October 2017


45


Service providers work with us on a licence basis to provide a simpler, safer and richer customer experience. They can use our simple APIs and software development kit as part of their app development and, when their app lands on a TEE device, it is protected by government-level hardware security. If no TEE is available, they benefit from our leading software protection, which is the same, if not better, than what most banks are currently using.


What sets you apart from the competition?


There are essentially two other ways of delivering secure mobile payments and banking. Protecting data using secure elements (SEs), or moving the functionality to the cloud. Secure elements offer high-security, but limited processing power, and have complex business models. Cloud-based payments are more user- friendly, but significantly less secure. TEE brings the best of both worlds and can even be combined with the other technologies.


What’s more, we’re the only provider of an open TEE. This means that, while there are other TEEs out there, service providers can’t utilise them to secure their apps – they can only be used by the handset manufacturers. This makes us unique in offering simple and accessible hardware security to the market, something we see as essential for maintaining consumer trust and leading the fight against fraud.


What was your smartest move?


I’d say the relentless pursuit of simplicity, as the security industry tends to overcomplicate everything. We recognise the potential of the TEE, as there are very few technologies that can enhance security and augment and simplify the user experience. But it needs to be simple to integrate with, and we have worked hard to take the pain away for the service providers that we work with.


For example, banks don’t want to think about different security solutions for the thousands of different smartphones that are in circulation. With us, you can develop once and benefit from the best security available on each device. Simple!


And we’re seeing the results, as some of the most innovative mobile financial services in the world use us as their foundation. We’re protecting AliPay, Samsung Pay and WeChat Pay, not to mention a range of Bitcoin implementations.


want to be protecting hundreds of millions of users who are enjoying richer, simpler and safer services. connected devices


“ In one years’ time we


While it has been tough at times, we can see the market changing as users embrace services that have been enhanced. Real adoption is happening, especially in financial services – we recently announced that KB Kookmin Bank, which has 30 million customers, is using Trustonic to secure its peer-to-peer (P2P) payment and messaging app, Liiv TalkTalk.


Where do you want to be in five years’ time?


Very short-term, say in one year, we want to be protecting hundreds of millions of users who are enjoying richer, simpler and safer services. In five years’ time, we want to see better security across all connected devices, period. Connected device manufacturers need to take responsibility for the integrity and security of their products.


More devices are being connected and, until recently, hackers and fraudsters didn’t care. But now they do. Smartphones are currently the biggest target, but as we see connected cars, appliances and infrastructure able to access your personal and financial details, the threat will grow. Security needs to be foundational, not an afterthought. This is why we are seeing so much interest in the TEE.


In essence, we want to remove security as a consideration for both service providers and consumers. With effective security at the heart of everything, people can select the services that give them the best experience, without fear that corners have been cut.


How the Trustonic business model works Where did things get tough?


We’re a relatively small business playing with the big boys. To get our technology into devices and recognised by the market, we needed to balance the needs of international chip and handset makers, internet giants, big consumer brands, each with their own agendas and requirements. It has taken time, patience and more than a little chin stroking. And now that we are approaching critical mass across devices, the challenge is to help a broad range of service providers to recognise the benefits they can gain with a few tweaks to their services. º


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