ProxToMe is a proximity-based authentication technology for the Internet of Things. We address the increasing vulnerability to man-in-the-middle attacks of user-to-machine interactions. Despite how much secured the endpoints and payloads are, a replay attack can still elude the interaction. QR code, ultrasound, Bluetooth, and NFC-based solutions can be secured only by sacrificing the UX, which is what users give for granted. The magnitude of this problem is proportional to smartphones becoming the dominant authenticators to IoT devices. Our solution “ProxToMe Identity Assurance (IA)” is patented software that leverages Bluetooth and NFC with a MITM-proof identity assurance algorithm to assure that the authenticating user’s smartphone is close to a legit IoT device. 3 components: firmware for Bluetooth/NFC chip in the IoT device, mobile SDK for the user-facing app, and a backend component available on-prem or SaaS. Benefits: contactless, cross-platform, MITM-proof, accurate and reliable. In the Fintech space, ProxToMe positions as an enabling technology that brings in strong security along with seamless UX for a variety of “high-tech, high-touch” innovations that require user’s physical presence as an authentication/authorization factor. One asset for many applications benefiting end customers (e.g. in-branch customer authentication and engagement, card-less ATMs, proximity mobile payments) as well as employees (e.g. physical access systems, credential-less authentication to cash recyclers and other tools). We are an Identity and Access Management solution - an industry that is expected to be worth $15B+ by 2021. While building a channel partnership strategy - first partner is ForgeRock - we focus on creating business cases with select customers. Given the extreme importance of security and usability in Fintech, we have spent lots of efforts in this vertical and secured relationships with Wells Fargo, NCR, Diebold Nixdorf, Everi and Madic Group.
Nominated for: Best Biometrics Tool or Cyber Security Platform
ProxToMe is defining a standard for proximity-based authentication to IoT devices. We secure user-to-machine interactions from man-in-the-middle attacks without sacrificing user experience. Within a mobile app, ProxToMe enables seamless and secure authentication to ATMs, unattended payment terminals, connected vehicles, delivery lockers, and other mission-critical IoT devices. We license the technology to HW vendors and brands.