LAFAYETTE, IN, June 03, 2014 /24-7PressRelease/ -- AmiCOUR IP Group today announced a new patent pending solution offering hope for frustrated computer users trying to remember dozens of online usernames and passwords. The disclosure comes in the wake of the eBay announcement asking users to change their passwords in response to a massive data breach several months earlier. By automatically creating and remembering a new password every time a user visits a web site, the new technology could render stolen data useless to a hacker or any person buying stolen login data.
"The new approach to security provides users with a single point of entry for all their online accounts and automatically changes passwords electronically at the end of every user session," explained Tony Escobar, a credit data industry veteran and AmiCOUR Vice President. Escobar is directing the company's licensing and commercialization project, "If this new process had been available to eBay users, the after-the-fact password change request would have been unnecessary for most of them. By the time the notice was sent, most would have already visited the site many times and their passwords would have been changed at the end of each visit."
Company representatives also addressed the bigger challenge securing and keeping track of dozens of frequently changing passwords. Escobar explained how the new process accomplishes this automatically behind the scenes, "The password change event and record keeping function are automated and secure. User access to all their online accounts and protection of all those new passwords are facilitated by using a modern, two factor authentication process. This takes the next step up in computer security, but affords user convenience at the same time."
Two-factor authentication, used routinely to access private company networks, requires two inputs generated from two separate sources in order for a user to access accounts through the patent pending security system - thus preventing unauthorized access to those accounts and protecting all user ids and passwords assigned to those accounts. In practice, a user inputs a previously selected and registered static PIN, and then also inputs a constantly changing second identifier, typically delivered to a "token" hardware device or other computer device such as a smart phone. Input of both the PIN and the current identifier delivered to the token or smartphone are required in order to gain access to online accounts set up in the security system. Nearly any mobile or stationary computerized communication device can securely receive the dynamic identifier needed for the user to gain access; however, a hacker or computer thief is not likely to have both the PIN and access to the second identifier. A lost tablet or laptop will no longer mean accounts might be compromised.
"This advanced approach mirrors a major paradigm shift in the IT and credit card industry," stated Scott Bechtel, AmiCOUR's CEO. "People are thinking about how to render stolen data useless and slowly giving up on the notion data will never be hacked. There are too many data breaches to believe every business will successfully protect your personal information."
Escobar added, "Tokens and two factor authentication are not new; in fact, they are a proven security technology. On the other hand, using this technology with automatic password updating is novel. It means a stolen computer is rendered useless without access to the user's memorized login information, such as a PIN, and the dynamic token which goes with it. The result is very secure and easy for users; and, in fact, eliminates the whole need to manage and update passwords for the many online accounts we all use every day."
"Our inventors are both veterans of the payment and technology industry," Escobar concluded, "and they want to identify a company who will license their new intellectual property to develop and commercialize it as a new standard of 'best practices' in the Internet and IT industry. We have already started reaching out to determine which of the industry leaders are most capable of doing this job effectively. Before long, we hope stories of massive data breaches will be old news. The motivation to hack millions of passwords may soon be a thing of the past."
About AmiCOUR IP Group, LLC: AmiCOUR IP Group a leading intellectual property consulting company providing IP asset management and consulting services, licensing and brokerage assistance, royalty auditing, and assistance enforcing compliance with patent rights. Contacts: J. Scott Bechtel, Managing Partner and CEO, Voice: 312-725-3728
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