California-based digital security firm VeriSign has launched a free application on the Apple App store that turns an iPhone into a one-time-password generator for accessing online accounts.
The VIP Access for Mobile application generates unique six digit passwords every 30 seconds that are used in conjunction with a credential ID that is unique to the phone to identify users.
Customers enter the password, along with their usernames and passwords when logging in to accounts for two-factor authentication. The system currently works with around 40 Web sites, including eBay, PayPal and AOL and has been taken up commercially by a number of US credit institutions.
Fran Rosch, SVP, product and strategy, VeriSign, says: "Our ongoing efforts to strengthen the security of online accounts for mobile consumers give them the opportunity to enjoy the benefits of strong authentication through a device that's always with them and frequently in use."