Diversinet launches mobile wallet system

Source: Diversinet

Diversinet (OTCBB: DVNTF), a leading provider of mobile authentication security and access solutions, today introduced MobiSecure Wallet and Vault, new solutions that give users secure and immediate access to a host of personal, financial, and insurance identity information, as well as other critical, privileged data.

Offering both convenience and security, the new MobiSecure products give banks and other financial institutions, insurance companies, and health care providers a unique and easy-to-use solution they can use to provide individuals with fast, convenient and secure access to new applications and services via mobile phone, PDA or PC browser.

"Business transactions have evolved from face-to-face interactions at physical offices to telephone conversations to the Internet, and now mobile devices are poised to become the prevalent channel for conducting these transactions," said Albert Wahbe, Diversinet's chairman. "Diversinet is taking the lead in providing a new secure delivery mechanism that will enable mobile devices to be used to conduct transactions in finance, insurance, healthcare, gaming and other industries."

Diversinet also announced today it has signed a licensing agreement with Blue Cross of Northeastern Pennsylvania (BCNEPA) for the MobiSecure Wallet and Vault.

The MobiSecure Wallet provides consumers with easy and secure access to a host of personal identity information - PIN numbers, payment access information, loyalty information and critical personal data - right from their mobile phone, handheld wireless device or personal computer over wireless networks or the Internet. The MobiSecure Wallet software is easily downloaded to a phone or PC and provisioned over the air or via the Internet. Once activated, it can securely retrieve personal information from the MobiSecure Vault and securely store it for offline access.

The MobiSecure Vault is a server-side secure repository that can provide instant access to large files of stored personal information, such as personal identity information, health records, insurance information, financial records or banking and brokerage information. A self-service web-based interface allows new users to create vault accounts and securely upload and organize their personal data. It supports an optimized, secure protocol for downloading personal data and synchronizing it with the user's MobiSecure Wallet.

"MobiSecure Wallet and Vault products offer convenience and security, and have the potential to change the way consumers manage and protect their sensitive, confidential information, from financial data to medical records to loyalty programs," said Nagy Moustafa, CEO of Diversinet. "These MobiSecure offerings provide simplicity and value to today's growing wireless market of over a billion mobile phone users."

The MobiSecure Wallet and Vault offer a unique, simplified way of storing and presenting information that eliminates the need to navigate endless mobile menus and options to get what users need. Users can click on one high-level contextual menu item that gathers the appropriate information and makes it ready for display, text, email or fax.

The MobiSecure Wallet and Vault utilize Diversinet's MobiSecure soft token technology and MobiSecure Strong Authentication for a fully automated, standards-based strong authentication solution that protects user identity, transactions and data by issuing a one-time password (OTP) every time the user requires authentication. Unlike current card and PIN number combinations that are used repeatedly - and are consequently less secure - an OTP-based system like MobiSecure generates a new, unique password for each transaction.

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