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SecureKey Overview
U.S. Commerce Secretary Gary Locke
Governments, banks, and businesses around the world are moving at a furious pace to deliver increasingly more services online and to mobile to increase client convenience and reduce overall delivery costs. Now, people are waking up to the serious security risks that have been created to privacy, identify fraud, and financial theft.
In the United States alone, more than 8 million adults were victims of identity theft or fraud in 2010 with total costs of $37 billion1. Phishing (attempts to steal online personal identity data and financial account credentials) continues to be prevalent and increasingly more sophisticated2. Further, online fraud losses for merchants amount to almost $3B per year in North America, excluding opportunity cost of lost orders and administration of fraud claims3.
At SecureKey, we develop innovative hardware and software solutions that extend the power of chip-based identity and payment technologies to online and mobile transactions. Financial institutions, health care providers, government organizations and others can provide online convenience as well as enhanced security and privacy using SecureKey’s online card, virtual card and device-secured authentication and payment solutions.
Perhaps most uniquely, SecureKey uses strong cryptographic authentication to leverage existing investments in smartcard and mobile NFC technologies, rather than creating yet another closed security solution.
Our unique technology is being built into desktop and laptop computers, as well as next generation NFC-enabled tablets and mobile phones, creating a vast network of secure “terminals” to read and interact with chip-based cards, virtual cards, and cloud-based electronic “wallets”. By leveraging existing consumer behavior with real-world smartcards, SecureKey is at the forefront of Canadian4, U.S.5, and other international initiatives promoting interoperability of secure identity solutions designed to create a lower cost, more convenient, and more secure ecosystem for online authentication and payments.
SecureKey is a privately held company with offices in Toronto, Ontario, and includes investments from Intel Capital and Blue Sky Capital Corporation.
1 Javelin Strategy and Research “2011 Identity Fraud Survey Report,” February 2011
2 Anti-Phishing Working Group. “Phishing Activity Trends Report – 1st Half 2011.” December 2011
3 Annual Fraud Report (2011), CyberSource Corporation
4 "Federating Identity Management in the Government of Canada: A Backgrounder.", Treasury Board of Canada Secretariat, March 16, 2011.
5 “National Strategy for Trusted Identities in Cyberspace (NSTIC)”, The White House, April 15, 2011.