July 17, 2019

Self-Authenticating Chip Technology Could Disable Digital Fraud

SIM-card-lockImagine — no longer being concerned about protecting your identity and financial information from hackers. And not credit/debit cards only, but SIM cards as well? Could electronic counterfeiting of our financial transactions soon be a thing of the past?

Consider the April 9, 2014 patent filing by De Sonneville International of its self-authenticating microchip. “If the chip does not authenticate itself, through the authentication circuit, it does not allow the chip to proceed to process a payment at a point-of-sale (POS) or, in the case of a SIM card, to access the mobile network. This has obvious benefits in protecting against the counterfeiting of payment cards and SIM cards,” reports PaymentEye.com.

It’s still early to determine the success of this new technology, but, if effective, this could be a “magic bullet” in the search for top security where hackers and malware are becoming increasingly sophisticated. In 2011, IBM reported it monitored 13 billion “real-time” security events every day for 4,000 clients. That translates to 150,000 attacks per second! One online security blog estimates “through 2016, the financial impact of cybercrime will grow 10% per year due to the continuing discovery of new vulnerabilities.”