IBM has developed a new two-factor authentication security that is based on near-field communication (NFC) technology to perform mobile transactions including online banking and digital signatures.

The technology, which is currently available for any NFC-enabled Android 4.0 device, is derived from IBM Worklight, a mobile application platform that is part of IBM MobileFirst.

Consumers using a two-factor authentication technology applied from a computer, are generally required to provide both password and a verification code sent by short message service (SMS).

A similar approach has been adopted by the IBM scientists in Zurich to allow mobile transactions by using a personal identification number (PIN) and a contactless smartcard.

As a contactless smartcard, consumers can use their ATM card issued by bank or identity card issued by employer.

In order to use the service, consumers can simply hold the contactless smartcard near the NFC reader of the mobile device and enter their PIN to generate a one-time code, which will be sent to the server by the mobile device.

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IBM Research mobile security scientist Diego Ortiz-Yepes said: "Our two-factor authentication technology based on the Advanced Encryption Standard provides a robust security solution with no learning curve."