Security & Fraud

WISeKey Locks Down Digital Identity Solution In China


Swiss-based cybersecurity firm WISeKey announced yesterday (Jan. 4) that it will launch its Digital Identification and secure cloud services for Chinese consumers.

Through the WISeID application, the Chinese market will now have access to WISeKey’s secure identity solution. There is currently a lack in identity security for Chinese consumers, which is impacting the growth of eCommerce and diminishing the ability for public services to move online, the company explained in a press release.

The rise of cybersecurity-related incidents and breaches last year underpins the need for increased protections from cybercriminals looking to access and steal sensitive data.

“In the day-to-day life, from banking to social media interactions, if users don’t know who they are interacting with, they become vulnerable to fraud or deceit, and if their identity is compromised, they will have to submit [to] cumbersome procedures, such as reestablishing their identity to prove who they are,” WISeKey said in the statement.

The WISeID solution will enable Chinese consumers to secure and store their personal data and communications by purchasing secure vaults. WISeID stores passwords in one place and syncs data across computers and devices using the cloud. A user’s personal vault can only be accessed with a master password and/or a predefined pattern, as well as the use of additional face recognition authentication protection.

Users of WISeID in China will also have the ability to:

  • Create digital signatures on electronic mail messages, thus ensuring message integrity and authenticity with their correspondents
  • Receive, decrypt and read confidential information from any of their correspondents using S/MIME
  • Increase security for their applications, replacing passwords with eID authentication protection (for PKI-enabled applications)
  • Securely encrypt files and share them with other eID holders using WISeCrypt Personal Edition.

For more on the digital identity ecosystem, click here to take a look at our Identity Tracker, which helps identify the issues and trends that arise around the digital identity ecosystem.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.