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News
Issue #2002 - 21
(June 2002)
(Updated June 5, 2002)
TECHNOLOGY
Wireless Delivery of Banking and
Stock Exchange Services on Trial
Nokia has teamed up with
Nordic financial services group Nordea to launch a pilot project to
test the use of mobile chip identification in the delivery of
banking and stock exchange services.
Participants in the dual chip pilot will use a Nokia WAP mobile
phone equipped with both a SIM card issued by the operator and a
chip card issued by Nordea.
The Nordea chip card will enable customers to log on and confirm
banking and stock exchange services. The WIM (Wireless Identity
Module) included in the chip card makes it possible for users to
identify themselves and supply digital signatures to confirm their
transactions.
According to Bo Harald, head of Electronic Banking at Nordea,
"The chips issued by Nordea have undergone an extremely high
level of safety certification, and the use of the WIM application
will lead to very safe solutions because it uses chip-based secure
identification and encryption."
Harald believes the dual chip will become increasingly useful,
especially, when consumers begin to use wireless devices to conduct
larger and more complex transactions.
For more information: http://www.nordea.com/eng/
and http://www.nokia.com
MobileInfo.com’s Comments & Advisory: M-commerce
transactions must be secure - far more secure than traditional on-line
transactions because there is no human overseeing such transactions.
Therefore, far more rigorous criteria must be applied to authenticate
the initiator of a transaction. Transactions must be encrypted. WIM
seems to move the state of art of mobile transaction security to a
level where it is comfortable for the industry. No electronic security
scheme is perfect. Therefore pragmatically, for some of the
transactions, we just have to accept certain amount of business
risks.
Note: This news release may contain
forward-looking statements. Readers should take appropriate caution in
developing plans utilizing these products, services and technology
architectures. All trademarks used in this summary are
the property of their respective owners.
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