Like all other Diversinet mobile tokens, its MobiSecure line has been developed as an OATH-compliant one-time-password application on mobile phones authenticated by the MobiSecure Authentication Service Center. The initiative for Open Authentication, or OATH, is a collaboration of device and application companies that are pushing the use of strong authentication.
The Diversinet product line includes MobiSecure Tokens for online access applications, an SMS Token authenticator for online access, and the MobiSecure Browser Plug-In Token for mobile VPN access.
Online and mobile networks are seen as prime targets for transaction fraud, identity theft, and identity misrepresentation.
Diversinet has been in stealth mode for the last few years following the failure of early mobile content services, for which it created WAP-compliant root certificates that were integrated into Openwave Systems’ handset micro-browser. But the Toronto, Canada-based company believes it is set for a revival with the growth in mobile payments, mobile gaming, and mobile-enabled enterprise applications.
Diversinet still needs to prove it can return from the limbo brought about by the cut in operator spending, however. In its most recent financial results, for the 12 months ended December 31, 2004, the company reported revenue of $7.0m compared with $8.5m in the year-ago period. That made for a net loss of $7.5m, compared to a net loss of $4.9m for the 12 months ended December 31, 2003.
