Malaysia Combats Cybercrime with Distributed Ledger Technology

April 26, 2019

FNS Value Co. Ltd., a South Korea-based firm providing clients with research data and tech solutions, is partnering with Malaysian companies BIT Group Sdn. Bhd. and Nada Sepakat Corp. to introduce blockchain-based authentication technology in Malaysia and the wider region.

According to the New Strait Times, the collaboration — called the Tripartite Agreement — will see one of the companies serving as Relationship Consultant in Malaysia, while the other acts as Solution Consultant and Architect.

As consumers anticipate the rollout of next-generation 5G mobile networks that promise faster speeds, greater coverage, and more responsive connections, Simon Cham, Principal IT Consultant of Nada Sepakat Group, said he expects significant growth in the number of online applications and services being implemented.

He cautioned, however, that an increase in cybercrime activity is also expected, as criminals exploit the relative ease of illegally accessing online personal accounts through a range of hacking and scamming methods.

To address inherent weaknesses in current authentication systems, FNS Value has developed a blockchain-based, multi-factor authentication solution that does not require the use of passwords, while purportedly being far more secure.

The solution, known as Guardian-CCS, utilizes the unique identifiers of mobile devices to generate single-use security keys that must be validated by multiple remote users.

During the signing ceremony for the Memorandum of Agreement, FNS Value CEO Jeon Seung Ju expressed confidence that the Malaysian partners would be able to provide technical support and promotions for clients, while Nada Sepakat Group advisor Datuk Nasaruddin Ab. Ghani said the product has been met with overwhelming appreciation by major banks.

Plans are also currently underway to expand the authentication solution to other regional clients.



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