Samsung eyes payments security boost with new chip
by Chris DonkinSamsung Electronics’ semiconductor division unveiled its next generation security chip and related software, marketing the advances as enhancing protection for mobile payments, wallets, isolated storage and other sensitive applications.
The vendor said the chip and software work independently from the devices’ main processor and are designed to increase security for a range of day-to-day tasks such as booting the device, but also advanced applications including e-passports and hardware wallets for cryptocurrency.
In addition to smartphone and tablets the chip is also suitable for use in IoT devices.
Samsung Electronics SVP of marketing at its System LSI divison, Dongho Shin, said: “In this era of mobility and contactless interactions, we expect our connected devices to be highly secure so as to protect personal data and enable fintech activities such as mobile banking, stock trading and cryptocurrency transactions.”
He added its chip would be akin to “mounting a powerful deadbolt on smart devices to safeguard private information.”
The company noted the new S3FV9RR secure element chip had received the highest level of certification available for a mobile component by Common Criteria Evaluation Assurance Levels. The chip is an upgrade to its first-generation version announced in February and is expected to be available in Q3.