Mobile phones: security tokens for the next decade?

Mobile phones are becoming increasingly multi-purpose. Not so many years ago, a mobile phone was for making calls and sending text messages; the arrival of smartphones meant they could also be used to play games and browse the web; now we rely on them for almost everything – from navigating cities to making payments in shops.

So why not use them for security too? For years, banks have relied on hardware tokens to provide an extra layer of authentication for online banking. These supply one time passcodes that are required alongside a user name and password to complete a transaction. Many businesses also issue smartcards and key fobs that give employees access to buildings.

Smartphones today are capable of carrying out all these functions and more – plus they come with the added convenience of being always at hand. A survey by market research firm IDC back in 2008 found that a third of workers would choose their mobile phone over their wallet or keys if they had to leave the house for 24 hours and could take only one item.