Australians may soon need to carry around a small device in order to access banking and basic services.
A portable digital device, VeroCard can act as a personal digital vault at all times and has been hailed as the future of online security.
Melbourne man Hector Daniel Elbaum, who created mobile wireless EFTPOS in the 1990s, is behind the invention.
Elbaum said the ultra-secure device will “guarantee that your ID will never be hacked”.
“There’s no known ways to hack it at the moment,” he said.
The device has been in the works for 20 years and is currently being used by defence forces and intelligence agencies.
It works by removing the task of ID verification from the phone, becoming the secure link to all logins and payments.
Elbaum claimed if cyberattack targets Optus, Medibank and Latitude used them, none would have been hacked.
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“It’s not just a maybe, it’s an absolutely. From protection of ID in the market, nothing gets even close to this,” he said.
They want big corporate companies to hand out the devices to employees and sell them direct to the public this year, with a monthly fee of $25.
But some cyberexperts say people just won’t go for it.
“We carry a mobile device for a reason, not to carry anything else with it,” Monash University cybercrime expert, Professor Nigel Phair, said.
“People don’t like friction when it comes to logging on to anything and anything external to the device.
“I just don’t think will get traction in society.”
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