There are incredibly exciting times ahead with regards to digital wallets in the EU – On February 29, 2024, the EU Parliament approved changes to the eIDAS regulations, paving the way for a unified digital identity across Europe. This regulation is set to be effective by the end of March, initiating a sequence of actions including a six-month deadline for outlining the EU Digital ID Wallet’s technical specs, with full implementation by 2026 ( where each member state needs to make a digital identity available to its residents) .

This advancement aims to provide an interoperable digital identity framework that allows individuals and businesses to securely integrate personal details such as IDs and educational qualifications into digital wallets, fostering a streamlined, digital Europe. The digital wallet is designed to be voluntary, emphasizing user control over data through technologies like zero-knowledge proofs, which ensure privacy and security by encrypting user data with a unique key. For those interested in the detail, Section 5 of the Architecture Reference Framework lists the current mandatory, optional, and possible additional attributes that are included in the eIDAS framework.

Why is it important to Covr – At Covr, we are already deeply aligned with the EU objectives, having created a digital wallet for the EU’s horizon project. Our vision is a decentralised wallet where the users is in complete control of the distribution of the attributes on the wallet, and yet it is something that is highly secure and easy to be shared securely within an interoperable digital framework.

Zero Trust First – Zero-knowledge proofs are pivotal for privacy and security in digital identities, as they enable verification without revealing underlying information. This technology allows a party to prove the possession of certain information, like an identity attribute, without exposing the information itself, thus maintaining privacy. Covr Security integrates such technologies by ensuring that users can authenticate and perform transactions securely, without compromising personal data. This approach aligns with the EU’s digital wallet initiative by bolstering trust and security, making digital interactions safer and more private.

The impact and implications – The EU digital wallet initiative holds profound implications for citizens and businesses, streamlining access to services across borders while enhancing security and privacy. For individuals, it promises greater control over personal data and simpler interactions with both public and private sectors. Businesses stand to benefit from a unified digital market, reducing friction in customer interactions and transactions, fostering trust, and potentially driving innovation in services and identity verification processes. This initiative could significantly impact how personal identity and data are managed and utilized in the digital age.

The challenges and opportunities – The EU’s digital wallet implementation faces challenges like ensuring widespread adoption, addressing the digital divide, and maintaining robust security and privacy protections. Being based in Sweden, Covr understand well what it took to move BankID from a new , hardly used initiative to something that now covers 98% of the Swedish population. We know what the opportunities look like too – including fostering a unified digital market, enhancing user control over personal data, and spurring innovation in digital services. Success hinges on balancing these aspects while promoting inclusivity and trust

Join us – As we embark on this transformative journey with the EU’s digital wallet initiative, we invite any stakeholder to reach out to us to help shape a secure and inclusive digital future. Together, let’s seize this opportunity to innovate, secure, and simplify digital identity and transactions for everyone in the EU.

Come meet the Covr team at Leap 24, and hear first hand of our recent successes. Understand how you too can deliver a more secure and user friendly customer experience in a matter of days. Reach out to our Chief Commercial Officer, George Fraser ,on Linkedin to set a meeting up with the team.

Covr are excited to announce that our Chief Revenue Officer, George Fraser, and the team will be attending Intersec 2024 in Dubai ! It takes place from the 15th to the 18th January 2024 at Dubai World Trade Centre, and is a fantastic opportunity to connect and discuss the latest in cybersecurity trends. We are looking forward to meeting industry peers and sharing insights. If you’re attending and would like to meet, please feel free to reach out to George and the team on LinkedIn. Let’s connect and explore collaborative possibilities !

Covr Security is thrilled to announce a landmark achievement in the banking sector with a multi-million dollar deal with a prominent Asian bank. This major win involves transitioning the bank from traditional physical hardware tokens to a state-of-the-art, all-digital multi-factor authentication (MFA) system. This shift represents a significant leap forward in digital security, offering a more streamlined, efficient, and user-friendly experience. Covr Security’s role in this project highlights its expertise and commitment to delivering advanced, secure, and innovative digital solutions for the financial industry. The successful implementation of this project not only demonstrates Covr Security’s technical prowess but also cements its position as a leader in digital security transformation.

Oue expectation is that this deal will rapidly expand to include further divisions of the bank. Watch this space for further updates

We are excited to announce a remarkable achievement in the digitisation of access to physical premises using Digital Identity. As part of a a collaboration between Oribi Group (https://www.oribi.nl/en) and Covr Security (https://lnkd.in/dkynfKyK), our recent demonstration at a major European port marks a significant milestone in this joint effort.

The project centred around the development and deployment of the ShowID system, an innovative digital process designed to revolutionize the way port authorities (or any other business for that matter) manages physical visitor access. This system was meticulously crafted and demonstrated at a European port (details to follow…), showcasing its unique capabilities.

Our approach was to simplify the visitor registration process. With ShowID, visitors can register their credentials digitally in advance, leading to a seamless and more secure entry on subsequent visits. The system integrates ID verification, ticket claiming, and secure access control, all streamlined through a user-friendly app and customer portal.

What sets ShowID apart is not just the reduction in waiting times at the gates or the lowered administrative burdens; it’s about how we’ve developed a re-usable digital ID that is only stored in the users device (and shared only when given permission by the users), but also the detection of unauthorized access attempts, as our ID can only be created using a passport or national ID that contains a chip (which we validate against). The result is a system that not only bolsters security but also optimizes the operational workflow.

This project is a testament to the power of collaboration in achieving innovative solutions. As part of the EU’s Horizon research and development programme, we are indebted to SecureIT (www.secureit-project.eu) for their support and funding, which was instrumental in bringing this vision to life.

As we prepare to share more details about this ground-breaking project, we invite you to reach out to us directly if you’re interested in learning more or exploring how ShowID can benefit your operations. Stay tuned for more updates and a deeper dive into this transformative security solution.
hashtag#COVR hashtag#ORIBI hashtag#SecureIT hashtag#digitalidentity

Covr are excited to announce that our Chief Revenue Officer, George Fraser, and the team will be attending Seamless 2023 in Riyadh ! It takes place from the 4th to 5th September at Riyadh front, and is a fantastic opportunity to connect and discuss the latest in cybersecurity trends. We are looking forward to meeting industry peers and sharing insights. If you’re attending and would like to meet, please feel free to reach out to George and the team on LinkedIn. Let’s connect and explore collaborative possibilities !

The more popular mobile platforms become for money transactions the more important the security aspect becomes.

The new EU regulation PSD2 that recently has come into play requires stronger identity checks by the users themselves when they pay online. When customers access their online payment accounts, initiate electronic payment transactions, or perform other actions through remote channels, so-called strong authentication is required.

The users are actually not allowed to authenticate themselves with just one static password anymore. The transition from passwords to a combination of login codes and biometrics or tokens can be troublesome – and expensive – for banks and payment services, and this is where Covr is the ultimate solution!

The users are actually not allowed to authenticate themselves with just one static password anymore. The transition from passwords to a combination of login codes and biometrics or tokens can be troublesome – and expensive – for banks and payment services, and this is where Covr is the ultimate solution!

PRESSMEDDELANDEN Published 27 november 2020

Synch har agerat legal rådgivare till CovR Security AB i samband med bolagets nyligen genomförda finansiering om ca 20 miljoner kronor.
Patrik Malmberg, co-founder och CEO. ”Vi har sedan länge anlitat Synch för legal rådgivning avseende kapitalanskaffningar, kommersiella avtal, regulatoriska – och immaterialrättsliga frågor. Synchs kompetens och erfarenhet kombinerat med deras förståelse för de utmaningar som tillväxtbolag som är inne i en internationell expansion, ställs inför, har varit ovärderlig.”

Covr Security tillhandahåller en mobil multifaktor autentisering som en tjänst (likt ett globalt bank-id) till ett brett spektrum av branscher som är beroende av stark kundautentisering, till exempelvis banker, betalningsnätverk, kreditkortsföretag, eID-leverantörer, IoT-företag och mobiloperatörer. Bolagets användarvänliga lösning bygger på en modern arkitektur med ursprung i nordisk banksäkerhet.

Synchs team i kapitalanskaffningen bestod av Andreas Börjesson och Emma Lundberg. Synchs team för övriga områden består av Erik MyrbergVeronica UddstenAnders HellströmMathilda Nordmark och Johan Tydén.

Synch är en internationell advokatbyrå med fokus på digitala affärer och teknologi. Synch erbjuder en flexibel leveransmodell där Digital services kompletterar firmans tjänster inom Advisory services, Projects & Transaction Services och Managed services, SynchWherever. Synchs Projects & Transactions grupp är specialiserade inom privat och publik M&A, venture capital investeringar och finansiering, särskilt i förhållande till teknologi-företag.