A British company, due to float on the Alternative Investment Market tomorrow, reckons it has the secret to secure mobile transactions.
Broca owns the patent for a Java-based form of encrypted messaging. The service requires phone users to download a small Java programme which can then be used to send and receive encrypted messages. The company hopes it will become a component of mobile banking services and other applications.
Broca managing director Ian Price said: "Fraudsters go where there are easy pickings. As chip and PIN makes retail transactions more secure so they will start looking at mobile transactions. People are already using ordinary SMS for sending credit card details, but this is far safer."
More secure corporate communications is likely to be an early market. Banking, gambling, ticketing, and adult content are likely to be other applications.
Price predicted the service would be used for market research - the forms mean customers can easily answer questions and the numbers, because it is form-based, can be easily crunched.
"Only two per cent of companies use messaging at all - this way they will know who they are talking to and can more easily use it for marketing research."
The company was spun out of messaging specialist 2ergo.com. ®