The password has been on life support for years. Two-factor authentication with SMS OTP has been proven safer, but just as it was gaining traction, NIST stated it was unsafe and should not be used. Physical biometrics is getting a lot of buzz, but not every device can read a fingerprint or eye scan; and consumers have expressed concerns over storage of this very personal data. Even the chief of the UK’s Treasury Select Committee has asked bank regulators to consider what happens when biometric data is stolen.
With card-not-present fraud on the rise and more transactions taking place via mobile device, it’s time for an authentication method that not only reliably authenticates users — reducing risk and potential fraud — but also protects users’ privacy without disrupting the customer experience. That’s why we’re excited to demo our iDNA authentication platform at Money2020 in Las Vegas, Oct. 23-26.
At the heart of iDNA is our patented Digital Biometrics technology which studies up to 900 attributes to recognize users based on the personalized data on their mobile device. By learning how the data changes based on usage, we can create an anonymized profile that represents the user, not just the device. This means the user can be safely recognized on any device – even new ones.
How do Digital Biometrics compare to existing methods, as well as other emerging technologies? For online services, it is more reliable. Since the user is recognized based on data from their mobile device, online services don’t have to be concerned about whether a password has been stolen, a fingerprint has been lifted or if an online image has been copied from a social media site. While it is possible for a hacker to steal all of a user’s data, creating a hardware/network/software environment equivalent to the actual user and behaving as the user does is highly unlikely.
For users, it is more secure and convenient. They, too, do not have to worry about passwords being stolen; they also don’t have to remember a complicated password or try to key it in to their mobile device. Digital Biometrics uses anonymized data analytics, so no private information is at risk.
We realize there is no one perfect authentication method which is why we believe iDNA with Digital Biometrics is the best “first layer” in a risk-based authentication environment. Our SDK integrates well with existing solutions. If a user can be safely recognized at launch, no further action is required. In the event suspicious activity is detected, a second layer — such as a PIN or physical biometric — can be deployed.
We invite you to stop by Booth #628 at Money2020 and see how we’re bringing security and usability together for an innovative authentication method whose time has come. If you’d like to schedule a time to meet with us at Money2020, or want to see a demo in advance, contact us today!