Keyless, a passwordless authentication provider, has partnered with Jumio, the identity proofing and compliance solutions provider. The collaboration looks to help financial institutions fight rising instances of account takeover fraud.
Keyless and Jumio’s partnership is to leverage the same selfie used during identity verification checks with Jumio when customers are enrolled for biometric authentication with Keyless. The solution aims to offer an alternative to reverting to one-time passwords (OTPs) for authentication.
Because OTPs offer low levels of identity assurance later in customer lifecycles, the two have collaborated to enhance the protection of consumers. Jumio’s identity proofing and eKYC solutions look to accurately and compliantly verify digital identities. The company looks to make use of these solutions to benefit consumers.
Via the new solutions, banks will be able to confirm that the person authenticating is the same person who originally completed identity verification checks with Jumio.
Keyless also performs device verification checks during each authentication, providing a seamless second-factor security challenge to add a new layer of checks to further enhance assurance.
Supporting consumers and banks alike
Fabian Eberle, co-founder and chief operating officer at Keyless, explained the aims of the partnership. “It’s becoming increasingly difficult for financial institutions to be assured that a transaction or payment is being authorized by a genuine account holder instead of a bad actor. Our partnership with Jumio aims to change this for good.”
“Financial institutions using Keyless can now strengthen identity assurance across the entire authentication lifecycle, from payment authorization to account recovery, without adding unnecessary complexity to the authentication process and without exposing themselves to risk,” he said.
Banks can leverage Keyless to achieve identity assurance without requiring informed consent from customers. This solution also removes risks to customer privacy, enabling banks to enhance compliance capabilities in line with evolving data privacy regulations.
Eberle also said: “This is a game changer for the financial institutions, who are currently grappling with startling instances of fraudulent account takeovers and desperately need a way to strengthen identity assurance without exposing themselves to compliance risk.”
Stan de Boisset, VP of global partners at Jumio, also commented on the partnership. He explained the positives of nullifying the need for OTPs. “With our new partnership, Keyless and Jumio are tearing down the barriers between authentication and identity, strengthening assurance tenfold and making account takeover attacks futile for bad actors, who can no longer exploit compromised credentials, phone numbers and other personal information to commit account takeover fraud,” he said.
Image and article originally from thefintechtimes.com. Read the original article here.