OneID Releases New Two-Factor Auth Solution For Finance IndustryOneID Confirm protects consumers with secure transaction approvals on devices people have already
REDWOOD CITY, Calif. – May 14, 2013 – OneID, the first digital identity provider to eliminate the need for usernames and passwords, released today OneID Confirm, a customizable, easy-to-use two-factor authentication solution. An extension of its consumer identity suite and built specifically to meet the stringent security requirements of the financial services industry, OneID Confirm protects consumers against the most common cyber security threats and reduces fraud, without adding any site-specific architecture for the institutions to implement.
OneID Confirm is based on the same architecture as the OneID Suite, a set of integrated digital identity solutions that eliminate the need for shared secrets. Instead, OneID relies on device-based, cryptographic secrets for authentication rather than more shared personal information. That combination – more security and better usability – is the foundation of OneID.
Online fraud and cyber theft cost financial institutions an estimated $3.5 billion in 2012 and costs are increasing, prompting banks to seek more secure user authentication solutions. The guidelines from the Federal Financial Institutions Examination Council's (FFIEC), a public-private standards council for financial institutions, call for financial institutions to deploy authentication controls that meet new and evolving threats to online accounts. OneID Confirm ensures banks meet the requirement by providing a usable, flexible multi-factor authentication solution that protects from today's security threats, while ensuring end users can still easily access accounts.
"OneID is focused on delivering secure consumer authentication without the need for personal information – like a username and password, and OneID Confirm delivers on that promise," continues Doll. "Our two-factor authentication approach protects consumers and institutions alike without needing more shared secrets and opening up more liability and data breach risk."
OneID Confirm offers financial institutions the following benefits:
Customization: Financial institutions may set multiple triggers for authentication, enabling some transactions to clear without additional end user approval while larger purchases or money transfers, for example, may require account holder approval. Further, banks may use OneID to replace or integrate with and augment existing authentication solutions.
Mobile Support: OneID Confirm makes online banking easier and more secure by instantly providing multi-factor authentication through devices users already have.
Non-Repudiation: Digital signatures authenticate transactions, providing non-repudiation assurance for financial institutions and greater fraud protections for end users.
Simple Customer Enrollment: OneID Confirm provides online enrollment for end users and as a federated digital identity provider, the solution enables account holders to use their digital identities at multiple outlets in a fully secure fashion.
"Financial services organizations – like many others – recognize the need for stronger user authentication and security, but struggle to find technologies that are easy for customers to use and understand," said Doll. "OneID's specific, scalable and granular approach to multi-factor authentication represents the first step toward deploying the full OneID Suite, which authenticates users without the need for usernames and passwords – all without impacting the user experience."
In addition to OneID Confirm, the full OneID Suite features additional solutions that go further to create a more secure and easy online experience for consumers. The OneID Suite eliminates usernames and passwords by instantly authenticating users through code embedded in their personal devices, such as smartphones, tablets or PCs. OneID solutions also simplify online transactions to just a click or a tap while providing a flexible, customizable solution that enables secure, out-of-band transaction authorizations.
OneID will be demonstrating OneID Confirm at FinovateSpring in San Francisco on May 14. The event, which runs May 14-15, showcases innovative technologies in banking and finance and spotlights a selective lineup of new technologies.
For more information on OneID Confirm visit www.oneid.com/solutions.
OneID is the first digital identity provider to eliminate the need for usernames, passwords and site-specific accounts, making the online experience simpler and more secure. OneID enables online transactions without typing by instantly recognizing individuals through their unique digital identity. OneID combines advanced, military-grade cryptography and a distributed cloud architecture to authenticate users through registered devices, like computers and smartphones. For businesses, OneID reduces fraud and eliminates the costs and risks associated with managing and securing customer accounts and data. Based in Redwood City, Calif., OneID was created by search engine Infoseek founder Steve Kirsch and is backed by Khosla Ventures and North Bridge Venture Partners. For more information or to create your OneID, visit http://www.oneid.com.