Source: Signicat
Signicat, the first and largest identity assurance provider in the world, has launched MobileID, its mobile authentication product.
In addition to offering financial service providers speedy onboarding and identity assurance using a number of digital identity schemes, Signicat now also offers Strong Customer Authentication (SCA) using the end-user’s smart device.
Upcoming PSD2 legislation will demand that many transactions over €30 must be authorized with at least two-factor authentication. MobileID will put financial services providers ahead of this legislation, not only by offering multi-factor authentication, but offering it in a way that is convenient to consumers and will not result in abandonment.
MobileID works by turning a consumer smart device into a security credential. The device becomes the ‘something you have’ factor for authentication, while a PIN code becomes the ‘something you know’ and biometric data such as fingerprints can be used as a third ‘something you are’ factor.
MobileID allows banks and other financial service providers to offer multi-factor authentication without the need to provision additional hardware or demand that customers copy and paste a one-time password from an SMS or a separate application. Instead MobileID harnesses smart device capabilities, including the latest biometrics, to deliver simple but secure access to digital channels.
“A speedy onboarding and application experience is a must for financial services providers who don’t want to lose 40% of their potential customers at this stage,” said Gunnar Nordseth, CEO, Signicat. “Keeping these customers means giving them the best experience possible when accessing services and authorizing transactions - MobileID gives customers that simple experience while meeting PSD2 requirements way ahead of these regulations being adopted.”
MobileID’s features include:
• Device agnostic, with support for both the latest iOS and Android devices
• The ability to add existing and future device-based authentication technologies
• Device and user intelligence, including geolocation, for risk-based authentication
• An offline mode so the smart device can be used to authenticate without a data connection
• Defenses against jailbroken devices and debugging attempts
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