Passfaces today announced the release of Passfaces v2.3 for Online Financial Services designed to help financial institutions meet requirements of the FFIEC guidance to strengthen online banking security.
Passfaces is an innovative, patented strong authentication technology that leverages the brain's innate cognitive ability to recognize human faces - a powerful and completely intuitive skill that is independent of age, language or education. Passfaces authenticates the person, rather than a device or piece of software and cannot be forgotten, lost or easily stolen. The technology meets all requirements for consumer authentication - security, usability, reliability, portability, manageability and low cost - providing a highly reliable strong authentication solution that builds customer confidence while supporting the business risk management objectives specified by the FFIEC.
Passfaces has been successfully deployed in high level government organizations and is widely accepted by end users. "Security, no matter how good it is, only works if people use it," said Paul Barrett, CEO of Passfaces. "Financial institutions are struggling with high cost alternatives to passwords that quite frankly many users just don't want. Passfaces is an easy to use alternative that is fully scalable at a cost well below other offerings."
Passfaces is a cognometrics authentication technology based on the mind's natural ability to recognize faces. End users are issued a set of faces that must be correctly recognized to allow login. There are no complex procedures to learn and no software or hardware to be installed. No other authentication technology has achieved such high user acceptance. According to Esther Dyson, Chairman of EDventure Holdings and Passfaces Investor, "Passfaces is an extraordinarily clever approach to user authentication, based on what's in people's minds rather than what they keep on a scrap of paper or in a file."
According to Barrett, "Too many institutions are trying to address today's Internet authentication problems by settling for technologies developed twenty years ago. Hackers and attackers are always thinking outside the box and security vendors and implementers must start doing the same."