June 10, 2013 -
“Identity theft and data breaches resulting from compromised usernames and passwords occur with increasing frequency and they are costing the nation, and consumers, billions of dollars each year. These incidents erode trust, limit e-commerce potential, and make us feel unsafe online,” Anthony Antolino, Chief Marketing Officer of EyeLock said. “The current authentication model of usernames and passwords to secure our most important, private data has not kept pace with the rate of change in technology that is fueling our increasingly digital lifestyles.”
“EyeLock’s iris-based technology transforms the way we authenticate identities. It is rapidly proliferating the market and will play a significant role in providing consumers with the trusted identity they need to feel secure online. We look forward to working closely with the FIDO Alliance to create a safer online world for consumers.”
According to the company, EyeLock will collaborate with other alliance members to identify ad set a strategy on how to eliminate consumers’ reliance on passwords.
The FIDO Alliance (Fast Identity Online Alliance) was formed in 2012 to address the lack of interoperability among strong authentication technologies and to remedy the problems users face with creating and remembering multiple usernames and passwords. The group aims to change the nature of authentication by developing standards-based specifications that define online authentication mechanisms.
Reported previously, EyeLock recently announced a partnership with Capco, a global business and technology consultancy dedicated solely to the financial services industry, to implement EyeLock’s identity authentication security solutions in the financial sector.