Signicat launches mobile authentication product

Identity assurance firm Signicat has launched MobileID, the company’s new mobile authentication product.

In addition to providing fast onboarding and identity assurance to financial service providers using several digital identity schemes, Signicat now offers strong customer authentication (SCA) using the end-user’s smart device.

The European Union’s upcoming Payment Services Directive (PSD2) legislation will mandate that many transactions over €30 (US$33.8) must be authorized with at least two-factor authentication.

MobileID will enable financial services providers to offer multi-factor authentication in advance of this legislation in a way that is convenient to consumers and not result in abandonment.

The mobile authentication product transforms the consumer smart device into a security credential, turning it into ‘something you have’ factor for authentication,.

In addition, the customer’s PIN code acts as the ‘something you know’, while biometric data can be used as a third ‘something you are’ factor.

MobileID allows banks and other financial service providers to offer multi-factor authentication without having to acquire additional hardware or demand that customers to enter a one-time password from an SMS or a separate application.

As an alternative, MobileID leverages smart device capabilities, such as the latest biometrics, to deliver simple and 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 percent of their potential customers at this stage,” said Gunnar Nordseth, CEO of 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 enabling the smart device to authenticate without a data connection; and defenses against jailbroken devices and debugging attempts.

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