AuthenticID licenses portfolio of payment authentication patents
Collective Dynamics said the latest ‘Biometric + PIN on Glass’ patent that emphasizes a ‘device as an authenticator model’ brings the total number of the company’s patents licensed under the agreement to five issued and allowed patents.
Together, the patents address key, payment-processing industry emerging trends, vulnerabilities and use cases and specifically target the flaws of legacy authentication models which are based on passwords, PINs and signatures.
“With each new authentication method or control come new forms of fraud,” said Steve Bacastow, founder and CEO of Collective Dynamics, Inc. “While biometrics are considered far superior to PINs, static biometrics have recently been shown to be vulnerable to spoofing. For this reason, multi-factor authentication and multi-modal technology are required to leapfrog the bad actors. Under this latest patent, a PIN is captured contemporaneously with a biometric factor either directly from the mobile device user interface or from a connected device such as a wearable device.”
The Collective Dynamics patents, with priority filing dates of almost 10 years, anticipated many industry issues and describe the use cases and solutions that are required in current payment industry including a rules-based system configurable by networks, issuers, merchants, and consumers; omni-commerce venues including ecommerce, physical, and mobile; payment tender types including cards, tokenized, gift, and alternative; biometric authentication using a mobile device; and a multimodal, mobile user interface.
“This newest patent complements AuthenticID’s already FIDO-compliant authentication solution which uses the mobile device as an authenticator in connection with consent-based transaction authentication models,” said Blair Cohen, AuthenticID’s founder and chief evangelist. “There is an opportunity for AuthenticID to leverage its technology and leadership position in identity management to help its customers navigate through these complex issues.”
These Collective Dynamics patent rights will extend to AuthenticID’s Smart Identity platform and token sale that aims to transform identity-related blockchain applications.