IDnow joins FIDO Alliance to help boost online transaction security
Biometric identification and eSigning provider IDnow has come aboard the FIDO Alliance, alongside tech giants such as Google, Amazon, Softbank, and Facebook, to boost online transaction security by helping to create authentication standards and scaling down password reliance, the company announced.
IDnow delivers Identity-Verification-as-a-Service solutions developed in line with the strict regulatory requirements of the German financial market to more than 250 clients, including Bank of Scotland, Telefonica Deutschland, Western Union, Lottoland, Provinzial NordWest Group, and UBS.
“It will be a very exciting project for IDnow to develop the identity verification market even more actively over the next few years as part of the FIDO Alliance,” said Andreas Bodczek, CEO of IDnow. “We look forward to working with other interesting companies in the technology industry and are proud to become a member.”
The FIDO Alliance and its partners work together to establish authentication standards for mobile, web and desktop applications. Leveraging cryptography, security keys and biometrics, FIDO authentication is said to be more secure and user-friendly compared to passwords and SMS-based two-factor authentication.
“We are pleased to welcome IDnow as a member of the FIDO Alliance. IDnow brings innovative AI-based identity verification technology and a high level of security experience to the Alliance,” said Andrew Shikiar, executive director and CMO of the FIDO Alliance. “We look forward to their contributions and input, especially as we work as an industry to provide security standards and best practices for identity verification techniques in the context of identity binding to FIDO devices during registration and account recovery.”
Since the end of 2018, IDnow has grown its product offering to include AutoIdent, a fully automated product based on Artificial Intelligence.