KNWN facial recognition to secure authentication for Spend.com app
Spend.com is planning to integrate biometrics and artificial intelligence from KNWN to provide continuous identity authentication, protection and access from any camera-enabled device running the Spend app.
Through the strategic partnership, KNWN’s proprietary, artificial intelligence-based will provide an additional layer of security and trust for all parties to a transaction, according to the announcement.
“Now more than ever our identities, whether physical or device-related, are playing a much larger role in our daily lives,” comments Spend President Bryan Woods. “This partnership will combine the strengths of KNWN Technologies’ ability to converge unique physical and IoT identities within Spend’s SDK for both its B2C & B2B channels; enhancing an already secure environment with next-generation real-time identity validations from clients to end-users at time of point of sale and online purchases.”
KNWN’s technology analyzes device ID and user knowledge, in addition to biometrics, to perform end-to-end authentication, according to the company website. It claims to have 99.99 percent overall accuracy, and perform 1:N authentication and retrieval in less than a second. Spend provides a multi-currency banking platform that can be connected to a digital Spend Wallet and a Spend Visa Card.
“There continues to be a rapidly escalating crisis in payments, privacy and security that’s costing businesses and consumers billions of dollars annually in losses from fraud, hacks and breaches. As the online world and offline world continue to converge, and our physical and digital identities become one, the combination of our unique devices, biometrics, and knowledge have become the safest and most secure way of living,” states KNWN CEO Eric Dresdale. “We are excited to partner with a company like Spend who sees the same vision for the future that we do. The ability for our two companies to come together and provide people with seamless access to their information, as well as make private and secure transactions anywhere in the world, any time of day, without the requirement of their personal smartphone, payment card, or having to rely on vulnerable usernames and passwords is going to create a far-reaching positive impact.”
Spend plans to begin by rolling out KNWN’s technology to select markets.
A survey earlier this year indicated that financial institutions are investing in biometrics and multi-factor authentication to wean themselves off of ineffective legacy identification processes.