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Prove debuts passwordless digital ID authentication software and partners with Experian

Prove debuts passwordless digital ID authentication software and partners with Experian

Digital identity vendor Prove Identity has launched new passwordless login and omnichannel authentication software, Auth.

The tool protects against fraud attacks — particularly account takeovers — via phones, desktops and call centers.

“Multi-factor authentication desperately needs to evolve, as one-time passcodes and passwords are cumbersome and vulnerable to social engineering and other fraud vectors,” says Prove CEO Rodger Desai.

“These legacy methods are costly to businesses and also create friction that negatively impacts the consumer experience,” he says.

Auth is based on Pinnacle, the company’s digital identity platform designed to manage identity tokens for 90 percent of the U.S. adult population, leveraging smartphone ownership.

Auth works from onboarding to passwordless authentication and account servicing, adds Desai, who was a finalist in the Product 50, a list of prominent global product leaders compiled by digital analytics vendor Amplitude.

Prove software is used by 1,000 businesses globally in multiple industries, according to the company.

Financial inclusion partnership formed with Experian

Also this week, Prove announced it will integrate several of its products with Experian‘s digital identity and fraud platform, CrossCore. The global partnership aims to promote financial inclusion globally through advanced identity verification.

The integration has two main goals.

The first is to enable companies to extend financial services to more consumers, including underbanked populations, while mitigating digital fraud (such as synthetic identity fraud). The second goal is to bring “fast lane” digital experiences to more consumers.

“All consumers should have access to the digital economy, regardless of whether you already have a credit file or not,” Desai said.

Experian “shares our vision for a more financially inclusive digital world. Together, we are giving more companies across the globe access to advanced identity technology, such as cryptographic authentication, that they can use to verify more consumers in a quick and secure manner,” he said.

Integration will include some combination of products, based on region: Pre-Fill, to automate completion of application forms with verified data from authoritative sources; Identity, to verify customers’ IDs; Trust Score, to measure phone number reputation in real-time; and Mobile Auth, to provide real-time authentication of the status of a consumer on a mobile network.

“The rapid surge in demand for digital services and the growth of online accounts has accelerated the need for robust, real-time identity verification solutions with the broadest coverage and greatest inclusion,” says Marika Vilen, Experian’s senior vice president of global identity and fraud.

“Integrating Prove’s industry-leading identity solutions with CrossCore and offering them as part of the CrossCore partner program strengthens our state-of-the-art cloud platform, identity verification and fraud defense while also enabling our customers to verify more consumers,” says Vilen.

The partnership comes weeks after Experian published a report suggesting 82 percent of United Kingdom consumers trust behavioral biometrics to prevent fraud.

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