Jumio and Keyless partner to use selfie biometrics for passwordless authentication
The partnership enables customer enrollment for biometric authentication with a selfie, and the same selfie to be used by Keyless to replace OTPs for authentication.
Account takeovers made up over half of all fraudulent transactions in 2020.
“With the explosion of digital payments, it’s becoming increasingly difficult for financial institutions to be assured that a transaction or payment is being authorized by a genuine account holder instead of a bad actor – our partnership with Jumio aims to change this for good,” comments Keyless Co-founder and Chief Operating Officer Fabian Eberle.
The use of the same selfie biometrics enhances authentications with a high assurance level, with Keyless further increasing assurance through device verification checks. This use of a second factor provides compliance to the PSD2-SCA standard.
Eberle says the partnership allows financial institutions to strengthen identity assurance across the entire authentication lifecycle, including payment authorization and account recovery, without adding complexity or risk exposure.
“With our new partnership, Keyless and Jumio are tearing down the barriers between authentication and identity, strengthening assurance tenfold and making account takeover attacks futile for bad actors, who can no longer exploit compromised credentials, phone numbers and other personal information to commit account takeover fraud,” says Stan de Boisset, VP of Global Partners at Jumio.
The addition of Keyless’ privacy-preserving technology does not require banks to gather informed consent from customers to use their data, and helps with regulatory compliance.
The market for passwordless authentication is forecast to reach $6.6 billion by 2025.