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Hypr pivots to identity assurance, launches new product

Hypr pivots to identity assurance, launches new product

After focusing on decentralized and passwordless authentication, Hypr is expanding to identity assurance with a new platform that includes a brand new identity verification product.

The Hypr Identity Assurance Platform will provide liveness detection, facial recognition and fraud detection, according to Hypr’s release. The platform is meant to provide businesses with a unified suite of tools to prevent identity-related risks both for customers and employees.

The new platform will include the FIDO2-certified passwordless authentication tool Hypr Authenticate, introduced in March, and adaptive protection for authentication called Hypr Adapt, which was launched in August. The platform will also include a third tool, the new identity verification product called Hypr Affirm. The company describes Hypr Affirm as a user-friendly and secure method for confirming workforce identities designed to enhance the security of sensitive corporate information and systems.

To complete its transition, Hypr is also re-branding itself from “The Passwordless Company” to “The Identity Assurance Company.”

“Identity-based security has lagged behind other areas in cybersecurity,“ says Bojan Simic, CEO and CTO of Hypr. “Identity Assurance takes a truly comprehensive and proactive approach because Zero Trust starts at day zero. We built a solution that encompasses the entire identity lifecycle, ensuring that you can know that somebody is who they claim to be at all times.”

The Hypr Identity Assurance Platform will include features such as chat and video as well as document verification that can enable auditable attestation by managers.

Hypr estimates that authentication-attributed breaches cost organizations an average of US$2.95 million per year, according to its research on passwordless security released in March this year.

The New York-headquartered company, founded in 2014, claims that it serves more than one billion users in 125 countries. It has received $97 million in funding from venture capital firms, including .406 Ventures, Advent International, Comcast Ventures, RRE Ventures, Samsung Next and Top Tier Capita.

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