In the digital age, authentication is more important than ever. With so much of our lives taking place online, we need to be sure that our identities are protected. That’s where biometrics come in. Biometrics are unique characteristics that can be used to identify an individual. Common biometrics include fingerprints, iris scanning, and facial recognition. By using biometrics for authentication, we can be sure that only authorized users have access to our online accounts. In addition, biometrics are often more convenient than traditional methods like passwords. With a password, you have to remember a complex combination of characters. But with biometrics, all you need is your fingerprint or your face. As biometrics become more common, we can expect to see them used for authentication more and more.
Entersekt has deployed risk-based authentication solutions at banks worldwide that utilize secure channels and biometrics to enable assured authentication in under 10 seconds. Entersekt has teamed up with Bonifii (once known as CU Ledger) to enable a Self-Sovereign digital ID. This digital ID is controlled by the member, who can enable their credit union membership status to be shared and validated by the credit union directly with all other Sovrin-enabled entities; including other credit unions, banks, government agencies, and businesses worldwide.
“‘We are very excited to work with Bonifii to bring Entersekt’s expertise in context-aware passwordless authentication to credit unions. The joint new solution leverages artificial intelligence to protect members from fraud by analyzing the context (such as identity, behavior, location, device, and channel) of each user journey in real time. This informs the most appropriate member authentication method that will be used, and means that members will now benefit from industry-leading authentication, while enjoying a fast and smooth user experience,’ says Schalk Nolte, CEO at Entersekt.
Entersekt’s solutions have long been characterized by a strong, secure platform that becomes a springboard for innovative user journeys. The company has a strong track record with over ten years’ experience in financial services: its technology is used by numerous banks, payment processors, insurance companies and other financial institutions worldwide, securing over 1 billion events every month.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
