Digital access platform Mitek has released MiPass, a passwordless identity authentication solution to streamline access to digital accounts.
To access an account through MiPass, a person simply uses their smartphone to take a quick selfie and then record a phrase.
Miktek claims that by combining these two reduce the risks associated with on-device stored biometrics, which can easily be compromised, shared between people or overwritten with a simple passcode.
According to Mitek, over 80% of hacking breaches involve the use of stolen passwords or credentials. Furthermore, fraud can cost a large company as much as $1m each year.
By moving to a passwordless approach to digital account authentication, companies can both increase customer loyalty and reduce their own risk from identity theft and account takeover attacks.
As MiPass algorithms have been developed and tested against balanced and representative data sets to avoid bias, MiPass can accurately authenticate customers regardless of race, ethnicity, age or gender.
Mitek CTO Steve Ritter said, “MiPass provides the highest level of digital security available today.
“MiPass combines voice and face recognition using sophisticated liveness detection technology to defend against digital and deepfake attacks in real time.”
Mitek previously released a ‘spoof-proof’ facial comparison solution and it only requires one selfie.
Copyright © 2022 FinTech Global
Copyright © 2018 RegTech Analyst
