Iovation believes its new Customer Authentication service will provide better security and an enhanced customer service experience.
The device authentication service allows customers with known devices to bypass passwords to immediately access low-risk but confidential sections of their online accounts. Increased authentication capability including online passwords can be added for riskier areas such as user and account changes, money transfers and purchases.
As the Internet matures, it is time to address a new challenge, iovation’s Scott Olson explained.
“If the first generation of Internet security was about finding holes and the second was about patching them to keep the bad guys out, the third generation—especially for consumer sites—is about striking a balance between fraud prevention and customer experience.
“Advanced authentication technologies fingerprint devices of any type with astonishing accuracy, which helps information security teams enable and accelerate commerce and defeat identity-masking hackers while keeping real consumers in the fast lane.”
The Customer Authentication program provides greater elasticity through the use of “fuzzy logic” algorithms which incorporate updates and small changes such as fonts which are added by new apps or during regular browser updates. Accuracy is maintained because key device characteristics are still identified, even as devices iterate.
Iovation believes this SaaS-based authentication is the beginning of what it dubs “continuous authentication”, which validates logins while preventing spoofing attacks and other malicious behavior. It benefits from a dozen years of research on more than three billion known devices.
It is time to move beyond standard security procedures, an iovation client explained.
“The usefulness of the username and password as a security mechanism are long behind us, thanks to the tendency of consumers to use the same passwords across all of their online relationships and the vast number of database breaches where credentials are compromised,” Aite Group Research Director Julie Conroy said. “As a result, account takeover is rapidly rising for banks and e-commerce sites alike.
“Advanced authentication will address this through a number of emerging technologies—adaptive, continuous, contextual, behavioral and risk-based authentication. But device-based authentication is a linchpin that can serve as the first line of defense, while also improving the customer experience.”
More than 3,500 fraud managers use iovation technology to protect 15 million daily transactions. It stops an average of 300,000 transactions every day, the company said.