Prove launches passwordless identity authentication solution Prove Auth

Prove Auth enables companies to reduce reliance on passwords and one-time passcodes (OTPs) and empowers consumers to frictionlessly authenticate in all channels including phones, desktops, and call centres with a solution that is simple, cost-effective, and secure. Prove Auth protects consumers from fraud including account takeovers.

Identity tokens for seamless authentication

Prove Auth is supported by Pinnacle, Prove's identity platform which manages identity tokens for 90% of the US adult population and is rapidly expanding globally. Prove's identity tokens enable passive authentication with unparalleled accuracy versus legacy methods that are probabilistic and cumbersome. 

With the launch of this solution, Prove can now effectively provide its clients a frictionless and secure end-to-end digital customer journey when paired with Prove’s identity verification and identity management solutions.

Officials from Prove stated that multi-factor authentication needs to evolve, as one-time passcodes and passwords are cumbersome and vulnerable to social engineering and other fraud vectors. They are excited to add Prove Auth to their solution portfolio as their clients can now use Prove to establish and maintain high trust throughout the digital customer journey, from new account opening, to passwordless authentication and account servicing.

Weak passwords facilitate identity fraud

A recent survey conducted by OnePoll on behalf of Prove discovered that 79% of US consumers have six or fewer go-to passwords across all of their online accounts, while 62% would abandon trying to log into an account after just three failed password attempts. The poll also found that 22% of respondents have been a victim of identity fraud, while an additional 36% knew someone who was a victim, further illustrating the need for passwordless identity authentication.

Prove’s solutions are used by more than 1,000 businesses globally across diversified industries, including 8 of the top 10 banks, 3 of the top 5 retailers, 2 of the top 3 cryptocurrency exchanges, 2 of the top 3 healthcare companies, and 6 of the top 10 insurance companies in the US.

More details on Prove Identity

As the world moves to a mobile-first economy, businesses need to modernise how they acquire, engage with and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries, including banking, lending, healthcare, gaming, crypto, ecommerce, marketplaces, and payments.