Sift acquires Keyless

Thursday 18 November 2021 11:01 CET | News

Digital trust and safety company Sift has acquired Keyless, a provider of passwordless and multi-factor authentication solutions.

Keyless’ zero-knowledge cryptography and privacy-preserving biometric authentication technology eliminates account takeover (ATO) fraud due to weak or stolen passwords, phishing, and credential reuse, while allowing users to log into websites and apps simply by looking into their device’s camera. Keyless’ technology meets the Strong Authentication Compliance requirements of PSD2, is FIDO Certified, and helps online businesses more easily meet the requirements of GDPR. Sift will offer Keyless products to regulated businesses and online merchants around the world.

With account takeover attacks reaching new and sustained heights during the COVID-19 pandemic, businesses have faced an ongoing, evolving threat from cybercriminals using large-scale automation to launch massive ATO attacks to steal stored account value, payment information, and other personal data. Keyless’ biometric-based authentication eliminates a primary vector of ATO attacks by solving the root problem: passwords. Adding to the ATO prevention capabilities in Sift Account Defense, Keyless provides account security for any business that is ready to embrace a passwordless customer experience through multi-factor authentication that seamlessly allows users to log in to sites and apps from any device.

Keyless’ proprietary technology frees businesses from storing and managing passwords. Rather than tying a user’s biometric factor to a password, Keyless’ SDKs allow businesses to deploy biometric logins interoperably on their websites and apps as the primary authentication mechanism, or integrate the Keyless authenticator app into the login experience. In either deployment, users can simply look into the camera on their smartphone or computer to authenticate, with a consistent experience across devices.

Importantly, Keyless puts privacy at the center of the experience by authenticating users without storing their biometric or cryptographic information on their device or in any central location—and by leveraging advanced privacy-preserving, multi-party computation protocols. The Keyless network does not have access to the biometrics, and therefore no one but the user has access to it.

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Keywords: Sift, fraud prevention, online authentication, SCA, biometric authentication
Categories: Banking & Fintech
Countries: World
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Banking & Fintech

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