As per information provided in the company’s announcement, Tax Status implemented authID’s Human Factor Authentication services (HFA) looking to enable its enterprise partners in wealth management, lending, accounting, and other financial service providers to protect highly sensitive data, defend against password compromise, and secure their consumers’ account onboarding.
The HFA service helps secure customer journeys by leveraging strong identity and documents authentication that helps identify fraud during online customer onboarding. Furthermore, HFA helps eliminate the risks and costs of passwords by providing FIDO2 passwordless authentication which enables seamless login across both mobile and desktop devices.
When there are high-risk transactions or where an additional audit trail is required for compliance, HFA helps deliver unphishable authentication through a combination of passkeys and device biometrics with live cloud biometrics, thus adding a second factor for the user’s verification.
Representatives of authID have stated in the press release that consumers that provide highly sensitive data to third parties should benefit from an identity solution that can preserve their privacy and keep their information secure from fraud and theft. With this knowledge at its basis, the company’s Verified platform prioritises ethical, consent-based biometrics and provides Tax Status and their clients with a detailed fraud prevention solution and ‘unphishable’ authentication that is believed to be increasingly secure, in comparison with legacy MFA. By partnering with Tax Status, authID supports the company’s efforts in protecting US taxpayers against cybercrime and in empowering a financial system that prioritises data privacy and consent in identity authentication.
By leveraging authID’s combination of FIDO2 passkeys with phishing-resistant biometric identity assurance, Tax Status in enabled to prevent identity fraud and account takeover, comply with the Internal Revenue Service’s taxpayer identity authentication mandate, and deliver an improved customer experience.
Tax Status officials have stated that through the authID partnership, they can now offer fraud prevention and enterprise security technology without having the convenience and the user experience compromised.
A fully digital IRS account monitoring solution, Tax Status provides continuous access for any business or individual to income and all official IRS financial data. Having analytics and ongoing monitoring capabilities, Tax Status helps deliver critical notifications and insights that can be leveraged by lenders, businesses, and individuals to make more informed decisions.
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