An average person “has more than 100 passwords to manage, often making it difficult and frustrating to complete even the simplest online transactions.”
Enter MiPass from Mitek (NASDAQ: MITK), a passwordless identity authentication solution that “allows a person to access digital accounts effortlessly and securely using two features that are uniquely theirs: voice and face.”
How: To access a digital account using MiPass, “a person simply uses a smartphone to take a quick selfie and then record a phrase.”
Why: Combining the two is “a significant security improvement beyond the face recognition-only systems many use today.”
Authenticating digital identities with MiPass “reduces the risks associated with on-device stored biometrics, which can be easily compromised, shared between people or overwritten with a simple passcode.”
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.”
Experts estimate that “more than 80% of hacking breaches involve the use of stolen passwords or credentials, fraud that can cost a large company as much as $1 million a year.”
By moving to a more secure, passwordless approach to digital account authentication, companies can both “increase customer loyalty and reduce their own risk from identity theft and account takeover attacks.”
Because 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.”
According to recent research by YouGov, 74% of people “say they want their bank to adopt the latest technology to keep their account safe.” As many as 44% of adults ages 18-34 “say they would like their bank to adopt newer, modern technologies to make it easier to log in to accounts.”
Mitek Head of Product Chris Briggs stated:
“Companies care about their customers’ trust and security more than anything. Mitek understands this. That’s why we focus all our attention on bringing products to market that enable trusted online access. People are most loyal to companies that offer both convenience and security. That’s where MiPass excels.”
A developer-friendly software development kit (SDK) “makes MiPass easy to embed into a wide variety of customer use cases, such as simple account information updates, password resets, device rebinding and high-risk financial transactions.”
Mitek claims it is “a global leader in digital access, founded to bridge the physical and digital worlds.”
Mitek’s advanced identity verification technologies and global platform “make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey.”
Trusted by 99% of U.S. banks for mobile check deposits and 7,500 of the world’s largest organizations, Mitek helps companies “reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com.”