These days, it's not uncommon for consumers to own hundreds of online accounts with username and passwords as the de facto method of authentication. Because passwords typically relate to something the consumer knows or must try to remember and store, they’re commonly referred to as the “knowledge factor” in authentication. And the problem with the knowledge factor used in isolation: It’s easy for fraudsters to figure out.
However, two other factors of authentication – possession (something you have, such as a mobile device) and inherence (something you are, such as a fingerprint) – promise greater security and better experiences. Also called two-factor authentication (2FA) or multi-factor authentication (MFA) when factors are used in combination, they hold the key to a passwordless future.
Entersekt offers a foundational layer of patented device identity that supports secure and convenient alternatives to passwords. These include biometric authentication, in-app authentication, or FIDO-powered security keys.
By employing these robust and user-friendly mechanisms, financial institutions can keep their customers secure while offering a far better authentication experience than passwords do.
Entersekt’s authentication, with its patented device identity technology, offers several passwordless methods of securing account login and access across all devices, browsers, and platforms. Deliver fast and smooth login and transaction approvals via in-app push notifications, biometric authentication, or FIDO security keys – all while reducing the risk associated with password theft.
Our authentication technology enables FIs to protect their customers during high-risk interactions, without the use of vulnerable passwords and OTPs – or the need to constantly update lost or forgotten passwords. These high-risk interactions include adding new endpoints, changing payment limits, or performing real-time/authorized push payments.
By leveraging globally recognized FIDO2 standards, FIs can replace passwords and OTPs with biometric authentication suitable for all digital platforms. What’s more, using FIDO passkeys, customers without an app can still be reached and seamlessly shielded from fraud during browser interactions.