AuthentifID, offered through Ipsidy’s partnership with LoginID, will provide On The Fly POS with a FIDO2 passwordless solution designed to create a digital chain of trust
Ipsidy Inc (OTCQB:IDTY) announced the signing of an agreement Monday with On The Fly POS, a US provider of cloud-based payment solutions, to deploy passwordless login and transaction authorization across the company’s card-present and payment gateway merchant portfolios.
On The Fly POS, a subsidiary of The POS Lab, chose Ipsidy’s IDaaS platform to enhance the security and operational efficiency of its merchant point-of-sale platform and its Electronic Merchant Gateway (EMG), the company said. Proof by Ipsidy will help On The Fly POS and its EMG combat identity fraud during merchant onboarding.
Proof works by harnessing mobile technology to capture and validate a government-issued credential and biometrically matches it to a selfie of the applicant.
READ: Ipsidy improves its Adjusted EBITDA loss for FY20 as demand for the company’s biometric identity services increases
AuthentifID, offered through Ipsidy’s partnership with LoginID, will provide On The Fly POS with a FIDO2 passwordless solution designed to create a digital chain of trust, the company said. Eliminating passwords helps reduce the costs associated with support-team assisted password resets, which are estimated by Forrester Research to run as high as $70 per reset. AuthentifID also mitigates the security risks arising from stolen passwords, phishing and account takeovers.
“Ipsidy’s facial biometric identity solutions are essential for delivering enhanced trust to the payments industry,” CEO Phillip Kumnick said in a statement. “Our IDaaS platform offers payment providers like On The Fly POS a suite of easy to integrate, PSD2- and W3C- compliant identity verification and authentication solutions that combat fraud, improve conversions and deliver the highest level of identity assurance.”
On The Fly POS said it plans to add Ipsidy’s IDaaS services to support customer identity proofing and authentication in the hospitality, nightclub, restaurant, retail and sports stadium segments through direct sales and strategic partnerships with established ISO partners including One Payment, a national leader in merchant processing. The goal is to strengthen customer identity and age verification in both card-present and card-not-present sales in order to help merchants fight fraud and chargebacks.
“With increased rates of card-not-present fraud and familiar fraud chargebacks, the need for strong validation of identity in payment processing is self-evident.” The POS Lab CEO Manny Garcia said. “By adding Ipsidy’s mobile identity authentication services to our platform, we can deliver enhanced identity trust in digital onboarding and deliver the seamless convenience of biometric passwordless login to our US merchants and their customers.”
Credits: andrew.kessel@proactiveinvestors.com
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