FeedBurner makes it easy to receive content updates in My Yahoo!, Newsgator, Bloglines, and other news readers.
Pundits have predicted the demise of the password for years, yet the simple user-name-and-password combination lives on, frustrating security pros and helping to fuel a spiraling epidemic of data breaches. The reason for the password’s longevity lies in its familiarity compared to newer, more effective authentication methods, says a report released this week that looks at how the payments industry could finally get consumers to adopt at least some of these alternative technologies.
– Digital Transactions
Despite being comfortable using passwords, an iovation survey has found that 85 % of banking customers are willing to replace passwords with modern authentication methods. However, due to varying comfort levels and willingness to learn new techniques, different generations expressed varying preferences around the best alternative to replace the ubiquitous password
– The Paypers
PORTLAND, Ore., March 21, 2017 – iovation, the provider of device intelligence-based customer authentication and fraud prevention solutions, today released new insights from its latest consumer preference report, “Moving Beyond the Password: Consumers’ Views on Authentication." The survey, conducted in partnership with global research and advisory firm Aite Group, polled nearly 1,100 consumers across four generations who use online and/or mobile banking platforms to better understand their attitudes toward various authentication mechanisms used today. Despite being comfortable using passwords, the study found that an overwhelming majority (85%) of survey respondents recognized the need to bolster online security by moving beyond this increasingly archaic method for authentication. However, due to varying comfort levels and willingness to learn new techniques, different generations expressed varying preferences around the best alternative to replace the ubiquitous password.
Passwords have served as the defacto industry standard for online user identification for more than two decades, but highly skilled criminals and ever-frequent data breaches prove time and again, they are simply not secure. Despite being high-risk, usernames and passwords are still very much engrained in the fabric of online banking and commerce as the primary means of initial authentication.
“There’s no denying that passwords can no longer protect online assets the way they are meant to, the way they used to,” said Julie Conroy, Research Director for Aite Group’s Retail Banking & Payments practice and author of the report. “This impasse is prompting consumer brands to finally consider how they can realistically deliver on the vision of a future without passwords. Luckily, the increasing pervasiveness of mobile devices provides new opportunities to offer superior authentication capabilities and password alternatives that another can improve security and the overall consumer experience.”
A clear correlation emerged between consumers’ openness to change and their age as iovation surveyed millennials (35%), Gen X’ers (26%), Baby Boomers (32%) and seniors (7%). The report revealed 95 percent of millennials are open to using something other than a password, as are the majority of Gen X and Baby Boomer respondents (both 82%). And while only 16 percent of seniors are very willing to learn new authentication methods, 48 percent report that they are willing to try a different way. Each generation expressed a unique preference for a replacement to the easily hacked or forgotten password authentication method:
Millennials – As the most receptive audience to a new authentication experience, millennials perceived fingerprint biometrics (85%), eye biometrics (76%), and knowledge-based authentication questions (74%) to be the most effective identification methods.
Generation X – Following in the younger generation’s footsteps, 37 to 52 year olds cited fingerprint biometrics (75%), eye biometrics (70%), and knowledge-based authentication questions (66%) as their top choices for password replacement.
Baby Boomers – The majority of Boomers believed fingerprint biometrics (76%), eye biometrics (67%) and facial recognition (59%) to be the leading authentication practices in lieu of the typical username/password combo.
Seniors – A surprising 68% of respondents over the age of 71 were in favor of the fingerprint biometric, while 53% of seniors thought the facial recognition tool was an effective security measure.
“What this survey makes clear is that online banking customers across generations remain extremely frustrated with passwords and if provided with more modern authentication alternatives like biometrics or facial recognition, they will eagerly embrace them,” said Michael Thelander, Director of Product Management for iovation. “Consequently, a growing number of financial institutions are realizing that dynamic authentication technologies like iovation’s LaunchKey represent both a more secure, user-friendly experience to their customers.”
iovation recently announced LaunchKey, an easy-to-use mobile SaaS multifactor authentication solution in recognition of this consumer demand. LaunchKey stores and processes sensitive data locally on mobile devices so that consumer brands and end users don’t need to worry about passwords leaking – it simply doesn’t require one. Consumer brands can instead choose which risk appropriate multifactor authentication options to extend to their customers. Individual users can then choose the authentication approach that best fits their security needs in a frictionless yet streamlined user experience.
To access iovation’s complete “Moving Beyond the Password: Consumers’ Views on Authentication” report, please visit here. An infographic called How Do Bank Consumers Really Feel About Authentication can be found on our blog.
User authentication is one of the basic components of any cyber security program. But in some cases, traditional authentication processes are not enough to provide strong security throughout a user work session. That’s where continuous authentication comes in. Check out this informative article in which iovation is noted as one of a handful of vendors capable of providing this advanced functionality.
– CSO Magazine
The accelerating popularity of price comparison websites (PCWs) in the UK insurance market – also called aggregators – is putting more control and choice in the hands of consumers. However, this is also opening up a new realm of possibilities for fraudsters. Read more on page 53 of Modern Claims Magazine.
– Modern Claims Magazine
iovation, a provider of device-based authentication and fraud prevention solutions, has teamed up with Entrust Datacard to enhance the company’s advanced adaptive authentication capabilities. The partnership combines Entrust Datacard’s, a provider of trusted identity and secure transaction technologies, adaptive authentication solution with iovation’s device- and risk-based authentication services which tap into a knowledge base of more than 3.5 billion devices.
– The Paypers
MINNEAPOLIS--(Business Wire)--Entrust Datacard, a leading provider of trusted identity and secure transaction technologies, today announced that the company has entered into an OEM partnership with iovation, a provider of device-based authentication and fraud prevention solutions. The partnership combines Entrust Datacard’s adaptive authentication solution with iovation’s device- and risk-based authentication services which tap into a knowledge base of more than 3.5 billion devices. The packaged solution allows organizations to provide users with a transparent, secure experience that enables step-up authentication when a user’s registered device is identified as a risk, thereby providing a deeply intelligent, frictionless approach to authentication and fraud prevention.
As digital business initiatives continue to grow, and as fraud and data breaches continue to increase, the desire to strengthen security while improving the customer experience is at the forefront of business’ strategies. Entrust Datacard’s partnership with iovation allows financial institutions and enterprises to provide secure yet transparent authentication experiences for new account creation, online and mobile banking, transaction verification, BYOD and mobile pre-check, and access to applications and portals.
“In an effort to mitigate fraud and stop abuse in real-time, enterprises and financial institutions are adding various layers and levels of authentication to their business, including highly intelligent device reputation analytics,” said Ryan Zlockie, global vice president, authentication for Entrust Datacard. “Our partnership with iovation allows us to take into account factors above and beyond policies, rules and logic. Our highly intelligent adaptive authentication engine can make decisions regarding the level of authentication necessary based on observed, real-time factors.”
When high value financial transactions occur or enterprises want to ensure that highly secure documents are protected, they can utilize device reputation analytics, coupled with an adaptive authentication solution to allow, block or challenge (step-up) the authentication needs of a transaction. The Entrust Datacard adaptive authentication engine, combined with iovation’s real time device insight, allows for a level of authentication that secures the necessary assets or transactions, provides users with enough friction to be meaningful, but doesn’t hamper the overall user experience.
“Now more than ever businesses are looking for a solution to improve security of their authentication systems while preserving the user experience. In a rapidly changing digital environment, it is important to deliver solutions that are both good for the customers and good for the employees that implement and manage them. This offering achieves both ends,” said Max Anhoury, vice president, global partners at iovation. “We are excited to be partnering with Entrust Datacard to enable their comprehensive, dynamic authentication solution with our deep expertise in device intelligence to create a sophisticated authentication platform delivered in a single, easy to implement package.”
The Entrust Datacard adaptive authentication solution is available across all of the company’s platform options, including on-premise, virtual appliance and cloud-based solution. Attendees to RSA Conference 2017, Feb. 13 – 16 at the Moscone Center in San Francisco, Calif., can receive a hands-on demonstration of Entrust Datacard’s robust authentication solutions in booth #N4201. For more information about Entrust Datacard authentication solutions, visit www.entrustdatacard.com/use-cases/enterprise/authentication/.
About Entrust Datacard
Consumers, citizens and employees increasingly expect anywhere-anytime experiences — whether they are making purchases, crossing borders, accessing e-gov services or logging onto corporate networks. Entrust Datacard offers the trusted identity and secure transaction technologies that make those experiences reliable and secure. Solutions range from the physical world of financial cards, passports and ID cards to the digital realm of authentication, certificates and secure communications. With more than 2,000 Entrust Datacard colleagues around the world, and a network of strong global partners, the company serves customers in 150 countries worldwide. For more information, visit www.entrustdatacard.com.
You’d think financial institutions and retailers in the U.S., with a long list of EMV migration examples to look to in other countries, would have been prepared for fraudsters shifting their attention to e-commerce after security improved at the point of sale. But according to late 2016 data from fraud prevention company iovation and research firm Aite Group, there’s been a 35% increase in online credit card fraud since the EMV shift in the third quarter of 2015.
The fraud prevention and online authentication space is a highly evolving and dynamic one, with constant new players on the market competing for the upper hand in this dynamic ecosystem. This is why a resource of up-to-date information on the latest developments is vital. The mandate of this Guide is to provide a comprehensive overview of the main industry topics, like machine-learning, PSD2 – Strong Customer Authentication, open banking, digital identity and API security.
– The Paypers
iovation announced its LaunchKey mobile multifactor authentication solution. It empowers global consumer brands to improve security and consumer experience by delivering a risk-aware alternative to passwords and two-factor authentication, at scale, via an easy-to-use mobile SaaS solution.
– Help Net Security
The security of IoT devices is a high priority these days, as attackers can use Distributed Denial of Service (DDoS) attacks to target them and wreak havoc on a system. “Due to the sheer volume of unconnected devices, it can take hours and often days to mitigate such an attack,” says Adam Englander, who is a Senior Engineer of the LaunchKey product at iovation.
Portland, OR, February 9, 2017 – iovation, the provider of device intelligence-based authentication and fraud prevention solutions, today announced the general availability of its LaunchKey mobile multifactor authentication solution. LaunchKey empowers global consumer brands to improve security and consumer experience by delivering a risk-aware alternative to passwords and two-factor authentication, at scale, via an easy-to-use mobile SaaS solution.
Consumers are increasingly comfortable authenticating into their online accounts via mobile devices, but 2017 will mark a coming-of-age where these devices become the authentication gateway across a broader array of consumer touch points like ATMs, call centers and even in-person retail experiences. LaunchKey’s new dynamic security policies make it possible for consumer brands to balance the level of assurance they need with the experience their customers demand, by adapting these policies in real time. It does this by leveraging insight into the unexpected anomalies in a user’s session and, when and if these heightened risks arise, LaunchKey can present additional assurance measures based on the brand’s appetite for risk.
“Today marks a milestone in the path to passwordless security for consumer brands,” said Scott Waddell, chief technology officer at iovation. “Consumer authentication is always a balance between risk and user experience, and we wanted LaunchKey to raise the bar on that balance. Now, consumer-facing brands can deploy and manage highly secure multifactor or passwordless authentication across every touchpoint the brand owns, at scale, while consumers benefit from increased security in a user-friendly experience.”
With LaunchKey, consumer brands can choose which multifactor authentication options to extend to their customers, creating an interactive solution that lets users choose the authentication approach that best fits their needs, within the brand’s defined security parameters. LaunchKey’s expanded capabilities include:
This product release also paves the way for brands to implement an end-to-end, risk-based authentication strategy by using LaunchKey in tandem with iovation’s ClearKey device-based authentication service. ClearKey is a natural companion for LaunchKey because it uses device fingerprinting and intelligent risk assessment to transparently authenticate users without explicit input. Leveraged together, they represent a cohesive and robust security platform capable of satisfying every consumer authentication need across every business process.
“Brands want to give their customers a better experience, few subscribers want to rip-and-replace the usernames and passwords their customers have relied on for decades,” continues Waddell. “Now brands can employ LaunchKey and ClearKey alongside their current solutions to create a path to phase out passwords completely, over time, in favor of multifactor authentication and device-based solutions that simultaneously enhance customer experience and security.”
iovation is set to demo its LaunchKey mobile multifactor authentication platform at RSA, the world’s largest security conference, coming up February 13-17 in San Francisco. Attendees can stop by iovation’s booth S-2628 to learn more about all the newest features found only in LaunchKey or visit https://www.iovation.com/launchkey. Can’t make RSA? See our RSA recap webinar, The Consumerization of Authentication, on March 1 at 10AM.
Between February 2013 and March 2015, a group had taken out and immediately cancelled 83 new motor insurance policies as soon as they'd converted, incurring no costs to themselves. Upon cancelling their policies, the fraudsters received cancellation letters that included a no-claims bonus, the maximum bonus allowing for an up to 70% reduction in their next policy. Through the iovation fraud prevention service, the AA was able to spot the IP addresses of the people who were submitting the applications and listing residences that were hundreds of miles away from their London location.
– Insurance Post
Research and Markets has announced the addition of the "Card-Not-Present Fraud: The Merchant Empire Strikes Back" report to their offering. The author's most recent research report, Card-Not-Present Fraud: The Merchant Empire Strikes Back, examines the current state of CNP fraud in the U.S. market and frames the market landscape for both online merchants and the fraud solution vendors that serve them.
– Digital Journal
Kurk Spendlove, Director of Engineering at iovation, shares how the leading SaaS provider of fraud prevention and multifactor authentication solutions switched from Vertica to Snowflake in order to load semi-structured data directly into the cloud data warehouse and analyze years of data in a matter of minutes.
– Snowflake Computing
With the increased attention on fraud and cybersecurity, companies are turning to artificial intelligence (AI) and machine learning to strengthen fraud mitigation efforts to predict the trustworthiness or riskiness of an online transaction. In an effort to achieve the same, iovation, a provider of device-based solutions for authentication and fraud prevention, launched the iovationScore machine learning fraud prevention solution.
iovation, the leading provider of device intelligence for authentication and fraud prevention, today announced it has been named “Outsourced Partner of the Year – The Best Buddy Award” in the Post Digital Insurance Awards. This is the third consecutive year Post Magazine has recognized iovation in its insurance industry awards. Judges from Post Magazine—a UK-based insurance publication founded in 1840—and Europe’s leading business advisory and startup accelerators selected the company for its device-based fraud prevention solutions successfully helping UK insurers reduce risk.
“As insurers innovate, they are moving the customer experience such as claims processing and policy issuance online. And while insurers are building 360 degree views of their customers through an omni-channel approach, it opens the doors for frausters to attack. ” said Tom Pak, Vice President of Global Sales at iovation. “We are honored to win this award and help UK insurance companies harness new technologies, while enabling them to prevent fraud and enhance the consumer experience. We’ll use this recognition as motivation to continue building upon and delivering our robust fraud-prevention technologies.”
“Our partnership with iovation has enabled us to offer a fraud detection and prevention solutions which benefit our whole panel of car and van insurance partners,” said Dan Cassell of UK insurance aggregator Gocompare.com. “We can also provide even further value to our partners who also use iovation, giving them more control over the quotes we send them. The abilities that iovation give us to identify and block fraud at the earliest step in the quote process are extremely powerful in the fight against fraud.”
By leveraging iovation's intelligence about billions of internet devices, insurers can identify and stop fraud at point-of-sale, claim, mid-term adjustment, renewal or even at post-sale detection. The device insights help insurance companies identify risky transactions from devices already associated with fraud and abuse at other businesses—dramatically increasing operational efficiency while enhancing the online experience for “known good” customers.
Post Magazine recognized iovation during an award ceremony held on Nov. 18, 2016 in London. The publication similarly named iovation the “Outsourced Partner of the Year” last year, and the “Claims Technology Partner of the Year” in 2014.
More than 700 of the region's most influential companies, CEOs and executive teams will be at the Oregon's Most Admired Companies luncheon on Tuesday, January 10th at the Hilton Hotel. This can’t miss awards luncheon is a celebration of the very best of Oregon business and what corporate community brings to the state. iovation is an Honoree in the Technology category, just a few votes short of making the top ten 10 list.
– Portland Business Journal