Next-gen Authentication Solutions
The rising sophistication of cybercrime has made FinTechs more vulnerable to potentially-costly 2FA attacks, scams, and breach threats. This spike in threats has compelled FinTech leaders to replace their weak and vulnerable legacy authentication solutions with more robust verification systems that mitigate fraud risks without eroding the platform’s user experience.
authID replaces the conventional, clunky authentication systems with biometric-enabled, password-less and frictionless verification solutions, effectively helping FinTechs ward off threats posed by credential theft, phishing, and human error.
With built-in security and privacy-by-design approach, our authentication and verification solutions help you secure access to your FinTech platform’s sensitive information and applications without damaging the user experience you have worked so hard to build.
Our solutions are developed to integrate seamlessly with your existing stack and seal-off fraud entry points from your entire transaction process.
Rising Security Concerns in the FinTech Industry
The FinTech industry is one of the top targets of cybercriminals. The security breaches in this industry often result in devastating monetary and reputational losses for the victimized companies.
Relying on dated authentication systems is no longer an option. It has now become critical that your security solutions evolve with time and gain the sophistication that puts you ahead of your criminal adversaries.
According to our research, 84% of FinTech and Banking leaders are likely to invest in IT security, including ID authentication in the future to replace their legacy authentication infrastructure that can no longer battle the challenges that modern FinTech comes up against.
Top Security Challenges Facing the FinTech Industry
FinTech industries face an array of challenges that can hinder their growth and damage their revenue. These challenges include:
- Users’ identity verification
- Data security. FinTechs have access to large volumes of personally identifiable information, and with weak security systems. Protecting this information is a tough challenge
- Integration of tech-backed authentication solutions without adding friction to the user journey
- Managing and minimizing the cost and incidence of fraud
authID’s FinTech Solutions
At authID, we have developed cutting-edge, frictionless authentication solutions to reinforce your defense against FinTech’s most common challenges.
- Deploying Verified™, authID offers powerful biometric and AI-enabled solutions that eliminate frustrating passwords and vulnerable 2FAs while reinforcing your security.
- authID’s biometric facial recognition combines with futuristic liveness detection technology and provides unparalleled anti-spoofing and ID verification solutions.
- Our AI-powered algorithms run in the background, verifying, and authorizing your users’ identity silently, without adding friction to their journey.
- authID’s privacy-by-design solutions allow FinTech leaders to adopt a proactive approach to security.
- Using advanced biometric solutions, authID helps run detailed yet unintrusive ID checks during the onboarding/registration phase, ensuring fool-proof security at a point where FinTech platforms and applications are generally the most vulnerable.
authID’s FinTech Solutions Help You with:
- Verification and prevention of account takeovers,
- Prevention of unauthorized access to sensitive information,
- Controlling cost and occurrence of fraudulent activities,
- Replacement of inconvenient legacy authentication systems with modern, seamless verification solutions.