As a member of the FIDO Alliance board, Transmit Security aims to make the customer authentication process completely passwordless and deliver a customer-centric identity experience. The company hopes that it will be able to contemporise the identity security sector and power customers with more sophisticated device authentication solutions.
CNBC Make it, a world leader in business news, pinpoints some common password mistakes users frequently make that can lead to identity theft. While practising better password behaviours like using a strong password unique for each account, opting for multi-factor authentication, or using a password manager can help users protect their privacy from hackers, Transmit Security proposes an alternative and more secure solution–going fully passwordless.
Transmit Security believes its BindID(TM), a cloud-based FIDO2-approved authentication system, can rid customers of passwords and significantly improve their security posture, limiting ATOs (account takeover).
Account takeover is on a continued upsurge, rising by 250% from 2019 to 2020 in the USA. While 22% of US citizens had their accounts taken over at some point, 56% of the total used the same password for multiple accounts.
In addition, ATO attacks set businesses back over 12 billion dollars–a 200% jump in 2021 from 2018.
These statistics imply that a password-based login system is the core reason for frequent ATO scams.
Switching to the biometric authentication system is an alternative to passwords and thus a way to evade ATO attacks.
Password-free logins can, in no time, ensure high-end protection against two of the most prevailing and dangerous cyber threats scammers frequently use to break into customers’ online accounts–brute force attacks and phishing. So even if the users’ inboxes get hit by phishing messages or emails, there are no credentials to offer up.
Transmit Security claims that while its passwordless login approach lowered credential and account resets by 96%, 90% of its customers reported an enhanced customer experience.
Niv Goldenberg, the VP of Product, Transmit Security, says, “With FIDO, the biometrics and the private key never leave the end user’s device. The biometric is used to locally authenticate the user on the device. The private key then signs the challenge and passes it back to the [authentication] server. The only thing that’s passed is the signed challenge.”
It means there is no centralised repository to store customers’ biometric and private key identification data with FIDO2. Goldenberg says, “Even if someone breaks into the server, they cannot impersonate users because the private keys and biometrics are not there. They’re secured on devices.”
Mickey Boodaei, the CEO of Transmit Security, says,
“I’m driven by simplifying complexity. This has been the driving force behind Transmit Security. Enterprises who need to orchestrate multiple regulatory, business and security requirements across many platforms know how cumbersome and challenging it is. Users are faced with frustration filled experiences when trying to register, authenticate and manage their online information. Today, we are solving the most critical issues in identity security and untying this complexity. We give users a truly easy and impactful experience. Something that was once thought to be impossible.”
Transmit Security collaborates with some of the industry-leading businesses to help them stay compliant with standard data privacy regulations and keep their identity stack protected. Learn more about Transmit Security by visiting https://www.transmitsecurity.com/.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Exact Observer journalist was involved in the writing and production of this article.