Trusona Named ‘Best of Show’ Winner at FinovateSpring 2018
#NoPasswords Identity Authentication LEADER Demos Latest Developments to Trusona Executive and Discusses the Intricacies of Digital Identity Schemes
May 11, 2018
Posted by: Karen Dayan, CMO Trusona
Several times a year, around the globe, Finovate brings together leaders in technology, banking and financial services to connect on newest fintech innovations. During the conference, leaders vote on the most compelling upstarts.
Guess what? This year, Trusona was awarded “Best of Show” at Finovate for the second year in a row.
Following 2 days of over 30 sessions, Ori was the first and only presenter to break the silence at the Santa Clara Convention Center and fill the room with his signature humor. The AV team backstage and a line of attendees greeted us after the demo, responding enthusiastically about the Trusona demo. It was incredibly rewarding to see how Ori’s charisma, the Trusona experience and the value of #NoPasswords resonated with everyone in attendance.
But it wasn’t all jokes on stage. Ori also debuted the new functionality released within Trusona Executive –– our #NoPasswords identity proofing authentication solution. After completing the demo in 43 seconds Ori announced, “Let’s do it again,” and showed how anyone could log in using a driver license several times within 5 minutes of the allotted 7 minutes – it’s that quick. Ori then wrapped up the demo by bringing the house down (as much as one can at a technology conference) with a signature joke. You’ll have to wait for the official video to hear the joke for yourself.
During the demo, Ori walked the audience through the latest Trusona Executive innovation and developments, including:
Proprietary ID Scanning Technology to Improve Accuracy. To provide an up-leveled identity proofing solution, Trusona Executive introduces the ability to scan government issued IDs. After yielding an unsatisfactory number of false negatives through a 3rd party provider, Trusona developed a proprietary ID scanner using the machine readable code of the ID versus the traditional scan of the front of the license which uses unreliable OCR. Therefore, TruScan yields both faster and more accurate results.
Patent-Pending Anti-Replay Technology to Eliminate Fraud. Our TruAR anti-replay technology is implemented on every “trusonafication” to ensure that authentication data is can not be replayed, a common cybercrime with static credentials such as usernames, passwords and even biometrics. It records the dynamic physical characteristics of an authentication including the time of scan, position of the document, distance from the camera, how long it took to scan, and more to create a cryptographic nonce that can never be repeated. If replay is detected, Trusona alerts the user to fraudulent activity.
Custom Brand Experience to Delight Consumers. Trusona is invisible to consumers. Embedded directly, as an SDK, in a brand’s mobile application, users are provided a #NoPasswords option to authenticate. When authenticating on a computer (or any other 2nd screen), the user is prompted to scan a custom QR code with the brand’s app to enable passwordless access. In mobile browsers, they “deep link” into the brand’s app to approve the login. It’s a simple, consistent experience that scales across all channels to provide a streamlined user experience without usernames or passwords.
Ori also participated in a panel session on “Digital Identity Schemes” where he and several panelists discussed the role and responsibility of banks in digital identity and cybersecurity. Moderated by Al Pascual - Senior VP of Research and Head of Fraud & Security, Javelin Strategy & Research, Michael Chang - Digital Consultant, Wells Fargo, Matt Thompson - Director of Business Development , Digital, Capital One spoke alongside Ori. Ori stated, and the other participants agreed, that determination of digital identity is only as good as the authentication used to prove that identity. And, as long as banks continue to rely on static credentials such as passwords, KBAs, MFAs, and OTPs to verify users, these identities are not necessarliy reliable.