IDology said Tuesday that it has launched two digital authentication solutions to boost consumer security during mobile transactions.
The company said in a press release April 25 that its ExpectID Mobile Authentication and ExpectID Secure SMS additions to its existing platform enable firms to authenticate both new and existing customers. At the same time, said the firm, speed and frictionless experience benefit the consumer even amid fraud deterrence.
Taken together, and generally speaking, the company’s solutions monitor digital fraud activities and attempts and “high frequency mobile change events” that range from SIM cloning and swapping to recycled phone numbers.
The data gleaned from such monitoring comes to companies in real time and helps those firms make decisions about how to ascertain whether a transaction is safe — or whether it should be passed through another authentication method.
Delving a bit deeper, the ExpectID Mobile Authentication offering leverages access to real-time mobile carrier data, said IDology, with the ability for single-use applications tied to account openings, or for multiple/continuous use across logins or password resets. The company’s ExpectID Secure SMS sends secure links to consumers, who subsequently tap that link in order to access accounts.
And against a backdrop of one-time passcodes in use elsewhere in the industry, which the firm deems “unsafe and vulnerable,” CEO John Dancu said such authentication efforts are “no longer viable,” according to the release.
In a separate interview with PYMNTS, the executive stated that “our digital authentication approach results in extraordinarily fast greenlighting of legit customers with zero effort to capture more revenue.”