Privakey

Privakey

Omni-Channel MFA

Founded: 2017
HQ: Philadelphia / United States

Privakey delivers multi-factor authentication with an improved customer experience and security over passwords, SMS messages, out of band notifications or QR codes.  Our software solution turns existing mobile apps into strong customer authenticators that can be used to streamline any interaction that requires identity assurance.

Industry
  • Financial Services
  • Ecommerce
Primary Functionality
  • Identity & Authentication
Fraud Type
  • Payment Fraud
  • Account Takeover
  • New Account Fraud
  • Call Center Fraud
Technology
  • Biometrics
  • Multi-Factor Authentication

Reference Customer

Information available upon request

Integration

Information available upon request

Fraud Solution Profile

Today, user authentication is a tangled web across applications and services. For instance, online customers enter password, but if they call the same company, they’re interrogated with knowledge-based questions. Neither of these experiences are convenient or secure, and they cost companies time and money.

We seek to eliminate the reliance on passwords, security questions and other forms of identity verification that are both vulnerable and frustrating to users.  With Privakey, users enjoy a consistent experience when asserting their identities or confirming any transaction, from one interaction to the next, and from one channel to another.

We’ve found that the best experience is for customers to be able to assert their identities on their mobile phones, a secure object that they already have with them all the time. Our technology is easiest to implement for companies that already have a user population carrying around their mobile app. In that case, there are no drawbacks to adding more functionality to an app users already have, especially if it improves the customer experience.

Our technology expands the use of biometrics to the omni-channel, including when someone is logging in through a browser, calling customer service, or verifying their identity via a smart connected device.  Privakey goes further to make it easy for companies to receive secure, digitally signed responses from their customers. In the same way that they perform authentications, customers can confirm or deny anything an organization may need them to such as transactions and workflows.

Privakey is different from other forms of multi-factor authentication because we do not add layers on top of the password—we eliminate them entirely. Our solutions doesn’t require users to fetch out-of-band codes, scan QR codes, or receive SMS messages.  All a user needs is their device and a biometric as the second factor.  The second factor is not stored, so it protects against phishing, keylogging, device cloning, ATO, and other common attack vectors.

If a company has a population of existing users or consumers that are already utilizing their mobile app and they have interest in improving the authentication experience, across all channels—Privakey is the ideal solution. Our technology  is available as an embedable code library. We also offer a cloud service that delivers similar value.

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