Identity validation payments platform AuthenticID had added to its patents portfolio.AuthenticID announced this week that it has expanded its patent footprint with a multi-modal, payment-authentication patent license from Collective Dynamics.”The payment industry is experiencing rapid change and risk which represent new challenges and opportunities for both incumbents and newcomers. Increasing fraud and false declines are the unfortunate consequences of legacy processes”, said Steve Bacastow, Founder and CEO of Collective Dynamics, Inc. “The recent massive breaches of consumer data from Yahoo, Anthem and Equifax require the payment industry to fundamentally rethink how KYC and transaction authentication are conducted” added Blair Cohen, AuthenticID's Founder and Chief Evangelist.According to the company, with the latest 'Biometric + PIN on Glass' patent that emphasizes a 'device as an authenticator model', the total number of Collective Dynamics patents licensed under the agreement has grown to five issued and allowed patents that together address key, payment-processing industry emerging trends, vulnerabilities and use cases and specifically target the weaknesses of legacy authentication models which are based on passwords, PINs and signatures.”With each new authentication method or control come new forms of fraud” said Bacastow, adding that “while biometrics are considered far superior to PINs, static biometrics have recently been shown to be vulnerable to spoofing. For this reason, multi-factor authentication and multi-modal technology are required to leapfrog the bad actors. Under this latest patent, a PIN is captured contemporaneously with a biometric factor either directly from the mobile device user interface or from a connected device such as a wearable device.”
Recent Articles
- Bumble data leaked to dark web site
- Vietnam grasps cybersecurity directive, Philippines drops ID verification plans
- UIDAI launches Aadhaar app, enables digital ID storage in Google Wallet
- De La Rue’s strategic Canadian deal to finally win British passports tender
- Meet with Goldman Sachs, Huawei, the European Commission, The World Bank and more!
Recent Video
- New non-profit trade association of HAND will standardise global talent ID
- No cards, no phones: J.P. Morgan’s biometric revolution in payments
- Anthony Vidiano on building the future of access management
- Charisma Check wins 2025 Start-Up Pitching Competition, advancing identity verification and background checks for dating app users
- How to protect one billion Amazon customers: Lessons from continuous risk assessments
