ID assurance provider Signicat has launched MobileID, a mobile authentication product that incorporates biometrics – helping with upcoming PSD2 requirements.In a statement, the firm said MobileID works by turning a consumer smart device into a security credential.The device becomes the 'something you have' factor for authentication, while a PIN code becomes the 'something you know' and biometric data such as fingerprints can be used as a third 'something you are' factor.It added that MobileID allows banks and other financial service providers to offer multi-factor authentication without the need to provision additional hardware or demand that customers copy and paste a one-time password from an SMS or a separate application. Instead MobileID harnesses smart device capabilities, including the latest biometrics, to deliver simple but secure access to digital channels."A speedy onboarding and application experience is a must for financial services providers who don't want to lose 40% of their potential customers at this stage," said Gunnar Nordseth, CEO, Signicat. "Keeping these customers means giving them the best experience possible when accessing services and authorizing transactions – MobileID gives customers that simple experience while meeting PSD2 requirements way ahead of these regulations being adopted."
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