TEL AVIV, Israel & BOSTON--(BUSINESS WIRE)--Transmit Security, the Identity Experience™ company, today announced the release of BindID™, the industry’s first customer authentication service that is completely password-free. BindID requires no customer software or dedicated hardware and can be used across any channel or device. Customers can authenticate and access their accounts using the embedded fingerprint or face scanner in their devices, or use their mobile device to securely and easily authenticate to other devices and channels that don’t have an embedded biometric reader.
“Is there anyone who hasn’t had a frustrating experience with passwords? Whether it’s trying to create and remember multiple passwords, answering security questions, continual resets or even being locked out of important accounts - passwords are impractical, burdensome and among the weakest links in security,” said Mickey Boodaei, CEO and Co-Founder, Transmit Security. “BindID marks the end of the password era. Users can authenticate through their mobile or any biometrics-enabled device without the need for an authentication app. BindID makes authentication simple, unified and much more secure.”
For the first time, organizations can now offer a completely password-free experience to their customers without asking them to download applications or rely on text or email messages. BindID empowers organizations to delete all passwords from their databases, which is a groundbreaking step forward for improving security, reducing risk and complying with global data privacy regulations. By eliminating passwords, organizations also eliminate their biggest security and compliance vulnerabilities, as more than 80% of all data breaches involve passwords.
Not only are passwords frustrating for users, they are costly for the businesses that rely on them. Negative experiences with identity authentication can diminish customer loyalty and prompt consumers to abandon the process of purchasing goods and services, or setting up an account. An October 2020 FIDO Alliance study of 4,000 consumers in the U.S., U.K., Germany and France found that 60% of consumers abandoned purchases due to the difficulty of managing passwords or being forced to create a new account and password to make the purchase. BindID solves these issues by providing a positive identity experience for the user, and trusted authentication for the enterprise at the user, device and network levels.
Before BindID, a passwordless experience required customers to either download applications to their mobile device, use dedicated hardware, or apply methods such as SMS one-time pass codes (OTPs) that are no more convenient than passwords. Organizations could not really eliminate passwords even if they offered some kind of a passwordless option such as a mobile authenticator app. Customers would still need their password to register new devices and new applications. Unlike those legacy solutions, BindID provides:
- Passwordless authentication - BindID eliminates the hassles of remembering or resetting password-based credentials. Users simply scan their face or fingerprint to authenticate.
- A seamless experience - Whether from the web, mobile devices or even a call center, BindID completes authentication in exactly the same way.
- Any device access - Once a user is established in the BindID network, new biometric devices can be automatically added for quick, easy account access.
- Easy deployment - Open standards and APIs let organizations quickly deploy BindID, usually within a single agile sprint.
Behind BindID’s innovative approach to eliminating passwords are renowned cybersecurity entrepreneurs Mickey Boodaei and Rakesh Loonkar. After creating and guiding a series of groundbreaking cybersecurity companies, including Trusteer, which was sold to IBM, Boodaei and Loonkar co-founded Transmit Security. Visit Transmit Security to learn more about the company, and how BindID provides passwordless customer authentication from any device or channel.
About Transmit Security
Transmit Security is on a mission to transform the identity experience market. From onboarding to authentication to smart authorization for both customers and workforce across every channel, our technology reduces all forms of identity attrition and saves enterprises substantial costs. Around the world, large enterprises are standardizing on Transmit Security to introduce innovative digital identity journeys. Customers include six of the seven largest financial institutions in the U.S, two of the largest merchants in the U.S., and many financial organizations, merchants and online service providers in Europe, Asia and Latin America.
For more information, please visit www.transmitsecurity.com.
