Passwordless multi-factor authentication (MFA) vendor Beyond Identity is rolling out a new product it says provides the fastest cross-platform passwordless MFA available.
Secure Customers provides software development kits (SDKs) that enable companies to embed Beyond Identity’s passwordless authentication capabilities across both native and web applications. It uses the same technology and cloud-native platform as Beyond Identity’s other products.
Today, more than 60 percent of data breaches are caused by stolen credentials, and 2020 saw a 292% jump in account takeover fraud.
The company says that while businesses can mandate additional security controls for employees such as unified endpoint management (UEM) and MFA, mandates for customers are problematic since UEM is impractical and customers are sensitive to friction.
Additionally, it cites research that says 86 percent of visitors fail to complete registration for authentication because it’s too taxing, and 50% will drop off after a single bad experience. Against the current competitive environment where 86% of companies are relying on customer experience as their main differentiator, the stakes for getting authentication right are higher than ever. Making matters worse, criminals have found multiple ways to circumvent technologies like MFA.
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“As long as passwords continue to exist — no matter how they are hidden or ‘secured’ — criminals have an open door into applications, customer accounts, and databases,” said TJ Jermoluk, co-founder and CEO of Beyond Identity.
“The only way to fully protect customers from account takeover attacks is to eradicate the password completely from both the user experience and application database. Customer relationships are built on trust, so being able to offer customers this unprecedented level of security and ease of use will drive long-term loyalty.”
Beyond Identity says Secure Customers allows a business to offer consumers “a frictionless authentication experience without passwords, second devices, or separate application downloads for native mobile and web applications.”
Multiple implementation methods
The solution leverages the same secure approach that powers all Beyond Identity’s solutions — public/private key cryptography and X.509 certificates with no certificate management. Private keys are securely stored in the TPM or secure enclave on the customer’s mobile device or PC. This creates a tamper-proof credential and a cryptographically verifiable identity that is bound to a device and cannot be moved or copied.