Sift has announced that it is moving forward with the integration of technology from biometric authentication startup Keyless into its core platform.
San Francisco-based Sift acquired Keyless in November of 2021, and the integration of the latter’s MFA platform is being done with the aim of enabling a more frictionless authentication process for its customers while eliminating the threat of credential-based account takeovers.
Fraud attacks have grown in their frequency over the past several years, accelerated by the ongoing COVID-19 pandemic that has caused a dramatic rise in online traffic and transactions. According to Sift, account takeover attacks (ATO) on its network grew by more than 307 percent between April of 2019 and June of 2021.
The rise in cyber attacks — and fraud in particular — has led to growth in the use of biometrics by businesses in a wide range of markets as a way of remotely authenticating their customers to ensure their security without introducing more friction to the onboarding process.
“Account takeover attacks have reached new heights—in turn, many trust and safety teams are actively seeking out passwordless alternatives,” said Geoff Huang, Senior Vice President of Product at Sift. “Through the new integration, businesses no longer need to choose between fraud and friction to more securely and seamlessly authenticate users.”
This new integration of Keyless’s biometric multi-factor authentication (MFA) technology can allow businesses to verify their users identities remotely while preserving their privacy, and ensure that higher-risk login attempts aren’t able to threaten their security. According to Sift, the integration will be delivered through Sift’s Digital Trust & Safety Suite, and will become available to customers in the second quarter of 2022.