Trust Stamp is trying to replace One-Time Passcodes (OTP) with more secure biometric authentication options. To that end, the company has released a new Biometric Multi-Factor Authentication (Biometric MFA) solution that uses a selfie as a second authentication factor.
According to Trust Stamp, its selfie-based solution is more effective than OTPs because the selfies are far more difficult to spoof. Anyone can enter an OTP into an authentication system if they manage to obtain the code. That means that there is little to stop cybercriminals from exploiting such systems if the OTP is stolen or intercepted.
Biometric MFA, on the other hand, comes with liveness detection, which ensures that the right person is present for the interaction. The solution essentially turns the user’s selfie data into a secure identity token that is irrevocably linked to the person who created it.
Trust Stamp also believes that its solution will help businesses improve their identity operations. The company argues that its platform is easier to use than alternative methods like SMS passcodes and hardware tokens, and that it supports a more streamlined user experience. As a result, the solution can boost customer retention rates while mitigating the threat of fraud.
“Device-based multi-factor authentication is vulnerable,” said Trust Stamp CCO Kinny Chan. “Passwords and passcodes aren’t enough to ensure that genuine, authorized users are accessing their own accounts or initiating transactions. Biometric MFA lets partners layer intuitive, convenient, and seamless identity authentication where vulnerable passcodes are used today.”
Organizations that are interested in Biometric MFA can integrate the solution into their own workflows using Trust Stamp’s Identity Orchestration Platform, which debuted in February. The low-code Platform delivers a number of different identity utilities, including onboarding and account recovery in addition to Biometric MFA. Together, those solutions allow organizations to achieve compliance with various Know Your Customer and Anti-Money Laundering regulations.