We are pleased to announce that the Prove Auth® passwordless authentication solution has been awarded a prestigious 2024 Datos Insights Fraud Impact Award in the category of Best Authentication Innovation Solution. We’re grateful to Datos for the recognition, as it underscores our commitment to digital identity verification innovation and our dedication to helping the financial services industry combat fraud, scams, and other illicit activities.
Datos Insights Fraud & AML Impact Awards: Recognizing Excellence in Financial Crime Prevention
The Datos Insights Fraud & AML Impact Awards are an annual celebration of organizations that are pushing the boundaries in developing solutions to combat financial crime. Now in its fourth year, the program identifies and honors those whose disruptive solutions are making a tangible difference in the fight against fraud, money laundering, and more.
This year's competition featured a wide array of entrants from various identity verification, cybersecurity, and fintech markets. To highlight the exceptional work being done across the industry, Datos Insights recognized the top two contenders in each category.
Prove Auth®: A Next-Generation Solution for Passwordless Login and Omni-Channel Authentication
The Prove Auth® solution was recognized for its innovative approach to passwordless login and omni-channel authentication. This solution empowers businesses to reduce their dependence on passwords and one-time passcodes (OTPs), and provides consumers with a low-friction, one-tap authentication experience across all channels.
Go Passwordless
The Prove Auth® solution enables passwordless authentication with device intelligence for mobile apps and omni-channel experiences, and protects from fraud and account takeovers — all while enhancing the consumer experience.
Key features that set the Prove Auth® solution apart include:
- Powered by the Prove Identity Network® identity platform: Leverages Prove’s digital identity platform, Prove Identity Network®, the industry’s most accurate identity decisioning platform, to deliver deterministic authentication with low friction.
- Flexibility: Offers multiple options for completely passive or partially passive authentication, whether in a mobile app or other channels like mobile web or desktop.
- FIDO2 Support: Facilitates easy deployment of FIDO2 web-based authentication for authentication directly with Prove or step-up authentication using on-device biometrics.
How the Prove Auth® solution Works: Leveraging the Power of Mobile Devices
The Prove Auth® solution utilizes the cryptographic key (SIM card) embedded in mobile devices to achieve more accurate authentication. By performing a "possession check," Prove ensures that only the person physically holding the device can pass the authentication process, making it extremely difficult for fraudsters to succeed.
What has made the Prove Auth® solution so essential is that it seamlessly leverages the ubiquity of mobile phones. As most adults carry their phones with them at all times, there's no learning curve for consumers. Unlike OTPs, which also rely on mobile phones but introduce friction, the Prove Auth® solution operates passively in the background, eliminating the frustration associated with passwords and OTPs.
Prove’s services have enabled companies and consumers to establish a high degree of trust in using phone numbers as authenticators. The Prove Auth® solution enhances this trust by securely binding a device to a specific identity. Once this bind is established, the solution can replace traditional phone number-based authenticators, providing a seamless and secure way for users to prove possession.
How the Prove Auth® Solution Supports Industry Leaders
The Prove Auth® solution has empowered businesses across diverse sectors to enhance their authentication processes, and improve the customer experience they deliver. Let's look at a few compelling success stories:
- Financial Services: A leading neobank sought to introduce a discreet authentication layer into their web and SDK interactions, such as during account registration. The Prove Auth® solution seamlessly addressed this requirement, fortifying their onboarding and transaction authentication processes. To date, this financial instiution achieved a remarkable 115 million successful authentications.
- Public Sector: A prominent government services firm partnered with Prove to elevate consumer authentication for their state and federal clients. The Prove Auth® solution enabled them to move beyond their traditional SMS OTP process, delivering streamlined authentication enriched with actionable insights for every transaction. Over 200 million successful authentications have been completed.
- Credit Services: A major credit bureau embraced the Prove Auth® solution to refine their consumer registration and credit check workflow for credit offers. With 1.4 million successful authentications under its belt, the Prove Auth® solution ensures both secure and efficient decision-making.
- Retail: A nationwide furniture retailer sought to enhance their consumer registration and initial credit check procedures prior to generating contract terms for their furniture rental service. The Prove Auth® solution seamlessly integrated into their initial account creation process, securely binding consumers to improve onboarding, decrease cart abandonment, and fortify transaction security. The result? 90,000 authentications and a marked reduction in cart abandonment.
These examples showcase the adaptability and efficacy of the Prove Auth® solution across various industries and use cases. By fortifying authentication processes, the Prove Auth® solution is instrumental in fostering trust, streamlining operations, and safeguarding sensitive information.
Continuous Innovation at Prove
We are incredibly honored to be a recipient of a 2024 Datos Insights Fraud Impact Award for the Prove Auth® passwordless authentication solution. This recognition validates our efforts to innovate and develop solutions that make a meaningful difference in fraud prevention. We remain committed to pushing the boundaries of authentication technology and look forward to continuing to help businesses and consumers stay secure in an increasingly digital world.
Read more about the Datos Insights Awards here, and contact us to learn how the Prove Auth® solution can help your organization.
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