LTP Team: What is the problem with two-factor authentication?
Christophe Remillet: On one hand, you have passwords and PIN codes that are painful and unsafe. On the other hand, you have two authentication factors or two-step authentication solutions that are seriously impairing the end-user experience, resulting in >30% of transaction abandonments. So it has to be simpler and safer.
LTP: Are the new generation of millennials more willing to switch to biometric authentication?
CR: Recent reports indicate that 75% of generation Z wants to use biometry. Biometric solutions need to be aligned with the nature of the transaction. For example, low-value payments must be instantaneous and shouldn’t require any specific actions from users, whereas high-value transactions should not necessarily be that fast but should be really secure.
LTP: Banks are slow at adopting biometric authentication. Why?
CR: There are multiple root causes that are slowing down the process. First, it’s mainly about finding a biometric solution that really preserves five criteria/key values: user-experience, security, universality (aka multi-channels), cost-effectiveness and data privacy. Until OneVisage, no one in the market came with a solution that fulfilled these five criteria. Second, as a matter of fact, most core banking systems were designed +20 years ago, when the concept of multi-channels didn’t really exist at that time. Taking into account the mobile device revolution is a big change and banks need time to adapt their infrastructure and product offerings. Lastly, there are important data protection and privacy regulations that are coming out, which must be taken into account per country, therefore making the whole adoption process complex.
LTP: Why is now the right time to adopt 3D authentication?
CR: In a nutshell, the market is now looking for security and universality. As a matter of fact, we are now in 2017 and there are roughly 50 mobile devices which are fingerprint-enabled out of more than 24,000 mobile devices. If you do the math, you’ll see that less than 18% of mobile device owners worldwide can use this biometric modality. With more than 2.2 billion devices shipped out there, it becomes now urgent to find out a truly universal solution that runs on mobile devices. Facial authentication is the only one that fulfills great user experience, simplicity, cost-effectiveness, and universality. But the industry has focused on 2D-based solutions (2D facial, 2D eyes regions) to ease the user-experience, sacrificing the security. It is now well-known that all of these 2D solutions can be spoofed in minutes or even seconds by just using a picture or video of you. This is where 3D facial authentication is changing the game. 3D facial authentication is redefining the anti-spoofing and hacking limits. As an example, OneVisage is the only one that can guarantee 100% spoof-proofing to any printed or static picture of you.
LTP: Apple and Samsung’s new 3D camera will push banks to 3D authentication. Can you elaborate on this statement?
CR: Yes, you’re right. We are really impatient at OneVisage to see the first mobile devices embedding these 3D cameras. This will be a game changer as it will immediately propose to people the simplest and natural authentication process: an individual will just have to look at the camera to get strongly authenticated in less than one second. It cannot be simpler. The second key benefit will be about totally rejecting any spoofing attacks based on video replay or use of 3D avatars. In other words, it means that it will be impossible to spoof (not to be confused with a hack) such a biometric system, therefore providing a superior level of security than security tokens (which you can exchange or get stolen easily). We expect the accuracy to be so high that identical twins will be distinguished easily.
LTP: Why will OneVisage lead the 3D authentication space for banks?
CR: OneVisage is positioned as an independent 3D biometric solution provider in the market. Banks are looking to fully control solutions and low-coupling to any specific vendor or solution. Using the 3D facial biometric solution of a specific manufacturer will be total nonsense for a bank as it would immediately mean that the bank is depending on that specific solution. And on top of it, the bank would just give its customers database to the manufacturer. This is where OneVisage is acting as an agnostic third party, making the bridge between financial services and manufacturers.
LTP: If OneVisage’s product is successful, how will this positively impact banks in the next five years?
CR: OneVisage’s 3DAuth technology will be a game changer as it will allow financial services to offer higher security than security tokens or other biometric means, enable tens of millions of people to access digital financial services by just using their own mobile device without requiring any specific hardware at the price or even at a fraction of the price of password-based solutions with a strict observation of individual’s data privacy and protection. Banks will allow to nearly eliminate identity theft and make customers have a greater digital banking experience while better protecting their data privacy.
Article by Nicolo Petroneread more