FinovateEurope Best of Show winner Keyless on using facial recognition without storing sensitive biometric data on a specific device.

Detailed Summary:

In this episode, Tobin Broadfoot and host Greg Palmer highlight the challenges of traditional authentication methods, such as remembering passwords and using SMS one-time passcodes, which are both inconvenient and vulnerable to security breaches. Keyless addresses these issues by offering a decentralized, privacy-focused solution that allows users to authenticate across multiple devices securely. Their unique approach uses zero-knowledge biometrics and secure multi-party computation to perform authentication without storing or accessing personal data.

Tobin also discusses the difficulties banks face when customers lose devices and how Keyless provides a more seamless and secure solution compared to traditional device-based authentication systems. The technology reduces reliance on weak factors like SMS and email verification, which are prone to account takeovers.

Tobin concludes with the thought that while AI enables more sophisticated fraud techniques, including “fraud-as-a-service,” companies like Keyless are already equipped with advanced defenses to combat these evolving threats. Keyless’ ability to process biometric data locally on devices while maintaining privacy gives it a significant edge in preventing large-scale fraud.

More info:

FinovateEurope: https://informaconnect.com/finovateeurope/

Keyless: keyless.io, https://www.linkedin.com/company/keylesstech/

Tobin Broadfoot: https://www.linkedin.com/in/tobinbroadfoot/

Greg Palmer: https://www.linkedin.com/in/gregbpalmer/

Finovate: https://www.finovate.com ; https://www.linkedin.com/company/finovate-conference-series/

#finovate #fintech #biometrics #security #ai #verification