FIS, Equifax Want You to Say Goodbye to Passwords
FIS, a global financial services technology company, has joined forces with information specialist Equifax to create OnlyID, a digital authentication solution that enables consumers to make secure transactions across multiple online accounts without passwords.
OnlyID provides “a single, secure digital log-in,” consisting of the consumer’s thumbprint or another unique identifier. The two companies jointly offer the technology to financial institutions and e-retailers that participate in the OnlyID Network.
The network consists of authenticated consumers who use a universal digital representation of their identity to interact with businesses in the network, the companies said.
“Imagine if you no longer needed passwords to protect your digital identity because you had a unique, protected identifier that only you could use at the places where you bank and shop,” says Bruce Lowthers, head of FIS Payments. “OnlyID from FIS and Equifax brings the power of advanced authentication technologies to make consumers’ financial lives simpler while providing secure protection against fraud.”
The two companies plan to co-market the OnlyID solution to banks, credit unions, retailers, telecommunications providers, utilities and other businesses.
“OnlyID combines powerful predictive analytics with risk scoring models that generate a frictionless fraud assessment, without disruption to consumers or businesses,” says Trey Loughran, president USIS, Equifax. “Our collective unique data assets, innovation and depth of expertise across Equifax and FIS enabled us to create a solution that will advance digital security over the web and via mobile devices.”
Digital authentication has come to the forefront of investment for the big payment networks. Mastercard in March announced plans to acquire NuData Security, a provider of anti-fraud technology that uses session and biometric indicators to verify online transactions. In December of last year, Visa bought e-commerce authentication specialist CardinalCommerce and American Express acquired InAuth Inc., a mobile device authentication and intelligence solutions company.
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