OneID Launches Two-Factor Authentication for Online Banking
May 16, 2013
OneID, a Redwood City, Calif.-based authentication technology company, this week launched an extension of its flagship product especially for financial institutions. OneID Confirm is based on the original OneID Suite, which authenticates consumers without personal information like usernames and passwords. The company said OneID Conform enables banks to adhere to new guidelines from the Federal Financial Institutions Examination Council that call for authentication methods that better protect online accounts.
“Financial services organizations—like many others—recognize the need for stronger user authentication and security, but struggle to find technologies that are easy for customers to use and understand,” said Alex Doll, CEO of OneID. “Our two-factor authentication approach protects consumers and institutions alike without needing more shared secrets and opening up more liability and data-breach risk.”
In all its products, OneID says it employs two-factor authentication that starts by identifying a user’s device—PC, smartphone or tablet—through a unique code.