Finovate Alumni News

On Finovate.com

  • Cloud Lending Solutions Picks Up Investment from ABN AMRO’s Digital Impact Fund.

Around the web

  • Digital Onboarding and Geezeo forge new partnership. See Digital Onboarding at FinovateFall next week.
  • Icon Solutions initiates functional testing between Instant Payments Framework and RT1.
  • Veridium CTO John Callahan discusses the potential of iris recognition as a biometric security solution for the enterprise.
  • Harborx Wins two Innovation Awards from the World Finance Markets.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Microblink’s Photopay Expands to New European Markets.

Around the web

  • Daon and Experian talk about fighting fraud with biometric technology on CNBC’s Squawk Box.
  • Let’s Talk Payments interviews Yodlee’s Terry McKeown on managing credit risk.
  • Banking Exchange profiles alternative lender, PayActiv.
  • The Silicon Review features Vantiv Head of Product for Integrated Payments, Moin Moinuddin.
  • FintekNews sits down with Unison Co-CEOs Thomas Sponholtz and Jim Riccitelli to discuss shared real estate investing.
  • Tesobe organizes cross-industry payments hackathon in Australia – Aug 11 thru 13th.
  • CRN names Veridium on its list of 2017 Emerging Vendors.
  • Total and Worldline Partner with Africa-based InTouch to help deploy Guichet Unique, a digital solution for retail networks.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Stop Cyber Attacks Before They Happen: Three Easy Hacks

Written by James Stickland, CEO of Veridium (FinovateEurope 2017). Originally published in FinTech Futures.

Consider this terrible dichotomy: while the average person’s application count has gone up significantly, corresponding end user cyber-security measures have gone up little, if at all. Between the app store, social channels, and the multitude of devices in use, a person’s threat landscape – the number of points from which a hacker could target them – has increased dramatically. As a result, the end-user is enormously reliant on enterprise and application providers to keep their data secure when they use these apps.

Cifas recently reported that cyber-enabled identity fraud has hit record levels in the U.K. – with younger users amongst the top targets. This seems counter-intuitive, as this demographic is certainly more tech-savvy. However, someone aged 18-21 may not be as protective of their finances as someone in their mid-40s. The younger generation doesn’t have distinguished user behavior (i.e., they haven’t opened or closed credit cards or taken loans) so it’s difficult for banks to determine what’s normal for them.

Banks have an endless amount of sensitive customer data in their possession and are under pressure to generate increased revenue per user, which means multiple touch points with single clients. This is proliferating the problem by creating increasingly complex client maps and insertion points where hackers can find their way in. Companies are working furiously to thwart attacks, but there are some very straight forward approaches that institutions should be taking to stop the attacks before they occur.

Why aren’t banks doing anything about it?

The cybersecurity problems are clear and the news headlines tell the story. In fact, in 2016, the five biggest data breaches all involved compromised, weak or reused passwords. So why isn’t anyone doing anything about this? One of the key drivers is a risk aversion to putting off customers, or complicating employee access. Anytime you require a change in behavior you can expect a backlash. For example, what would you do if suddenly your expectation of what was required to use an online account changed? Institutions think they are making passwords safer by requiring them to be more complex. In the end, this approach is self-defeating and delusional. It’s not making us safer, it’s putting us at a higher risk and defeating the original plan.

What can we do in the finance industry?

Financial companies are filled with high-value assets and have been making the attack landscape more complex through better and more intelligent firewalls, managed rules, and policies. There has also been a segregation of the data, isolating high value content and adding end-point and data-specific security. Yet, security is never a finished project; it is an ever-evolving beast and hackers have an incentive to keep getting smarter. So how can we stay alert and act?

1. Take away the easy entry points

Passwords are an easy entry point. Enterprises set rules and requirements in an attempt to maintain security:  increase the number of times a user needs to change their password, set guidelines that say the password can’t have been used before, or it must include seven characters. Yet, adding rules doesn’t change the issue behind the password.

2. Update security questions

Previously, companies didn’t have to consider the social aspect. It wasn’t a concern that someone could find out your mother’s maiden name or your high school mascot just by checking your Facebook; personal details were less accessible. This is not the case today. Consider how simple it is for hackers to research and uncover those answers.

3. Kill the password

Weak and compromised passwords continue to be a major attack point for hackers, and the costs for maintaining them are high. Even with these issues and if your password policy hasn’t been compromised, passwords don’t prove you are you – they just prove you know something about who you say you are.

Biometric authentication allows you to prove you are who you are through a variety of methods – face recognition, iris recognition, fingerprint scanning, and behavioral authentication. It offers your customers the ability to quickly and conveniently access their accounts, avoid forgotten and misplaced passwords, while increasing security and a fit for the digital age.

FinovateEurope Sneak Peek: Veridium

Screen Shot 2017-01-30 at 1.48.56 PM

Screen Shot 2017-01-23 at 4.27.53 PMA look at the companies demoing live at FinovateEurope on the 7 and 8 of February 2017 in London. Pick up your tickets today and save your spot.

Veridium’s end-to-end, biometrics-based authentication software makes it easy and cost-effective to eliminate passwords, PINs, and security tokens. It has many enterprise-ready use cases to share.

Features

  • Reduce financial fraud
  • Convenient for customers to use
  • Cost-effective solution

Why it’s great
2016 was a banner year for cyber attacks and data breaches. You don’t want your company to be the headline in 2017. Protect your employees, customers, and data with biometric authentication.

Presenter

Screen Shot 2017-01-30 at 2.10.44 PM

James Stickland, CEO
A seasoned executive in the financial technology space, Stickland is tasked with driving business revenue and investment growth, as well as leading the company’s global go-to-market strategy.
LinkedIn

Finovate Alumni News

On Finovate.com

Around the web

  • Betterment unveils new multi-plan offering with access to human advisors.
  • Green Dot to acquire UniRush and its prepaid card business, RushCard, for $167 million.
  • Fidor partners with EPAM Systems to gain access to additional product development and software engineering talent.
  • D3 reports record revenue in 2016, up 160% from 2015.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Veridium Brings Hand Recognition Authentication to Mobile-Only Dutch Bank, bunq

veridium_homepage_november2016

Courtesy of a new partnership with authentication specialist Veridium (formerly known as Hoyos Labs), mobile banking customers of bunq, a mobile-only Dutch bank, will have access to 4 Fingers (4F) biometric authentication. The technology, 4 Fingers TouchlessID, is part of VeridiumID, and will be the first implementation of hand-recognition software in financial services.

Founder of bunq, CEO Ali Niknam, praised 4F as an “easy-to-use and safe banking experience,” and called deploying “the latest technology and biometric authentication solutions” part of fulfilling his mobile-only bank’s commitment to “giving people control over their money again.” Veridium COO Todd Shollenbarger added that Veridium’s “flexible, secure, and extendable” solution would scale well as bunq grew and expanded into new countries.

veridium_4f_diagram

4F uses the rear camera on a smartphone to simultaneously capture the four fingerprints of the index, middle, ring, and little fingers. The four prints are compared to those stored and when the match is confirmed, access is granted. Veridium says that the 4F approach provides a more precise and reliable degree of certainty, as compared to face, voice, and single-fingerprint authentication methods.

New York City-based Veridium was founded in 2013 and demonstrated its technology (as Hoyos Labs) at FinovateFall 2014. The company’s products also include VeridiumAD, an enterprise-ready solution that provides Microsoft Active Directory environments with biometric authentication.

Finovate Alumni News

On Finovate.com

  • “P2P Lender Zopa to Launch Challenger Bank”
  • “Finovate/FinDEVr Alums Featured Among Monitise FINkit Platform Partners”
  • “Veridium Brings Hand Recognition Authentication to Mobile-Only Dutch bank, bunq”

Around the web

  • Co-founder of Markit, Rony Grushka, joins Algomi’s board of directors.
  • FinDEVr alum Quovo launches its account-authentication API.
  • Juvo teams up with Cable & Wireless to provide mobile credit services in the Caribbean.
  • Mastercard partners with Ratnakar Bank to launch Masterpass QR in India.
  • Thomson Reuters unveils its Thomson Reuters Pricing Service Evaluation Score (TRPS) to support pricing transparency.
  • LendingTree acquires credit card comparison and education provider, CompareCards.
  • Pirean wins security innovation of the year at the U.K.’s 2016 IT Industry Awards.
  • SafetyPay to power payment solutions for Payzoff.
  • NatWest deploys BioCatch behavioral biometrics technology.
  • Boku provides direct carrier billing in Japan for Spotify.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Hoyos Labs Rebrands as Veridium, Launches New Biometric Authentication Solution

veridium_homepage_september2016

With the launch of its new, end-to-end biometric authentication solution—VeridiumID—the security innovator that demoed its technology at FinovateFall 2014 as Hoyos Labs is now Veridium.

Company COO Todd Shollenbarger said, “We’re going to replace what you know (passwords) with what you are (biometrics) to safeguard enterprises from fraud and data breaches.” Pointing to the issues that typically inhibit broader adoption of biometric technology, such as high cost and technical complexity, Shollenbarger added that Veridium’s use of SaaS delivery for the backend—and the user’s smartphone to handle the image-capture for authentication—helps reduce both cost and complexity. “We’re making biometric authentication a solution of today, not tomorrow,” he said.

veridiumid_graphic

VeridiumID gives businesses the ability to leave password-based authentication and instead incorporate biometric methods using face, voice, or fingerprint. The combination of biometrics and multiple authentication factors in its new solution gives customers of financial services companies the ability to access their accounts and transact without cards and PIN codes, eliminates the need for insurance cards as an authentication tool in healthcare, and helps governments manage physical access in a more efficient and less cumbersome and costly way.

A server-based solution working with a mobile app and a front-end, mobile SDK, the technology uses virtual cryptography to break biometric data into pieces. Storing and distributing the data this way makes it harder for hackers to steal or compromise an entire biometric piece of data, such as a fingerprint. VeridiumID uses liveness detection, accommodates a number of plug-and-play biometric libraries, and provides support for an Active Directory or a FIDO authenticator. Deployable in the cloud or on-site, VeridiumID requires no additional hardware.

The goal of the rebrand from Hoyos Labs to Veridium is to focus the company’s efforts in four key areas: financial services, healthcare, government, and the Global 2000. Veridium says it seeks to leverage its eight patents (with another 34 pending), as well as numerous R&D breakthroughs, to build an open standard for authentication that will defend the enterprise against data breaches today, while remaining flexible enough to “ensure continual iteration and enable the solutions to evolve at the forefront of the industry.”

Founded in 2013 and headquartered in New York City, Veridium demonstrated the mobile app of its identity-assertion platform at FinovateFall 2014. The company also has offices in the U.K. (Oxford and London), as well as in Boston, Massachusetts, and Timisoara, Romania.

Finovate Alumni News

On Finovate.com

  • Ripple Raises $55 Million Series B; Announces New Bank Partners
  • Hoyos Labs Rebrands as Veridium; Launches New Biometric Authentication Solution

Around the web

  • Wipro establishes blockchain research center at its Begaluru campus.
  • Sumitomo Mitsui Financial Group (SMFG) chooses biometric authentication from Finovate newcomer Daon. Video of Daon’s debut at FinovateFall will be available soon.
  • CBIC to join SecureKey’s Concierge, an authentication service.
  • Braintree SDK to help merchants in Europe accept UnionPay to better reach Chinese consumers.
  • Fidor Bank teams up with GFT Technologies to build mobile banking app.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.