Sensory’s Biometric Technology Now Powers Security for 24 Banking Apps

Biometrics security company Sensory announced this week its TrulySecure technology is now being used by two dozen banks, including Alior, AXIS, Banorte, ICICI, Maybank, Mizuho Bank, and Qatar Islamic Bank.

“Since announcing the first version of TrulySecure, we have had a great deal of interest from banks wanting to utilize our technology for adding greater user security to their apps without compromising convenience. While we are certainly excited to have more than two dozen banking customers, we believe that we are just now beginning to see the tipping point for mass adoption among banks globally,” said Todd Mozer, CEO of Sensory.

TrulySecure, the company’s face and voice biometrics technology, is FIDO-certified to secure mobile applications for financial services companies. The solution works across multiple iOS and Android devices and functions with the existing hardware on the device. To enhance the TrulySecure user experience, Sensory has formed multiple integration partnerships with technology firms including EZMCOM, Fujitsu, Samsung SDS and VeriTran; and authentication solution providers HYPR and Nok Nok.

In addition to securing bank apps, TrulySecure protects mobile payment, password manager, and retail apps. The company launched a virtual bank teller system at FinovateFall 2017. The bank teller leverages AI to provide a human-like interaction that offers payment and money transfer capabilities with built-in biometrics verification.

Sensory was founded in 1994 and is headquartered in California. Last fall, the company partnered with Fujitsu to power biometrics for Mizuho’s mobile banking app. Sensory has raised $400k from Norwest Venture Partners.

Finovate Alumni News

On Finovate.com

  • Bento for Business Raises $9 Million in New Funding.
  • Sensory’s Biometric Technology Now Powers Security for 24 Banking Apps.
  • DefenseStorm Selected by NAFCU as Preferred Cloud-Based Cybersecurity Partner

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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.

Sensory Partners with Fujitsu to Bring Biometrics to Mizuho’s Mobile Banking

Fujitsu has teamed with Silicon Valley-based Sensory to provide face biometric authentication for Mizuho’s mobile banking, reports Antony Peyton of Banking Technology (Finovate’s sister publication).

Mizuho is the first customer of the Fujitsu and Sensory partnership and it will be using TrulySecure. This solution’s features include the option to fuse voice and face biometrics recognition together; and it works with Android, iOS, Linux and other platforms.

It also has convolutional neural net technology running on the device – so it does not store biometric info in the cloud. In addition, TrulySecure’s “anti-spoofing approach” prevents unauthorized users from gaining access with photos or videos of enrolled users.

Michihiko Ejiri, VP of front digital service business division at Fujitsu, says working with Sensory has “allowed us to help our customers around the world improve the user experience provided by their apps by integrating face biometric authentication technologies into them”.

Left to right: Sensory’s Jeff Rogers (Vice President) and Todd Mozer (CEO and President) demonstrating TrulySecure at FinovateFall 2017.

Sensory reckons digital commerce and banking apps have moved toward mobile payment and wallet applications. In turn, this demand has created a need for fraud and theft prevention technology that is “frictionless to the end user”.

It also cites research from Markets and Markets that the global facial recognition market is expected to grow from $4.05 billion in 2017 to $7.76 billion by 2022, with banking, financial services, insurance, retail and healthcare being major growth areas.

“Supported by the rapid growth in adoption that our TrulySecure face recognition technology is seeing among banking apps, mobile phones, and more,” Sensory CEO Todd Mozer said, “our research has found that consumers prefer the user authentication experience offered by face biometrics.”  Mozer highlighted speed, accuracy, and convenience among the top reasons why customers appreciate Sensory’s technology.

Founded in 1994 and headquartered in Santa Clara, California, Sensory demonstrated its TrulySecure bank teller chatbot with biometrics solution at FinovateFall 2017. The company announced last month that its TrulyHandsFree voice control technology would serve as an Alexa trigger for Garmin Speak. And in September, the company’s TrulySecure facial recognition technology was added to LG’s flagship V30 smartphone, as well as LG’s Q6 and G6 models.

FinovateFall Sneak Peek: Sensory


A look at the companies demoing live at 
FinovateFall on September 11 through 14 in New York. Pick up your tickets today and save your spot.

Sensory makes banking apps safer and easier to use with AI technologies, including biometrics and natural language chatbots.

Features

  • Natural language voice user interface for convenience
  • Voice and face biometrics to enable secure transactions
  • Talking avatar for a bank teller in your pocket

Why it’s a must-see

The AI technologies reside on device for convenience, safety/security, and speed. Personal biometric info and data is not sent to the cloud where it might be compromised.

Presenters

Todd Mozer, Founder & CEO
Silicon Valley CEO, serial entrepreneur, and investor. Stanford MBA with successful IPO and M&A exits.
LinkedIn

 

Jeff Rogers, VP Sales


Check out more previews of upcoming FinovateFall presentations. Visit our registration page to save your spot.