How they describe themselves: Privakey aims to transform the way we access the internet and all of the online services that it offers. Few consumers are satisfied with the current options available for authenticating to websites, applications, and online services. No one likes passwords and the burdens of managing them. Multifactor authentication has largely been rejected because it is even more complicated than passwords. Worse, MFA does not eliminate the password problem. There are two fundamental flaws with existing authentication methods: 1) their reliance on vulnerable shared secrets, and 2) the drive by industry to force users into authentication transactions that are unique to each site or service.
How they describe their product/innovation: At Privakey, we believe that consistency is the key to achieving convenient and secure consumer authentication. Privakey is a universal, password-free method for consistent, convenient, and secure online user identity and authentication. Our cloud based identity and authentication service improves the user experience and reduces friction. We offer a single, consistent, and secure service that consumers can use to access websites, apps, and online services. Privakey eliminates passwords and enables multifactor authentication, all with the ease of a social login. It is easy to enable Privakey for websites, online services, and mobile apps. Privakey offers flexible deployment options for public and private cloud services.
Product distribution strategy: Direct to Business (B2B), through financial institutions, through other fintech companies and platforms, licensed