Access Digital Accounts Faster and More Securely Using Voice and Face Together

Rhea-AI Summary

Mitek has launched MiPass, a passwordless identity authentication solution designed to enhance security for digital accounts. Users can authenticate their identities by taking a selfie and recording a phrase, significantly reducing the risks associated with stolen passwords. Over 80% of hacking breaches involve stolen credentials, costing companies up to $1 million annually. MiPass employs liveness detection technology to combat digital threats. The system is accessible through an SDK, enabling its integration into various applications, catering to the increasing demand for enhanced security among consumers.

Positive

• MiPass allows secure, passwordless access to digital accounts, reducing security risks.
• Developed algorithms avoid bias, accurately authenticating users of diverse backgrounds.
• Supports companies in enhancing customer loyalty while reducing risks from identity theft.

Negative

• None.

Mitek’s new MiPass provides consumers the highest level of identity security available today

SAN DIEGO--(BUSINESS WIRE)-- No one likes passwords. An average person has more than 100 passwords to manage, often making it difficult and frustrating to complete even the simplest online transactions. Enter MiPass from Mitek, a passwordless identity authentication solution that allows a person to access digital accounts effortlessly and securely using two features that are uniquely theirs: voice and face.

• How: To access a digital account using MiPass, a person simply uses a smartphone to take a quick selfie and then record a phrase.
• Why: Combining the two is a significant security improvement beyond the face recognition-only systems many use today. Authenticating digital identities with MiPass reduces the risks associated with on-device stored biometrics, which can be easily compromised, shared between people or overwritten with a simple passcode.

“MiPass provides the highest level of digital security available today,” said Mitek CTO Steve Ritter. “MiPass combines voice and face recognition using sophisticated liveness detection technology to defend against digital and deepfake attacks in real time.”

Hassle-free and secure account access helps both companies and their customers

Experts estimate that more than 80% of hacking breaches involve the use of stolen passwords or credentials, fraud that can cost a large company as much as $1 million a year. By moving to a more secure, passwordless approach to digital account authentication, companies can both increase customer loyalty and reduce their own risk from identity theft and account takeover attacks.

Because MiPass algorithms have been developed and tested against balanced and representative data sets, to avoid bias, MiPass can accurately authenticate customers regardless of race, ethnicity, age or gender.

According to recent research by YouGov, 74% of people say they want their bank to adopt the latest technology to keep their account safe. As many as 44% of adults ages 18-34 say they would like their bank to adopt newer, modern technologies to make it easier to log in to accounts.

“Companies care about their customers’ trust and security more than anything,” said Mitek Head of Product Chris Briggs. “Mitek understands this. That’s why we focus all our attention on bringing products to market that enable trusted online access. People are most loyal to companies that offer both convenience and security. That’s where MiPass excels.”

MiPass demo is available now

A developer-friendly software development kit (SDK) makes MiPass easy to embed into a wide variety of customer use cases, such as simple account information updates, password resets, device rebinding and high-risk financial transactions.

Learn more about MiPass and Mitek’s passwordless approach to hassle-free secure digital access.

Editor’s note: To meet with Head of Product Chris Briggs in person at Money 20/20 in Las Vegas, contact Angela Romei at Mitek or the Lewis U.S. communications team.

About Mitek

Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. Trusted by 99% of U.S. banks for mobile check deposits and 7,500 of the world’s largest organizations, Mitek helps companies reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com. Follow Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s latest blog posts here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221024005084/en/

For more information, press only:

Angela M. Romei

Mitek Corporate Communications Director

pr@miteksystems.com

Jim Cameron

US LEWIS for Mitek

mitekus@teamlewis.com

Source: Mitek

FAQ

What is MiPass by Mitek?

MiPass is a passwordless identity authentication solution that uses voice and face recognition to securely access digital accounts.

What benefits does MiPass provide?

MiPass enhances security by minimizing risks associated with stolen passwords and identity theft, thus improving customer trust.

When was MiPass launched?

Mitek recently launched MiPass, emphasizing its advanced security capabilities.

How does MiPass work?

Users authenticate their identity by taking a selfie and recording a phrase, utilizing sophisticated liveness detection.

What is the market demand for MiPass?

Research indicates 74% of people want their bank to adopt newer security technology, highlighting strong demand for MiPass.