OneSpan Modernizes High Assurance Identity Security to Address Today’s Relentless Threats

Rhea-AI Summary

OneSpan (NASDAQ: OSPN) has launched the DIGIPASS CX, a cloud-connected personal security device, enhancing identity verification amidst rising cyber threats. This innovative device addresses increasing incidents of identity theft, aiming to restore trust in digital transactions. The DIGIPASS CX devices allow users to authenticate transactions from any device using high-security biometric methods and various authentication protocols. The rollout is expected in Q2 2023, focusing on providing continuous security throughout customer interactions.

Positive

• Launch of DIGIPASS CX enhances identity verification capabilities.
• Cloud-connected devices allow for updated features and configurations post-deployment.
• Addresses critical issues of identity and credential theft impacting revenue.
• Utilizes high-security biometric methods for transaction authentication.

Negative

• None.

Latest innovation extends OneSpan’s leadership in securing identities with the industry’s first cloud-configurable personal security device, ensuring integrity across customer interactions and transactions

CHICAGO--(BUSINESS WIRE)-- OneSpan™ (NASDAQ: OSPN), the digital agreements security company, today announces its latest high-assurance identity verification and authentication devices designed to increase the security, confidence, and trust that has become vital to the way we interact and complete digital transactions of consequence. OneSpan’s new cloud-connected DIGIPASS CX devices bring the highest level of assurance to the ever-growing problem of identity and credential theft and the increasing focus of relentless cyber adversaries.

OneSpan’s new cloud-connected DIGIPASS CX devices bring the highest level of assurance to the ever-growing problem of identity and credential theft. (Graphic: Business Wire)

In today’s anywhere economy, integrity and trust are under attack. Identity theft and credential theft continue to accelerate year on year, with both consumers and employees being targeted. These attacks can cause reputational damage, customer churn, and billions lost in revenue. Traditional authentication approaches -- that rely on usernames and passwords and even multifactor authentication based on email or SMS -- are increasingly at risk as they have been proven to be easily compromised and are often dependent on users making informed security decisions. These approaches create friction and abandonment during login and the completion of day-to-day transactions and are the focus of social engineering, adversary-in-the-middle, keylogging, credential stuffing, smishing, brute-force, and other common attacks. OneSpan’s newest personal security devices deliver the next generation of high-assurance identity and authentication while simultaneously providing users with a streamlined experience designed to drive adoption and customer satisfaction.

When applied across the entire customer transaction lifecycle, including the recently announced Virtual Room cloud service, DIGIPASS CX devices both simplify and secure user experiences, enabling continuous identity and authentication protection across all customer interactions.

“As the era of Web 3.0 continues to evolve, many organizations are ill-equipped for this next phase of the internet, and the accompanying global crisis happening with identity and credential theft that has remained nearly unstoppable,” said Matthew Moynahan, President and CEO at OneSpan. “Solutions based on legacy hardware devices are no longer relevant today because they do not provide continuous and connected security, and they are not woven throughout the entire transaction journey. That’s why current solutions won’t stand up in the era of Web 3.0. We aren’t securing endpoints anymore; we are securing digital processes and customer interactions requiring continuous authentication and identity verification - no matter where that interaction takes place.”

OneSpan has reimagined how organizations can deploy and maintain high-security devices, recognizing that customers need the flexibility to activate new features, customize user journeys, and modify configurations or security parameters as their user experience and security requirements evolve. Secure connectivity empowers organizations to update the DIGIPASS CX devices even after they have been deployed and distributed. This manageability is critical in an environment where enterprises must adapt quickly to evolving technology, changing business needs, and the threat of ever-more sophisticated attacks.​

“There is a war on trust and integrity in the world. Whether it is fake news or deep fakes, trust in our systems is fracturing. That foundation of trust – that we can be confident that a user, information, a transaction, an agreement is legitimate – is central to our social fabric, to the economy, and to the internet,” said Michael Klieman, Chief Product Officer at OneSpan. “OneSpan’s mission, the focus of our entire portfolio, and the purpose of our new cloud-connected personal security devices is to restore trust and confidence in today’s most critical customer experiences and ensure that their integrity is never in question.”

Using DIGIPASS CX, customers will be able to:

• Log in or authorize transactions and agreements anytime, anywhere – on a desktop, laptop or smartphone;
• Use high-security fingerprint biometrics and other methods to ensure the integrity of authentication in high-value transactions and agreements;
• Select from multiple authentication protocols including the OneSpan secure DIGIPASS® protocol and industry standard FIDO2 and OATH;
• View and verify contextual transaction details before signing;
• Trust that all transaction information is protected with OneSpan’s secure channel and on-device secure element;
• Securely authenticate participants throughout the customer transaction lifecycle, such as with video-assisted transactions and agreements using OneSpan's Virtual Room.

DIGIPASS CX is expected to be generally available in the second quarter of 2023. For more information on OneSpan DIGIPASS CX, visit here.

About OneSpan

OneSpan helps organizations accelerate digital transformations by enabling secure, compliant, and refreshingly easy customer agreements and transaction experiences. Organizations requiring high assurance security, including the integrity of end-users and the fidelity of transaction records behind every agreement, choose OneSpan to simplify and secure business processes with their partners and customers. Trusted by global blue-chip enterprises, including more than 60% of the world’s largest 100 banks, OneSpan processes millions of digital agreements and billions of transactions in 100+ countries annually.

For more information, go to www.onespan.com. You can also follow @OneSpan on Twitter or visit us on LinkedIn and Facebook.

Copyright© 2022 OneSpan North America Inc., all rights reserved. OneSpan™ is a registered or unregistered trademark of OneSpan North America Inc. or its affiliates in the U.S. and other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005559/en/

Media Contact

Nicole Bosgraaf

Senior PR Manager

+1-401-219-2131

nicole.bosgraaf@onespan.com

Investor Contact

Joe Maxa

Vice President of Investor Relations

+1-312-766-4009

joe.maxa@onespan.com

Source: OneSpan Inc.

FAQ

What is OneSpan's new product announced in the press release?

OneSpan announced the DIGIPASS CX, a cloud-configurable personal security device.

When will the DIGIPASS CX be available?

The DIGIPASS CX is expected to be generally available in the second quarter of 2023.

How does DIGIPASS CX enhance security?

DIGIPASS CX offers high-security biometrics and multiple authentication protocols to ensure transaction integrity.

What company is behind the DIGIPASS CX?

OneSpan is the company behind the DIGIPASS CX.

What cybersecurity issues does DIGIPASS CX address?

It addresses the increasing threats of identity and credential theft in digital transactions.

What are the benefits of using OneSpan's DIGIPASS CX devices?

Benefits include improved user experience, high-security authentication, and the ability to update features remotely.