For the past several decades, major banks and enterprises have been centralizing the storage of user pins, passwords, credit card numbers and biometric data, which has made that information vulnerable to security breaches, cyber-attacks and single points of failure. When the security of centralized repositories is breached, millions of people are affected, and with a dollar metric for each lost password or incident of fraud, major enterprises can end up losing millions of dollars every year.
HYPR is bringing a solution: the implementation of decentralized authentication in the mobile payments, retail banking and insurance space. Rather than storing user credentials in one location, the idea behind decentralized authentication is to securely isolate and encrypt user credentials on personal biometric mobile devices. By decentralizing the storage of this data, attacks on user information would have to happen one by one, rather than through a single attack on an enterprise.
“HYPR has made decentralized authentication possible for major banks and enterprises like Mastercard…where mobile payments are secured with decentralized authentication powered by HYPR, so you may be HYPR-secured through one of your mobile banking applications, and you just don’t know it,” says George Avetisov, CEO of HYPR.
Tune in for an exciting discussion that includes topics such as behavioral biometrics, biometric ATMs, and the growing interest in applying decentralized authentication to the IOT space. To learn more, visit hypr.com.