New York, NY, November 1, 2022 - Prove Identity, Inc. (“Prove”), the leader in digital identity, today announced its new white paper, “Pinnacle: Prove’s Machine Learning Driven Platform for Cryptographic Authentication” that discusses why leading enterprises are making the switch from risk-based authentication to cryptographic authentication. Cryptographic authentication ensures that the data being fed into machine-learning systems is truly tied to the consumer and not a bad actor. Prove accomplishes this by ensuring that the identity of the consumer is cryptographically authenticated prior to trusting the information that is submitted, and when enterprises adopt Prove’s Pinnacle platform, pass rates increase significantly while fraud decreases, yielding substantial ROI.
The full white paper on cryptographic authentication is available for download here.
As more transactions become digital, there will be both a greater volume of transactions and a larger pool of money in aggregate that is at risk for fraud. Risk-based authentication, the predominant way legacy authentication solutions function, rely upon large amounts of personal data to observe consumer behavior. As data privacy regulations limit the use of personal data, the efficacy of risk-based authentication solutions is quickly eroding.
The white paper outlines how Prove’s unique combination of deterministic identity and cryptographic authentication is able to provide up to a 20% relative increase in pass rates versus risk-based authentication alone when holding the fraud rate constant. A pass rate is defined as the number of new consumer applications successfully completed without manual intervention divided by applications submitted.
“The digital economy is growing at a rapid pace, allowing consumers and merchants to connect like never before,” said Rodger Desai, Co-Founder and Chief Executive Officer at Prove. “Legacy authentication methods that guess at which transactions are good or bad based on massive amounts of personal data is the way of the past. Businesses that modernize their digital experiences with next-generation authentication practices will win hearts, minds and market share.”
"With the help of Prove's cryptographic authentication model, Synchrony has achieved a substantial increase in approved accounts, through higher completion and approval rates, with only a fraction of the fraud, when compared to our legacy approach," said Mylene Pedone, Senior Vice President of Digital Credit & Authentication at Synchrony. "Importantly, Prove has contributed to a more streamlined customer experience, reduced fraud, and provided a significant uplift in revenue."
As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries, including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments. For the latest updates from Prove, follow us on LinkedIn.
Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.
Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.
Tap the button below to read our latest white-paper on the subject as industry leaders.
Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.
Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.