Novi, the digital wallet created by Facebook, is coming to market. LoginID's CEO, Simon Law, gives his quick take on the launch and the crypto space. LoginID works with crypto exchanges and digital wallets to provide FIDO2 certified strong customer authentication and payment authentication for their users. Fraud prevention has become a priority in the space and LoginID's authentication platform is perfect for protecting your digital wallet.

PSD2 (Payment Service Providers Directive) is going into effect across Europe and its requirements surrounding strong customer authentication (SCA) have proven difficult for some merchants and issuers to effectively implement - due to high costs, long implementation cycles and other factors. This has resulted in high cart abandonment rates across the continent when it comes to ecommerce. In addition, some of the methods of strong customer authentication are still vulnerable to fraud.

In this week’s Torque Social Hour, CEO of LoginID Simon Law chats with the TorqueMag and WPEngine teams about LoginID’s ​​biometrically enabled FIDO2 passwordless authentication solution. The plugin allows WordPress admins to leverage their end user’s existing device biometrics to quickly and easily integrate multi-factor authentication into their website. LoginID’s ​​FIDO2 passwordless authentication plugin is aligned with PSD2, GDPR, CCPA, and HIPPA.

On the 12th of May 2021 Joe Biden, the President of the United Status (POTUS), signed an Executive Order (EO), focused on cyber security, into existence. This EO’s purpose is to strengthen Federal network security, internally as well as with any organization that conducts business with the Federal government. The EO mandates that IT providers, IT security providers, federal agencies, and any other organization that provides software to federal agencies utilize multi-factor authentication (MFA), as well as be compliant with the Director of CISA’s cloud-service governance framework within sixty days of the EO date, with a further evaluation on the types and sensitivity of data conducted within ninety days of the EO date.

Modern biometric technology began in the 1960s, evolving into high-tech scanners that read bio-markers with an accuracy touching 100%. In 2020, biology-based science is disrupting the authentication industry—at speed. The future is now passwordless.

In this video, Brandon Krieger of Daily Cyber and CEO of LoginID, Simon Law, talk about the effectiveness of a PIN when it comes to strong customer authentication. They also discuss the growing need for passwordless authentication in the crypto exchange and digital wallet space (full transcript below).