Biometric Signature ID was named by CFO Tech Outlook to its Top 10 Financial Fraud Detection Solution Provider list for 2018, which appears in the August 1, 2018 issue. CFO Tech Outlook magazine highlights the latest trends and technologies in the finance sector to its audience composed of Chief Financial Officers and other industry professionals.
BSI’s flagship solution BioSig-ID is a biometric authentication technology that uses a finger or mouse drawn password to identify legitimate users and block imposters who perpetrate fraud. BioSig-ID software excels at flagging atypical logins from existing accounts and can deliver real time warnings of potential fraud in progress. As part of anti-fraud depth in defense, BSI’s BioSig-ID complements existing SSO with its strong biometric multi-factor technology out of the box. Because it requires no hardware or software downloads, BioSig-ID is an affordable solution within reach of any organization.
Its fraud detection capability includes sophisticated financial fraud detection forensic tools. The user dashboard includes a variety of reports that can be configured to organizational needs, audit trails, suspicious activity alerts and real time event notifications that allow administrators to act proactively rather than after the fact.
One notable feature of BioSig-ID is its adjustable accuracy levels that balance usability with security. In situations where access areas are highly sensitive, very common to finance, accuracy standards can be set at high levels while customer facing accounts can be set at lower accuracy levels that work well for a broad array of users while maintaining security. BioSig-ID’s accuracy is rated 300% beyond NIST biometric standards so adjusting levels does not mean compromising security. Rather it allows companies the flexibility to fulfill multiple goals at once.
BioSig-ID can be used across finance and banking networks to secure employee networks, secure customer facing operations and provide additional assurance before high value transactions like wire transfers. In that scenario, the user would log in to their banking portal using normal credentials. Just prior to the transaction submission, BioSig-ID would require identity authentication in order to authorize. The user simply enters their four character biometric password to authenticate, an operation that takes just seconds. Both sides of the transaction benefit with increased trust and security.
Biometric Signature ID was named to Enterprise Security Magazine’s 2018 Top 10 Multi-factor Solution Provider list. As demands for cybersecurity continues to grow, Enterprise Magazine advocates for a multi-level defense against crime. The 2018 multi-factor solution provider list identified technologies that present a less invasive approach to authentication with emphasis on behavioral monitoring. The magazine notes that biometrics like fingerprints and voice require separate platforms and moving to global multi-factor authentication can help reduce those costs. Though BioSig-ID is a biometric, it does not require hardware or software downloads so costs are already low in relation to other identity technologies.
“Now is the right time for enterprises to consider using multi-factor authentication for their businesses,” according to the accompanying article with the list announcement.
Also included on the Top 10 Multi-factor Solution Provider list were leading companies like Ping Identity, Okta and SecureAuth. BSI appreciates the company we keep on the list as well as being named to this prestigious list.
DALLAS, TX – June 28, 2017 – Biometric Signature ID, the leading developer of biometric ID verification software solutions, announced the receipt of the 2017 “Best of Show” award at the Texas Bankers Association 133rd Annual Convention in San Antonio Texas.
Biometric Signature ID was one of more than 90 vendors considered for TBA’s “Best of Show” award. Judges met with vendors throughout the convention and presented the award to the vendor/booth that showed exemplary marketing, presentation and activity during the convention.
“It’s an honor to receive Texas Bankers Association ‘Best of Show’ award,” said Jeff Maynard, President / CEO, Biometric Signature ID. “There was lots of excitement from attendees who were interested in our suite of products. Winning this award shows that bankers understands the need for critical security solutions like BioSig-ID and points to our ability to meet industry demand for proper banking authentication and consumer privacy.”
BSI’s technology uses signature gesture biometrics, which authenticates a user’s identity by how they log in using their mouse or stylus, capturing, and comparing the unique way they create their password to their stored profile.
The technology is an ideal fit for banking and finance institutions which protect sensitive financial data and must secure customer facing and internal networks.
BSI’s technology provides a marked improvement to current password-access methods by using a multi-factor authentication that delivers the highest level of security on the market today.
BSI’s premier product BioSig-ID™ is a software-only biometric ID verification solution which allows businesses and organizations to authenticate a user’s identity and “gate” secure digital assets such as bank accounts, financial records and other confidential information.
BioSig-ID™ provides a streamlined multi-factor authentication process to protect businesses and users alike without the need for expensive hardware or costly document storage. To learn more BSI’s innovative technology or to schedule a demo, visit https://biosig-id.com/.
About Biometric Signature ID
Biometric Signature ID based in Dallas, Texas, is the leading developer of biometric ID verification software solutions using multi-factor authentication (MFA). BSI was selected 20 Most Promising Ed Tech companies by CIO REVIEW, was independent third party tested at 99.97% accuracy, reports a 98% user satisfaction rate and has a worldwide family of users who have used BioSig-ID to protect their identity over 10 million times from 95 countries. BSI’s technology provides secure banking transactions, safeguards healthcare records, gates exams or multiple quizzes, protects against online theft and helps organizations to control risk, reduce fraud, manage security and maintain compliance. For more information, please visit https://biosig-id.com/.
About Texas Bankers Association
Founded in 1885, the Texas Bankers Association is a member-centric state organization based in Austin whose members represent the voice of the banking industry within the state and national halls of Austin and Washington, D.C. In addition, its members participate in discussions around financial and economic roundtables where community leaders ponder safety and soundness issues confronting the state and national economics. For more information, please visit http://www.texasbankers.com/
Media Contact: Tyler Weiland | email@example.com | (972) 571-7834
Biometric Signature ID has entered history as part of the innovative Texas Emerging Technology Fund (TETF), a program created to incubate companies throughout the state and make Texas a home for invention.
The Texas Emerging Technology Fund program was begun by Governor Rick Perry in 2005 and was ended by Governor Greg Abbott in 2015. In its decade long history, the Texas Emerging Technology fund awarded over 130 selected companies over $200 million in seed money. During this period, the fund was recognized as the leading state venture capital fund focused on early-stage investments. The fund focused on technology and biotechnology and also provide funds to universities involved in promising research.
Private investments spurred by TETF awards haven’t been calculated by are believed to exceed $1B.
Biometric Signature ID in Lewisville, Texas was recognized as the maker of a “breakthrough technology” for its gesture biometric method of identifying online users with a password that is drawn, not typed. TETF awarded BSI over $500,000 to continue development of biometric products, pursue commercialization and expand operations.
BSI’s flagship product BioSig-ID “provides an improvement to current technology,” the Fund stated.
Since that investment, further investors have provided BSI with capital to expand operations and continue to develop new biometric solutions. BSI’s most notable contribution to biometrics is the ability to reset its password through the use of dynamic or gesture biometrics. Unlike physical biometrics such as fingerprints, iris, facial recognition and voice, BioSig-ID’s password offers an alternative to the user of invasive body data that may one day be hacked. The elegant solution of BioSig-ID offers the first true path forward toward a privacy sensitive biometric. Because BioSig-ID requires no hardware or software downloads by users, it is uniquely poised to gain market share by companies newly attuned to consumer demands for privacy and transparency on usage of their personal data.
A distinguished panel comprised of CEOs, CIOs, CMOs, VCs, analysts and CIO Review editorial board selected the top 20 most promising education tech services providers for 2014 and named Biometric Signature ID to the list.
The committee reviewed over thousand companies and its inclusion of Biometric Signature ID affirms its technology BioSig-ID, a gesture biometric authentication solution that provides strong student identity verification.
The top 20 education tech providers are drawn from a variety of disciplines but all focus on enabling a smooth online learning experience. Schools with distance learning programs are uniquely vulnerable to online fraud because of the anonymity of the internet.
Because username and password combinations are easily defeated by criminals, education tech security tools are vitally important to prevent academic dishonesty and detect financial aid fraud. Because it is not possibly to know exactly who types a password, schools and their learning management systems that continue to rely on single sign on (SSO) methods will remain blindfolded as to the exact identity of the individuals accessing online content.
The Office of Inspector General has pursued stringent new rules about student identity authentication, largely as a response to rampant financial aid fraud. Student identity verification solutions that go beyond the standard username and password are now required. Schools must now go beyond the single sign on to ensure their students are who they say they are. Schools must also pass yearly audits where identity processes and methods of verification are reviewed. Even accreditation can be affected if schools fail to comply and upgrade their systems.
As one of the top education tech providers of 2014, Biometric Signature ID was recognized for innovative technology. BioSig-ID offers an affordable, easily implemented solution to the problem online schools face in defending against identity fraud. The no-hardware solution easily integrates with most LMS and can also be used to gate access to courses, quizzes and tests. It will even perform randomized identity checks with a course interrupt feature that can be set at any point in the course session. Education tech professionals exposed to BioSig-ID quickly realize its innovative response to what has been an intractable identity problem.