Prove Moves Beyond Passwords With New Authentication Tool

Digital identity company Prove has launched Prove Auth, a passwordless login and omnichannel authentication tool.

According to a Monday (Oct. 24) news release, Prove Auth lets companies reduce their reliance on passwords and one-time passcodes, letting customers authenticate across phones, desktops, and call centers.

“Multi-factor authentication desperately needs to evolve, as one-time passcodes and passwords are cumbersome and vulnerable to social engineering and other fraud vectors,” Prove Co-founder and Chief Executive Officer Rodger Desai said in the announcement. “These legacy methods are costly to businesses and also create friction that negatively impacts the consumer experience.”

The new tool is powered by Pinnacle, Prove’s identity program which “manages identity tokens for 90% of the US adult population,” the company said.

Prove Auth is launching at a time when a growing number of Americans say they’d be willing to live life without passwords. PYMNTS research has found that nearly 70% of consumers would be willing to use non-password login options on their mobile apps.

See also: Data Point: 68% of Consumers Want to Keep Passwords Off Their Apps

Another 54% said the same about their mobile device browsers, while 49% told PYMNTS they would opt to use non-password methods on their computer browsers.

But consumers aren’t just after convenience. Research by PYMNTS has also found 80% of consumers believe their personal data is coveted by entities aside from financial firms.

The value of personal data moving through digital channels is now recognized by consumers who feel that many entities — from brands to bad actors — want it. This is making them more cautious when it comes to prioritizing the handling of personal data, according to “The Future Of Authentication In Financial Services Playbook: Finding The Balance Between Security And Convenience,” a PYMNTS and Entersekt collaboration.

“Consumers are most likely to perceive their personal data as ‘very’ or ‘extremely’ valuable if shared with credit card companies, with 62% saying so,” we wrote in the Playbook, “followed by retail merchants at 53%. Only 34% of consumers are comfortable sharing personal data online with credit card companies, and just 39% are comfortable doing so with retail merchants.”

Get your copy: The Future Of Authentication In Financial Services Playbook: Finding The Balance Between Security And Convenience