Feb 9, 2021
Passwordless authentication use case: Cryptocurrency Exchanges
Biometric authentication solutions, like LoginID, are designed to help crypto exchanges drive user convenience, maximize security, and achieve regulatory compliance.
User Conversion
In order to drive conversion, exchanges must address users’ main priorities, which are speedy processing of deposits and withdrawals, a user-friendly interface, and an easy-to-use verification process. Most authentication solutions used by exchanges fail to address these priorities, requiring users to manually enter dynamic passcodes. LoginID does not — the user experience is as simple as scanning a face or fingerprint, irrespective of the device used. In addition, our FIDO protocol-based solution is supported on major operating systems and browsers, including Google Chrome, Mozilla Firefox, Microsoft Edge, and Apple Safari. It also runs on both Windows 10 and Android platforms, and, from September 2020, Apple OS. This flexibility means that users have the same high-quality experience no matter which technology they are using.
Security
LoginID incorporates the World Wide Web Consortium (W3C)/FIDO Alliance official web standard for web authentication (WebAuthn). WebAuthn makes passwords & phishing a thing of the past by authenticating through ‘something a user is’. It is crucial that websites and services implement WebAuthn to create a secure environment without compromising usability — our solution achieves this for our customers.
Compliance
LoginID authentication is a 2-factor authentication (2FA) method and is therefore compliant with the Strong Customer Authentication (SCA) requirement of the EU’s Revised Payment Services Directive (PSD2).
Globally, financial institutions and the regulations that govern them are adapting to the growing trend toward open banking. By utilizing LoginID’s solution, an exchange can leverage public- key cryptography techniques combined with “one-touch” biometrics and/or security keys to enable convenient and secure compliance with open banking standards.
In addition, our FIDO-based solution makes it easier to comply with the EU’s General Data Protection Regulation (GDPR). In particular, FIDO standards have been developed with ‘privacy by design’ in mind — a key GDPR requirement. In addition, our multi-factor authentication enables companies to meet their GDPR obligations to implement strong data protection safeguards.
About LoginID
LoginID is a comprehensive FIDO-based multifactor authentication solution that offers frictionless authentication. Created with developers and enterprises in mind, LoginID is FIDO-certified and adheres to PSD2 principles. With an implementation time of just one hour, LoginID’s multifactor authentication solution is a quick, simple to integrate, cost-effective, and regulatory friendly tool to give your business peace of mind around security, allowing you to focus on growing your business.
