Antifraud technology company Sift recently announced it has acquired Keyless, a provider of passwordless and multi-factor authentication technology. The repeated use of weak passwords by users across many different online accounts coupled with easy access to billions of stolen data records and automation technology has resulted in the persistent threat of account takeover (ATO) fraud for merchants and their customers. Financial details of the acquisition were not disclosed.
Keyless uses biometric-based authentication to take passwords out of this equation. The technology uses smartphone cameras to authenticate users logging into online accounts via websites or apps. Sift said in a statement that developers can add a Keyless utility to their own apps and websites using Keyless’ SDKs, or they can deploy the Keyless authenticator app.
“Protecting businesses from fraud while reducing customer friction is the foundation of a Digital Trust & Safety strategy,” said Marc Olesen, President & CEO of Sift. “Keyless has created a truly innovative product that provides better account security with less friction for users, and meets the qualifications for regional regulations like PSD2. We’re so excited to bring the Keyless team to Sift and for our customers to benefit from their incredible technology and expertise.”