Fraud prevention provider ValidSoft has joined the Fast Identity Online Alliance to help create standards for online authentication, the company announced Dec. 3.
London-based ValidSoft provides clients with telecommunications-based fraud prevention services for banks, most notably linking a consumers mobile phone with his payment card and determining that both are in the same location a transaction is being initiated.
The FIDO Alliance is an independent, nonprofit organization addressing the lack of interoperability among authentication devices and problems users face in creating and remembering multiple usernames and passwords.
ValidSoft joins PayPal, Lenovo, MasterCard, Google and others in supporting FIDO.
FIDO is moving toward developing a system in which passwords would instead be replaced by low-friction authentication methods embedded in device hardware, a philosophy ValidSoft says it already uses in multi-factor mutual authentication.
ValidSoft also uses identity and transaction verification software which incorporate voice biometrics in addition to the location proximity.
Were pleased to support FIDO Alliances efforts to create and implement simpler and higher authentication standards that will help protect people from ever more sophisticated fraud, ValidSoft CEO Pat Carroll states in a press release.
Contactless payment technology provider Oberthur Technologies joined FIDO last month, just a week after MasterCard became the first card network to join.