SOURCE: Privakey, Inc.

PrivaKey, Inc.

September 22, 2016 16:54 ET

Privakey Announces the End of Passwords

The Password-Free Revolution has Begun

PHILADELPHIA, PA--(Marketwired - September 22, 2016) - Privakey has announced the latest enhancement to their revolutionary cloud-based authentication service. Online services that subscribe to Privakey can now allow their users to login with a simple tap on their mobile device, or a click of their computer's mouse. No password needed!

Among the most dreaded tasks of internet users is the creation of still another username and password combination. Despite tremendous advances in technology, the problem with online authentication has been getting worse. The internet was designed without an identity layer, which forced all online businesses to build their own service for identifying and authenticating users. The resulting proliferation of inconsistent and insecure usernames, passwords, and "security" questions is a bane for users worldwide. Privakey decided that there has to be a better way. Users should have the ability to assert their identity in a secure and consistent manner across the web.

The company launched its revolutionary authentication service earlier this year, and has now enhanced it. Businesses that subscribe to Privakey can now improve their user's experience by eliminating passwords. Instead of asserting an insecure password, users simply tap the approve button when notified by the Privakey app. The user's approval asserts their identity, which is bound to a device that they either own or control. Privakey's simple "Tap-In" authentication approach is ideal for online businesses that aim to optimize the consumer experience and minimize transaction friction, without sacrificing security. An optimized and frictionless consumer experience is essential to the success of online retail businesses. Privakey's Tap-In approach is ideal for entertainment, retail, and social media sites.

Privakey's convenient and highly secure two-factor authentication (2FA) service is recommended for higher risks sites, such as banking and healthcare services. In addition to asserting control of a device (one factor), businesses can configure Privakey to have users assert a second factor of authentication, such as a PIN or a fingerprint. Privakey never stores a user PIN or fingerprint image, so they are not vulnerable to hackers. Privakey users select and manage their own PINs, so they can use the same PIN at every site that requires it. Fingerprint assertions work in the same manner as PIN assertions.

According to Privakey chief executive, Charles Durkin, "The release of the Tap-In authentication option is another step towards our long-term goal of eliminating passwords from online transactions. Users crave consistency, convenience, and security, and we deliver all three." In the coming years Privakey will be available at most popular consumer facing websites and mobile applications. Online service providers and mobile apps can enable Privakey by visiting the company website at: www.privakey.com.

ABOUT PRIVAKEY

PrivaKey, Inc. is an innovative leader in the drive to eliminate passwords from the Internet and online transactions. Privakey improves the user experience, enabling uniform and consistent login experiences at multiple sites. Consistent, convenient, and secure logins are enabled by the cloud-based Privakey service. Privakey is easy to enable on websites, mobile applications, and online services. It requires no upfront capital, and it works with devices that users already own. Passwords are going away and Privakey is leading the way.

Privakey is expected to be ubiquitous in the years ahead, relieving users from the burden of managing the complex and vulnerable passwords now used for online access. PrivaKey, Inc. was founded in 2016. It is a wholly owned subsidiary of Probaris Technologies, Inc.

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