SOURCE: Privakey, Inc.

Privakey, Inc.

May 05, 2016 14:12 ET

Privakey, Inc. Launched to Address Consumer IAM Market

The New Company's Mission Is to Eliminate Passwords and Improve UX; After Many Years Serving the Enterprise Identity and Access Management (IAM) Market, Probaris has Spun out Privakey, Inc. to Serve the Consumer Facing IAM Market

PHILADELPHIA, PA--(Marketwired - May 05, 2016) - Consumer facing IAM solutions must be easy, secure, and accessible anywhere, at any time. Probaris has launched just such an offering with its new Privakey authentication service. Privakey frees the end user from the burden of unique username/password combinations at every site. Instead, users can log into any online service that accepts Privakey using a single username and PIN. The PIN is not stored anywhere, so it not vulnerable to hacking, and it significantly reduces the risks of successful spear phishing attacks.

The use of a single PIN to access a wide range of online services has advantages over alternative consumer facing IAM approaches, such as biometric identity assertions. Fingerprints, facial recognition, eye prints, and similar methods, are all dependent on the vagaries of different devices, sensors, and ambient conditions, such as lighting. The use of a single PIN allows for consistent login transactions from all devices, regardless of the external environment. The more sites that accept the Privakey Login, the better the experience for Privakey's users and the users of sites that accept Privakey.

Privakey is free for consumers and other end-users. The Privakey service can be easily enabled by online service providers to improve the user experience, and to improve security. The Privakey team, its customers, and its investors expect the "Log In with Privakey" button to be ubiquitous on websites and within mobile apps in the coming years. Eventually, users will be able to choose a single, consistent, and secure method to access all of their favorite online services.

Consumer facing IAM solutions, such as Privakey, are much different than enterprise IAM solutions. Not only is the technology distinct, but the market is also much different. These differences, combined with the market enthusiasm for Privakey, have led to Probaris' strategic decision to spin off Privakey as a separate company. Privakey serves a huge addressable market with a compelling, new, and disruptive approach. Privakey, Inc. began operations earlier this year, and is already achieving success. More information is available at www.privakey.com.

ABOUT

Privakey, Inc. offers a uniquely simple and secure consumer facing authentication service. Privakey eliminates the need for unique usernames and passwords for every online service. Simple and convenient logins are enabled by the highly secure, cloud-based Privakey service. Privakey significantly strengthens authentication transactions by using a highly secure two-factor authentication (2FA) method. While most 2FA solutions add complexity to the authentication process, Privakey simplifies it. Privakey is easy to enable on websites, mobile applications, and online services. It requires no upfront capital, and it works on devices that users already own.

Privakey is expected to be ubiquitous in the years ahead, eventually eliminating user dependence on vulnerable, antiquated, and unpopular passwords now used for online access. Privakey, Inc. was founded in 2015. It is a wholly owned subsidiary of Probaris Technologies, Inc.