Martin Cole
Key Takeaways
– Authentify is a service offered by major American banks in partnership with Early Warning.
– It allows users to verify their identity on participating platforms using their bank login details.
– Authentify aims to reduce abandonment and fraud rates while improving the digital experience.
– DocuSign is the first company to adopt Authentify, offering customers the option to verify their identities through their financial institution.
What is Authentify?
Authentify is a service provided by major American banks in collaboration with Early Warning. It offers users the ability to verify their identity on participating platforms by using their bank login details. This service aims to provide a more secure and convenient way for individuals to prove their identity online.
How Does Authentify Work?
When a user visits a participating platform that has integrated Authentify, they are given the option to verify their identity using their bank login details. If they choose to do so, they are redirected to their online or mobile banking platform, where they can log in using their usual credentials.
Once logged in, the user is presented with a consent screen that explains what data will be shared with the platform they are trying to access. The user can then choose to authorize the sharing of their bank-trusted data with the platform.
By leveraging bank-trusted data, Authentify aims to provide a higher level of identity assurance. This can help reduce fraud rates and improve the overall digital experience for users.
Benefits of Authentify
1. Enhanced Security
By using bank login details for identity verification, Authentify adds an extra layer of security. This reduces the risk of unauthorized access to personal information and helps protect against identity theft.
2. Convenience
Authentify eliminates the need for users to create and remember multiple usernames and passwords for different platforms. They can simply use their existing bank login details to verify their identity.
3. Reduced Abandonment Rates
With Authentify, users can quickly and easily verify their identity, reducing the likelihood of abandoning the verification process. This can lead to higher conversion rates for businesses.
4. Fraud Prevention
By leveraging bank-trusted data, Authentify can help businesses identify and prevent fraudulent activities. This can protect both the business and its customers from financial losses.
Authentify and DocuSign
DocuSign, a leading provider of electronic signature solutions, is the first company to adopt Authentify. Through this partnership, DocuSign customers now have the option to verify their identities by logging into their financial institution.
By integrating Authentify into its platform, DocuSign aims to provide a more secure and streamlined experience for its users. Customers can now verify their identities quickly and easily, without the need for additional verification methods.
This partnership between Authentify and DocuSign highlights the potential for this service to be adopted by other businesses in various industries. As more companies recognize the benefits of using bank-trusted data for identity verification, Authentify could become a widely adopted solution.
Conclusion
Authentify offers a secure and convenient way for individuals to verify their identities on participating platforms. By leveraging bank login details, this service provides a higher level of identity assurance and helps reduce fraud rates. DocuSign’s adoption of Authentify demonstrates the potential for this service to be integrated into various industries. As more businesses recognize the benefits of using bank-trusted data for identity verification, Authentify could become a standard practice in the digital world.
