|[January 11, 2017]
Transmit Security Makes Passwords Obsolete Using Mobile Device as Primary Authenticator Across All Channels
Transmit Security, the programmable authentication company, today
announced a $40M self-funded round of financing and unveiled a platform
that will disrupt the $10B authentication software market. The
technology enables organizations to displace passwords and implement any
form of identity verification, on any device, across all their
customer/partner facing channels.
The company's founders, Mickey Boodaei and Rakesh K. Loonkar, previously
created online banking security pioneer Trusteer, which was acquired by
IBM (News - Alert) in 2013. Boodaei also co-founded Imperva, a billion dollar provider
of cyber and data security products.
The Transmit Security Platform (SP) uses mobile devices as the primary
delivery mechanism to add any form of primary or secondary identity
verification (facial/selfie, eye, touch ID and fingerprint, voice
biometrics, SMS, etc.) to any application (web, mobile, call center,
point of sale, ATMs, etc.). Once deployed, an enterprise can make
changes to all their authentication methods and identity risk flows
without any code changes to their applications.
By 2020, biometric authentication is expected to be the main way
financial, healthcare, telecommunication and retail enterprises verify
customers, according to Goode
Intelligence, a research and consulting company. However, current
approaches require each authentication technology be individually
integrated with each application. These expensive and time consuming
coding projects have transformed authentication into an innovation
"After working with more than 400 of the world's largest financial
institutions, we identified authentication as the next major hurdle
they, and other industries, face from a security, fraud prevention,
regulatory and customer experience perspective," said Mickey Boodaei,
CEO of Transmit Security. "By decoupling authentication and anti-fraud
from the application, we've built a platform that allows any form of
identity verification, as well as anti-fraud measures, to be instantly
delivered on any web, mobile, branch, call center, or other application.
The benefit of our approach is that customers can execute on unique and
complex projects in a matter of minutes or hours."
Add Biometrics for Password Replacement
To eliminate the need to embed authenticators into each application,
Transmit SP uses a simple interface tooffload all authentication and
provisioning tasks. It provides a wide set of built-in authentication
methods that enable organizations to mix-and-match any combination of
facial, eye, voice, fingerprint recognition, one time passwords (OTP),
push notifications, pattern drawing, Device ID, and other 3rd party or
internally developed authenticators.
Once an application is connected to Transmit SP, any of the
authenticators and any authentication process can be changed, added or
removed without any software development. Transmit SP also supports any
existing third-party authentication or anti-fraud products in use, and
can orchestrate real-time responses based on customer configured
Programmable Authentication and Orchestration
To eliminate integration barriers that today separate authentication,
fraud prevention and security, Transmit SP accepts inputs from various
sources at runtime to automatically assess risk and challenge users with
the appropriate form of authentication. It can collect data from user
devices (type of hardware, location, security status, etc.), business
applications (transaction value, account type, age, etc.) and
risk-detection systems or threat feeds. By aggregating and making
decisions based on security context and risk factors, both at login and
anytime during a session, Transmit SP provides the agility to
dynamically adapt the customer experience based on evolving regulatory,
fraud, or security requirements.
For example, it can be programmed to allow users into an application
without any interactive authentication as long as the user comes from
the same location, uses the same device, and performs the same
activities. Transmit SP can challenge the user to authenticate when new
activities are performed or signs of risk are detected at any time
during the session. The platform can also be programmed to allow users
to switch between channels such as mobile, web, call center, etc.
without the need to re-authenticate.
"Today, most enterprises are hard-coding authentication, anti-fraud
logic and complex exceptions directly into each application, which
prevents them from being able to quickly deploy new identity flows and
use cases," said Rakesh K. Loonkar, president of Transmit Security.
"Since our platform unifies authentication, and fraud prevention in a
new architecture, it allows customers to change identity tools and flows
without code updates to their applications, for faster time to market
for new features and innovations. We can demonstrate how customers can
execute on complex identity projects, and thousands of use cases, in
Enable Omni-Channel, Mobile Centric, Identity
To provide a seamless experience for customers, Transmit SP can connect
to any type of application or channel. Since the platform maintains a
unified view of all the application connections associated with a user,
enterprises can implement automated identity trust handoff use cases
For example, Transmit SP can replace knowledge-based questions in call
center scenarios. When a user authenticates to a company's mobile app
and clicks to contact support, the representative on the phone is not
required to perform any additional authentication. Alternatively, if a
user calls customer support directly, a notification can be sent to
their mobile device as part of the voice response process to
authenticate them prior to reaching a representative.
Availability | Deployment
The Transmit Security Platform is available immediately. It can be
deployed on-premise, in the cloud, or in a hybrid configuration.
About Transmit Security
Transmit Security allows organizations to implement frictionless
omni-channel (web, mobile, phone, ATM, branch) authentication without
modifying their applications. The company's technology supports any
authentication technology, from any vendor, in one modular,
micro-services platform that slashes time-to-market and cost-to-market
for new identity related projects. Transmit Security's founders created
Trusteer (now IBM Security) and Imperva (IMPV on NYSE). The company's
research and development team is made up of former members of Unit 8200,
the elite Israeli Intelligence Corps. Transmit Security is self-funded,
and based in Boston and Tel-Aviv. For more information visit http://www.transmitsecurity.com/
or follow us on Twitter (News - Alert) @TransmitSec.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170111005751/en/
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