Identity Management Provider Oliu™Pushes into Passwordless Authentication as Consumers and Industries Move Towards a Passwordless Future
New, unified security feature furthers Oliu's mission to bring secure, self-sovereign digital identity to all.
CALGARY, AB, Aug. 24, 2023 /CNW/ - ATB Ventures, the innovation arm of ATB Financial and creator of market-leading digital credential management solution, Oliu - announced this week the official launch of Passwordless Authentication - an enhanced security feature that makes it easy for individuals to protect their most sensitive information while interacting with businesses online.
Seizing a fast-growing digital identity market with Oliu, passwordless authentication is a natural evolution of Oliu's security capabilities. Integrated into Oliu's digital credential management platform and its digital credential wallet, Proof, the new authentication feature plays a key role in mitigating the escalating data breaches associated with passwords - the primary point of entry for cyber attacks.
Passwordless Authentication - a means to verify a user's identity without a password - eliminates the need for organizations to store and manage user credentials. In addition, it removes the issue of individuals needing to memorize and regularly reset numerous complex passwords, dramatically reducing friction across digital experiences.
As consumers have grown to expect faster, more intuitive, and transparent digital experiences from the organizations the do business with, they also put their trust in robust underlying security. By removing the need for password-based authentication, Oliu and Proof's solution is harder to crack and more secure than traditional identity and authentication practices.
"Most passwordless authentication approaches either simply store a username and password (to resolve it in the background) or convert an existing username and password to a token stored on the user's device," commented Nav Dhunay, Managing Director of Technology at ATB Ventures. "Oliu's unique approach allows users to authenticate with a digital identity credential (stored in their wallet), negating the need for new passwords at every digital interaction. Oliu's solution sets a new standard for interoperable authentication that prevents data breaches from brute force attacks like password guessing."
With digital identity and authentication forming the foundation of Canada's digital economy, Oliu and Proof are helping to shape the future of digital trust, providing businesses with secure solutions to address such issues as the 40% increase in fraud which came at a cost to Canadians of $531 million in 2022.
"The move towards passwordless authentication is gaining momentum as cybercrime associated with conventional passwords continues to escalate, globally," says Sue McGill, SVP of ATB Ventures. "For data-driven digital economies to thrive, next generation identity solutions like Oliu and Proof are critical to Canada's growth and long-term competitiveness."
To learn more about Oliu and Passwordless Login, please visit https://oliu.id/oliu-for-onboarding.
Oliu is a blockchain-identity management solution that makes it easy for businesses to issue, manage and verify digital credentials. Built on open (W3C) standards, Oliu leverages identity frameworks such as the Pan-Canadian Trust Framework (PCTF) and National Trust and Identity Fundamentals to make mobility and interoperability between identity systems possible.
Proof is a mobile wallet that puts consumers' digital credentials at their fingertips. Using advanced encryption, Proof makes it easy to store, manage and share verifiable credentials all in one place.
ABOUT ATB VENTURES
ATB Ventures is the research and innovation arm of ATB Financial, a leading Alberta-based financial institution. Driving growth at the edges and exploring opportunities beyond financial services, ATB Ventures focuses on helping companies bridge the gap between consumers' increasing concerns about privacy and security, and their desire for more advanced personalized experiences.
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SOURCE ATB Ventures