The security of online identity has never been a more pressing issue as more and more people bank, shop and run their lives through digital channels.
The issue is regularly in the public spotlight, particularly when big businesses like Equifax or Uber –to cite two recent incidents– find themselves at the centre of a data leak.
As such businesses, and particularly banks like BBVA, spend a huge amount of time and resource ensuring they protect their systems and their customers and clients– often using the very latest developments in technology to secure the data they hold.
One such technology is undoubtedly biometrics- where the biological traits that are unique to individuals become part of the security system itself.
One of the businesses at the cutting edge of this is BBVA-backed U.S. business Covault, which specialises in delivering super secure digital identity and security solutions for both consumers and businesses.
Covault has now announced a product launch for a new mobile app aimed at simplifying the process of storing, sharing and verifying online identities.
Covault’s solution, which is being supported by BBVA through its New Digital Businesses unit as part of the bank’s strategy to help the growth of disruptive fintech businesses, uses key encryption linked to the biometric signature on the user's device - enabling the user to digitally protect their sensitive information from being accessed without their authorization.
The service is aimed at both consumer and business customers. For consumers it means only they control the key that digitally protects their sensitive information with their biometric - which could be a fingerprint or facial recognition for example. The advantage for customers is that that can now share sensitive information or documentation with third parties through the app, and even place a time limit on the data so that it becomes inaccessible again after a given period of time.
For businesses it means being able to leverage Covault for bank level Know Your Customer services, enabling them to verify customer identities while offering a cost effective, more secure and seamless on-boarding experience.
Louie Gasparini, CEO of Covault, said: “Storing and sharing your personal data, and proving your identity on-line isn’t always secure, as the recent hacks have shown. Based on Private Key Technology, Covault encrypts your data on your phone, accessible via your unique biometric signature, offering an easy to use and highly secure way to store, share, and control IDs, passwords, and other personal information including financial, health, tax, insurance, and legal in a secure digital safety deposit box.”
He added that this evolution in online security is aided by the fact that your device and your biometric signature are your credentials, so there are no passwords or security questions that easily can be stolen or compromised. There are also additional features such as, using your Covault Verified Identity to access a Notary online with Notarycam.com.
As the need to protect sensitive data online becomes more and more apparent with each new breach, research shows that people are searching for solid yet uncomplicated solutions to the problem. Better encryption methods and the use of instant document and identity verification, multifactor authentication and password-less login, may be the just what they’re looking for.
Teppo Paavola, Chief Development Officer and General Manager of NDB at BBVA, said:
“Our goal at BBVA is to support banking disruptors that are identifying new solutions to unforeseen problems and challenges.
“Covault embodies just that, offering a service to safeguard your identity and personal electronic property.”