Experian partners with Keyless to help banks strengthen identity security across the customer lifecycle

Experian, the world’s leading global information services company, and Keyless, a deeptech startup specializing in biometric authentication, have joined forces to offer financial institutions an end-to-end solution that combines Experian’s new customer identification and onboarding capabilities with Keyless’ next generation. biometric authentication solutions.

Methods of online identity theft and account takeover (ATO) attacks are constantly evolving – and now represent 77% of all fraud losses, at a global cost of $721 billion. As such, implementing authentication and identity solutions that can protect consumers from new attack vectors has become a top priority for banks.

Keyless’ are the first to combine privacy-preserving facial recognition with device tethering, enabling strong customer authentication with a simple glance into the device’s camera. Thanks to this, Keyless enables fast, compliant and user-friendly authentication flows for payment authorization, account recovery and step-up authentication for high-risk activities.

Combined with digital onboarding services and initial Know-Your-Customer (KYC) checks administered by Experian, the partnership will provide financial institutions with a single solution that spans the entire customer lifecycle.

In full compliance with the privacy requirements set by GDPR, Keyless’s world-first solution ensures that biometric data is never stored on the device or in the cloud. Instead, biometric data is irreversibly encrypted and broken down on the device during authentication, before being deleted from the device and processed through various servers, all located in Europe.

“When implementing digital services, the main difficulty for banks has always been to identify a truly end-to-end, secure and seamless solution, which must rely on different providers to meet their and their customers’ needs, in full compliance with regulations.” said Alessandro Cirinei, Commercial Strategy Director at Experian.

“The solution developed with Keyless goes beyond the first mile of digital onboarding and solves the problems related to re-authentication, which are particularly experienced by banks. We are very proud of this partnership, because it represents a clear proof of the opportunities for innovation that can be unlocked thanks to be the strength of the ecosystem”.

“At Keyless, we propose passwordless authentication to allow simple, secure and private recognition of users. Together with Experian, we take it a step further by helping customers secure identity after boarding, leveraging our biometric privacy-preserving technology to increase customer security .” added Andrea Carmignani, CEO and co-founder of Keyless.

“The goal of this partnership is to globally scale a reliable and seamless authentication and onboarding service, which already helps many customers in the financial and banking sector in Italy, so much so that we plan to expand to other sectors and in other regions of Italy. EMEA and APAC very soon.”