Branded for the business, the combined solution gives organizations a path to the future of authentication, while giving their customers more trust and confidence than ever before
iovation, the leading provider of device-based solutions for authentication and fraud prevention, today announced the acquisition of multifactor authentication company LaunchKey. The acquisition of LaunchKey brings together three proven next-generation technologies—LaunchKey’s interactive multifactor authentication (MFA), iovation’s transparent device-based authentication and iovation’s global fraud database. The move also marks the launch of the new iovation LaunchKey MFA solution, a powerful and flexible all-in-one toolkit that gives businesses the right authentication method for every touchpoint in their customer’s journey, including online, mobile, call center and in-person.
LaunchKey MFA is the first service to allow businesses to enable their consumers to select the authentication and authorization methods they prefer, while businesses can dynamically change the amount of authentication required from their customers, at any given time. Having this type of flexibility on both sides of the equation is very unique to the iovation and LaunchKey solution. Here’s how it works:
- Businesses select the authentication factors to make available to consumers, including slide authentication, fingerprint verification, PIN or circle codes, Bluetooth® device proximity, and many other factors of authentication.
- Consumers link their mobile devices and choose their preferred authentication methods for any given account.
- Businesses push real-time authentication requests to consumers to obtain their authorization for remote login and logout, real-time transaction approval, and on-demand identity verification for websites, mobile apps, kiosks, and other online applications.
- As warranted, businesses can dynamically adapt the level of authentication required of consumers in real time, allowing for a frictionless experience for low risk activities, and requiring stronger authentication for higher risk activities like a wire transfer.
“With LaunchKey, iovation now has a decentralized mobile authentication platform for dynamic multifactor authentication and real-time authorization. iovation will enable organizations to control authentication requirements while giving their customers the ability to choose where, when and how they want to be authenticated,” said iovation CEO Greg Pierson. “Organizations can augment their existing username and password-based authentication process or do away with passwords completely, and leverage the mobile device their customers already own, plus any number of additional authentication factors.”
The combination of LaunchKey MFA with iovation’s existing Customer Authentication service will create something that’s entirely new: a SaaS-based, adaptive, risk-aware, authentication suite with enough flexibility and strength to satisfy both security teams and user experience designers. This Dynamic Authentication suite provides precise recognition of whether or not a user’s device is known, how much it can be trusted, and what form of step-up authentication businesses require. Multiple user-friendly multifactor authentication options can be selected, based on the range of external threats, such as bad ISPs, TOR browsers or VPNs, or device-centered risks like rooting, jailbreaking, emulating, or tampering.
Today, iovation LaunchKey MFA enables real-time remote authorization through consumer mobile devices, and supports multiple methods of authentication including:
- Device—Turn the consumer’s device into an additional factor of authentication.
- Slide—Push a transaction request right to a consumer’s mobile device, letting them slide a virtual switch to authenticate or authorize in real time.
- Fingerprint Scan—Leverage the device's fingerprint scanner for biometric verification.
- Bluetooth Device Proximity—Verify that one or more Bluetooth® devices (e.g. Apple Watch® or a FitBit®) is within proximity to the consumer.
- Geofencing—Create location constraints about where transactions and logins can originate from.
- PIN Code—Verify the consumer's knowledge of a code stored securely on the consumer's device.
- Circle Code—Prompt the consumer to input a circular numberless code similar to a physical combination dial lock.
- Multi-Party Authorization—Now any business can require that one or more individuals must simultaneously authenticate and authorize to obtain access or authorize an action.
- Tokens or SMS—Leverage time-based one-time passwords for legacy and offline authentication, or use LaunchKey MFA alongside other methods already employed, homegrown or otherwise.
“Easier and more secure do not often go together, but that’s precisely what we’re doing for consumer authentication. iovation will now enable organizations to control authentication guidelines while giving their customers the ability to choose where, when, and how they want to be authenticated,” said Geoffrey Sanders, CEO of LaunchKey. “If desired, organizations can do away with passwords completely, replacing them with the consumer’s mobile device plus any number of additional authentication factors.”
Las Vegas-based LaunchKey has been recognized as one of the hottest startups in identity and access management (IAM). Gartner, the world's leading information technology research and advisory company, recently named LaunchKey a cool vendor in IAM, noting: “The innovative approach to authentication offered by LaunchKey demonstrates that this company is disruptive to traditional authentication approaches and an effective alternative to other out-of-band (OOB) authentication methods."
For more details about iovation LaunchKey MFA, go to https://www.iovation.com/launchkey-mfa.
iovation is a leader in:
- Financial Fraud Prevention
- Online Banking Fraud Prevention
- Online Gambling Fraud Prevention
- E-commerce Fraud Prevention
- Insurance Fraud Prevention
- Travel & Ticketing Fraud Prevention
- Online Gaming Fraud Prevention
- Online Dating Fraud Prevention
 Gartner, Inc., 2015 Cool Vendors in IAM, Anmol Singh, April 22, 2015.
TransUnion Global Fraud & Identity Solutions unite both consumer and device identities to detect threats across markets while ensuring friction-right user experiences. The solutions, all part of the IDVision with iovation suite, fuse traditional data science with machine learning to provide businesses unique insights about consumer transactions, safeguarding tens of millions of transactions each day.