South Africa-based crypto exchange company Xago has announced the launch of its mobile application, which includes neuromorphic biometric technology for authenticating clients.
The mobile app uses advanced neuromorphic computing technologies to mimic human cognition – how the brain naturally and instinctively recognizes people. It ensures a more convenient and secure registration and login experience for clients on Xago’s platform.
“Developed by research scientists at aiQ Cognitive Technologies, not only does the app’s authentication outperform conventional biometrics (fingerprint, facial recognition, voice recognition), but it also does what no on-device biometric is able to do – certify the identity of a person by referencing identity data held by the Department of Home Affairs (DHA), in real-time.”
– Mark Chirnside, CEO & Co-Founder of Xago
South African Fraud Prevention Service (SAFPS) reports that identity theft rose 337% in 2020, which indicates that the Covid-19 pandemic created ample opportunity for fraudsters.
Security, client verification, and authentication are of the utmost importance to Xago. Therefore, its mobile app has rendered conventional login names, passwords, and One-Time Passwords (OTPs) obsolete and redundant.
Furthermore, the Xago mobile app also offers not only 2 Factor Authentication (2FA) but 3 Factor Authentication (3FA). Three-factor authentication involves knowledge (e.g. password), possession (e.g. mobile device), and inherence/biological feature (e.g. facial recognition).
Now, Xago’s clients can simply look at their phone without having to type, touch, swipe, scroll, press, or enter any information, knowing that they cannot be replaced by a fraudulent actor.
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