Prove has added its customer experience and ID verification/authentication offerings to AWS Marketplace.
According to a Tuesday (April 16) news release, the addition lets customers access Prove’s commerce enablement, identity verification and identity authentication solutions for faster onboarding, reduced abandonment and lower rates of fraud.
The release noted large levels of discontent among consumers who feel frustrated with ID verification and password authentication solutions, leading them to abandon their online interaction with merchants.
“By working with AWS, Prove is offering companies the opportunity to take back some of this lost revenue while also mitigating identity fraud,” the release said.
The company said its technology is unique in that it uses people’s mobile phones to verify identities in channels such as mobile, desktop and in-store. Prove’s customers include some of America’s top banks, crypto exchanges, retailers and healthcare firms.
Prove’s new offerings come at a when when — as PYMNTS wrote earlier this year — authentication methods are evolving to keep up with customer identity verification.
“Authentication is a constantly moving bullet,” Shaunt Sarkissian, founder and CEO of AI-ID, said in an interview with PYMNTS for the series “What’s Next in Payments: Authentication: What’s New and What’s Next?”
“And where the payment starts and stops, and where the authentication begins, is melding into the same process,” Sarkissian said. “… Doing an online transaction is more authentication these days than it is payment.”
As that report also noted, the concept of multifactor authentication has gained prominence, blending together traditional methods with invisible authentication techniques. These invisible methods scrutinize background data without the customer’s knowledge, leading to a more effective and secure authentication process.
“It is no longer just a password with a PIN,” Sarkissian said.
Elsewhere, PYMNTS CEO Karen Webster spoke with Jason Paguandas, vice president and general manager, merchant security and fraud at Carat from Fiserv about some key principles guiding the authentication of payments and commerce.
“Authentication is the moment of truth for a customer,” he said, determining whether a merchant or financial institution (FI) can or will proceed with a transaction — or require more verification from the individual.
The issue is it can only take on bad interaction online to send a consumer to a competitor, after chafing at being prompted to prove themselves again and again, or after a transaction is denied.
“In most cases,” said Paguandas, “anomalous behavior is what causes that step up.”
