Xago, a South African crypto exchange services company, has announced the release of their mobile application, which includes neuromorphic biometric technology to authenticate clients.
The mobile app simulates human cognition – how the brain naturally and instinctively recognizes people – by utilizing advanced (future generation) neuromorphic computing technologies. As a result, when registering and logging in to Xago’s platform, clients have a more secure and convenient experience.
“Developed by aiQ Cognitive Technologies research scientists, not only does the app’s authentication outperform conventional biometrics (fingerprint, facial recognition, voice recognition), but it also does what no on-device biometric can do – certify a person’s identity in real-time by referencing identity data held by the Department of Home Affairs (DHA).” – Mark Chirnside, Xago’s CEO and Co-Founder
Identity theft increased by 337 percent in 2020, according to the Southern African Fraud Prevention Service (SAFPS), indicating that the Covid-19 pandemic created a massive opportunity for fraudsters.
Xago’s mobile app, which prioritizes security, client verification, and authentication, has rendered traditional login names, passwords, and One-Time Passwords (OTPs) obsolete and redundant.
Furthermore, the Xago mobile app provides not only 2 Factor Authentication (2FA), but also 3 Factor Authentication (3FA) (3FA). 3FA encompasses all three categories: knowledge (e.g., password), possession (e.g., mobile device), and inherence/biological feature (e.g. facial recognition).
Clients of Xago can now simply look at their phone without having to type, touch, swipe, scroll, press, or enter any information, confident that they will not be replaced by a fraudulent actor.