South African crypto exchange Xago adds neuromorphic biometric tech to authenticate clients » CryptoNinjas
Xago, a crypto exchange services company based in South Africa, has announced the launch of their mobile application which includes neuromorphic biometric technology to authenticate clients.
The mobile app uses advanced (future generation) neuromorphic computing technologies to simulate human cognition – how the brain naturally and instinctively recognizes people. The result is a more secure and more convenient client experience when registering and logging in to 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
According to the Southern African Fraud Prevention Service (SAFPS), identity theft was up by 337% in 2020, indicating that the Covid-19 pandemic created a massive opportunity for fraudsters.
Taking security, client verification, and authentication seriously, Xago’s mobile app has now made conventional login names, passwords, and One-Time Passwords (OTPs) outdated and redundant.
Moreover, the Xago mobile app also offers not only 2 Factor Authentication (2FA) but 3 Factor Authentication (3FA). 3FA has all three of the following categories: 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.