Xago, a South African cryptocurrency exchange service company, has announced the launch of its mobile application that includes neurobiometric technology to authenticate customers.
The mobile app uses advanced (future generation) neural computing techniques to simulate human cognition – how the brain naturally and instinctively recognizes people. The result is a more secure and convenient customer experience when registering and logging into the Xago platform.
Developed by research scientists at aiQ Cognitive Technologies, app authentication not only performs traditional biometrics (fingerprints, facial recognition, and voice recognition), it also does what on-device biometrics can’t – authenticate on The identity of the person by referring to the identity data held by the Department of Home Affairs (DHA), in real time.”
– Mark Chernside, CEO and Co-Founder of Xago
According to the South African Fraud Prevention Service (SAFPS), identity theft increased by 337% in 2020, indicating that the Covid-19 pandemic has created a huge opportunity for fraudsters.
Taking security, client verification and authentication seriously, the Xago mobile app has now made traditional login names, passwords, and one-time passwords (OTPs) out of date and redundant.
Furthermore, the Xago mobile app also offers not two-factor authentication (2FA) but 3-factor authentication (3FA). 3FA has the following three categories: knowledge (such as a password), possession (such as a mobile device), and biological inheritance/feature (such as facial recognition).
Now, Xago customers can simply look at their phone without having to type, touch, swipe, swipe, tap or enter any information, knowing that they can’t be replaced by a fraudulent representative.