Digital trust startup Sift Science Inc. today announced that it’s integrating technology from Keyless Technologies Ltd., the passwordless and multifactor authentication company it acquired in November.
The integration will see Sift users gain MFA step-up authentication as an option directly in the Sift Connect App Gallery. That will allow users can authenticate by simply looking into their device’s camera. The integration can also be triggered within Sift’s Account Defense and Payment Protection products.
The inclusion of the technology is said to take Sift to a new level in tackling account takeover attacks. ATO attacks across Sift’s network soared over 307% between April 2019 and June 2021 and are becoming increasingly more automated and sophisticated. One such example, the Proxy Phantom fraud ring, was identified by Sift last year.
Sift argues that to combat evolving risks posed by the Fraud Economy, businesses need solutions that provide account security, streamline their operations and optimize growth. The new integration creates true interoperability between Sift and Keyless by allowing enterprises to route higher-risk login attempts through Keyless’ privacy-preserving biometric MFA.
“Account takeover attacks have reached new heights — in turn, many trust and safety teams are actively seeking out passwordless alternatives,” Geoff Huang, senior vice president of product at Sift, said in a statement. “Through the new integration, businesses no longer need to choose between fraud and friction to more securely and seamlessly authenticate users.”
The new integration with Keyless will be available in the second quarter of 2022.
The integration will likely boost Sift’s prospects. Sift dynamically prevents fraud and abuse through industry-leading technology and expertise with a global data network of 70 billion events per month and a commitment to long-term customer partnerships. Notable Sift customers include Remitly Inc., Box Inc., DoorDash Inc., McDonald’s Corp., Twilio Inc., Wayfair LLC and Twitter Inc.
Sift gained unicorn status, a valuation of $1 billion or higher, in April.