Sift Completes Keyless Acquisition

The fraud prevention specialist Sift has acquired Keyless to help guard against account takeover attacks. The company noted that account takeovers have increased during the COVID-19 pandemic as cybercriminals used automated techniques to carry out such attacks at scale.

With that in mind, Sift will be integrating Keyless’ passwordless authentication technology into its own Account Defense solution. The proprietary Keyless system relies on facial recognition, allowing users to log into digital accounts using the built-in camera on a computer, a smartphone, or some other device. In doing so, Keyless does not link the biometric to a password, but instead replaces the password entirely to close up a major security gap.

Developers can add a Keyless utility to their own apps and websites using Keyless’ SDKs, or they can simply deploy the Keyless authenticator app to achieve the same effect. Both solutions were designed with an eye toward privacy, and do not store any biometric information on a central database or even on the device itself. As a result, neither Keyless nor the company using it has access to the user’s biometric data.

Businesses can use Keyless to comply with the Strong Customer Authentication requirements detailed in Europe’s new PSD2 regulations. Keyless is also FIDO-certified, and can help organizations meet other regulatory frameworks all over the world. For its part, Sift is hoping that the solution will minimize the threat that comes from credentials that have been compromised through theft, phishing, and excessive reuse.

“Protecting businesses from fraud while reducing customer friction is the foundation of a Digital Trust & Safety strategy,” said Sift President and CEO Marc Olesen. “Keyless has created a truly innovative product that provides better account security with less friction for users, and meets the qualifications for regional regulations like PSD2.”

“Joining Sift will allow us to reach businesses around the world, stop account takeover attacks at scale, and ensure that users can authenticate seamlessly across devices with nothing more than a glance at their device’s camera,” added Keyless Co-founder and CEO Andrea Carmignani.

Sift and Keyless have not yet disclosed the terms of the acquisition. Keyless brought in $3 million in seed funding back in April, and received a patent for its decentralized template storage system in October.

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November 19, 2021 – by Eric Weiss