In a world where information is always at our fingertips we are continually dropping data traces or “breadcrumbs” on the Internet. While some of these crumbs may not mean much, some information is so sensitive and personal that if someone got hold of it, they would be able to scam your friends, take the money in your bank account, and know exactly where you live. Therefore, we need Cyber Security systems to safeguard us against data and identity theft. From the user perspective, this can be done by password authentication, OTP verification, or newer methods like biometrics identification, which uses biological traits like fingerprints, or facial images, to identify the user.
Password authentication has arguably been the most common and trusted identification method for a very long time. Despite its popularity, it also has weaknesses. For example, password authentication strength is purely based on the combination of letters the user chooses and choosing a common or easy password will expose the user to risk. Furthermore, a password cannot confirm if the user is the account owner, it merely verifies if the user knows the password.
Many developers and system owners are well aware of these risks and have begun their journey to find a more secured authentication process including COVR Security. COVR proposes a simple idea: if a password has weakness, especially when the users do not know how to use it effectively, how about using no password at all?
COVR has developed a user centric security management solution that allows authentication via a user-owned device without a password. When logging in or making a transaction online, the user can use COVR application to approve the transaction and add security with the multiple encryption layers that COVR provides for all the messages communicated through the app and prevent message eavesdropping and tampering. COVR’s solution is now available in Sweden and nearby Scandinavian countries, with an ambition to expand globally.
COVR’s fresh, simple, and highly secure, password-free authentication has proven to be feasible in real-world scenarios, fulfilling its promise to change the way people authenticate themselves online. COVR understands the problems people face in their daily lives and has developed innovative technology that can potentially change the world. These are the qualities that Bangkok Bank InnoHub values and we see its potential to contribute to a better society and more secure online lives in the future.
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