BEDFORD, Mass., June 01, 2022 (GLOBE NEWSWIRE) -- Aware, Inc., (NASDAQ: AWRE), a leading authentication company applying proven and trusted adaptive authentication to solve everyday business challenges with biometrics, is excited to announce the company’s recent momentum with its biometrically-powered solutions in the financial services market, having established significant footholds in both Latin America and Europe. With the mobile banking market expected to increase over 155% by 20261 and the losses from mobile banking fraud rising 18% year over year2, financial institutions are increasingly turning to Aware products and services for secure, mobile, and user-friendly customer access to financial accounts.
Aware has already secured several of the largest banks in Brazil and Mexico; a region where it’s estimated that up to 20% of accounts are opened fraudulently3. To protect their more than 55 million users and over $400 billion in assets, Aware’s Latin American banking customers have deployed Aware’s Knomi™ mobile biometric authentication platform, providing a more secure method of accessing accounts remotely. Knomi’s biometrically enabled remote onboarding capabilities also help address fraudulent account openings, as well as expand into new customer markets.
In the European market, Aware is proud to have secured three of the largest banks in Turkey, representing over $150 billion in overall assets. Turkey has seen a 31% increase in mobile banking transactions in recent years, and it is estimated that over 51 million people in the country are actively performing financial transactions digitally4. With Knomi, these institutions can now perform secure, passwordless authentication for their digitally active customers, and onboard new customers without the need to visit a branch. These banks are expected to generate over 1 million digital transactions a year using Knomi.
“We at Aware have designed our biometric solutions to make transactions easier and more secure, whatever the use case,” said Rob Mungovan, chief commercial officer of Aware, Inc. “With financial services being an obvious use for our offerings, we are not surprised by our recent success in this market. More and more, financial institutions around the globe want to empower their existing customers to perform transactions on their accounts safely and remotely. But with Knomi, they’re also discovering that they can expand into new customer markets thanks to its ability to onboard and authenticate new customers from virtually any location.”
The Knomi mobile biometric authentication platform uses mobile devices and browsers to provide a trusted registration process and authenticate financial customers safely, securely and conveniently. With industry-leading face and voice recognition, passive liveness detection, and flexible device-, server-, and browser-based options, Knomi is a secure, convenient customer onboarding and authentication platform for virtually any use case.
Financial institutions interested in Knomi can expect the following use cases and benefits:
- Passwordless account access: It’s clear that passwords are no longer the safest way to access our sensitive assets and accounts. With Knomi, users can access their accounts from their phone using their face and voice, and be confident no one else can do the same thanks to spoof-resistant passive liveness detection.
- Remote customer onboarding and document verification: Attract new customers with Knomi’s remote onboarding and document verification capabilities. Capture and enroll a new customer’s face, and match it to their identification documents for a secure and convenient onboarding experience.
- Frictionless user experience: Knomi is a modular solution, enabling financial institutions to continue to develop and use their own visual interface for customers while incorporating its biometric functionality.
- Customer data ownership: Maintain your ownership over customer data. Knomi offers on-premise deployment and interoperable biometric data that can be consumed by alternate vendors.
To learn more about Knomi, visit the website to review the offering in more detail, or request a private demonstration.
1 https://www.einnews.com/pr_news/556044920/mobile-banking-market-size-is-expected-to-reach-1-8-billion-by-2026
2 https://www.prnewswire.com/news-releases/fraud-and-security-in-global-online-payments-mobile-apps-were-the-most-targeted-device-for-online-banking-fraud-globally-in-q2-2021-301522607.html
3 https://www.experian.com/blogs/global-insights/wp-content/uploads/2021/07/Online-Payment-Fraud-2021-Experian.pdf
4 https://www.ebf.eu/turkey/
About Aware
Aware is a global authentication company that validates and secures identities using proven and trusted adaptive biometrics. Aware’s software and software-as-a-service offerings address the growing challenges that government and commercial enterprises face in knowing, authenticating and securing individuals through frictionless and highly secure user experiences. Aware’s algorithms are based on the most diverse data sets in the world and can be tailored to the unique security and requirements of each customer. The company empowers users to have control over identities through clear, intuitive opt-in/opt-out features, helping them feel secure and improving their lives. Aware is a publicly held company (Nasdaq: AWRE) based in Bedford, Massachusetts. To learn more, visit https://www.aware.com or follow Aware on Twitter @AwareBiometrics.
Safe Harbor Warning
Portions of this release contain forward-looking statements regarding future events and are subject to risks and uncertainties, such as our expectations regarding our new product. Aware wishes to caution you that there are factors that could cause actual results to differ materially from the results indicated by such statements, including the risks that (i) current and prospective customers do not purchase our new product in the quantities that we expect and (ii) our new product does not perform as well as we expect because of errors, defects or bugs. We refer you to the documents Aware files from time to time with the Securities and Exchange Commission, specifically the section titled Risk Factors in our annual report on Form 10-K for the fiscal year ended December 31, 2021 and other reports and filings made with the Securities and Exchange Commission.
Aware is registered trademark of Aware, Inc.
CONTACT
Company Contact
Gina Rodrigues
Aware, Inc.
781-276-4000
grodrigues@aware.com
