South African crypto exchange Xago adds neuromorphic biometric tech to authenticate clients

Xago, a crypto exchange services company based in South Africa, has announced the launch of their mobile application which includes neuromorphic biometric technology to authenticate clients. The mobile app uses advanced (future generation) neuromorphic computing technologies to simulate human cognition – how the brain naturally and instinctively recognizes people.  The result is a more secure…
South African crypto exchange Xago adds neuromorphic biometric tech to authenticate clients

Xago, a crypto exchange services company based in South Africa, has announced the launch of their mobile application which includes neuromorphic biometric technology to authenticate clients.

The mobile app uses advanced (future generation) neuromorphic computing technologies to simulate human cognition – how the brain naturally and instinctively recognizes people.  The result is a more secure and more convenient client experience when registering and logging in to Xago’s platform.

“Developed by research scientists at aiQ Cognitive Technologies, not only does the app’s authentication outperform conventional biometrics (fingerprint, facial recognition, voice recognition), but it also does what no on-device biometric is able to do – certify the identity of a person by referencing identity data held by the Department of Home Affairs (DHA), in real-time.”


– Mark Chirnside, CEO & Co-Founder of Xago

According to the Southern African Fraud Prevention Service (SAFPS), identity theft was up by 337% in 2020, indicating that the Covid-19 pandemic created a massive opportunity for fraudsters.

Taking security, client verification, and authentication seriously, Xago’s mobile app has now made conventional login names, passwords, and One-Time Passwords (OTPs) outdated and redundant.

Moreover, the Xago mobile app also offers not only 2 Factor Authentication (2FA) but 3 Factor Authentication (3FA). 3FA has all three of the following categories: knowledge (e.g. password), possession (e.g. mobile device), and inherence/biological feature (e.g. facial recognition).

Now, Xago’s clients can simply look at their phone without having to type, touch, swipe, scroll, press, or enter any information, knowing that they cannot be replaced by a fraudulent actor.

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Multichain introduces V4 of anyCall to improve its cross-chain service network
Read More

Multichain introduces V4 of anyCall to improve its cross-chain service network

Multichain, rebranded from Anyswap in July of 2020 is a decentralized cross-chain router protocol (CRP), an infrastructure supporting a multi-chain ecosystem. It currently supports 40+ blockchains and has deployed nearly 2,000 crypto bridges... Related News CEX.IO, a popular crypto exchange company, announced today it will now be offering users the option to link existing PayPal…
European crypto exchange Bitvavo adds support for SOFORT to fund accounts
Read More

European crypto exchange Bitvavo adds support for SOFORT to fund accounts

Bitvavo, a European-based cryptocurrency exchange, has now announced the addition of SOFORT to its list of supported European payment methods. A convenient and reliable payment method used by over 85 million people, SOFORT allows for direct and secure payments using personal online banking credentials in 13 countries across Europe, including The Netherlands, Germany, France, Spain,…
Solana-built move-to-earn protocol Walken to launch on Bybit June 20th
Read More

Solana-built move-to-earn protocol Walken to launch on Bybit June 20th

Walken is a Web3 walking app that gamifies daily physical activity (walking and running) and makes sticking to a healthier lifestyle easy and fun... Related News Sumsub, the identity verification & KYC/AML compliance provider, today announced its new partnership with Bybit, a crypto trading and staking platform with over 6 million users worldwide. By offering…
UAE crypto exchange BitOasis closes $30M Series B funding
Read More

UAE crypto exchange BitOasis closes $30M Series B funding

BitOasis, the Middle East and North Africa-based crypto exchange, announced today it has wrapped up its Series B round, the company has closed $30 million in funding from new and existing investors.This round was co-led by Chicago-based VC firm Jump Capital, along with MENA region’s Wamda, and seeks to propel BitOasis on an accelerated growth…