In the neverending quest to remember each and every one of our passwords, Trust Stamp has made an acquisition designed to make the process a bit more picture-perfect.
The Atlanta-based fraud detection company announced it has acquired PixelPin, an image-based account authentication startup based out of London.
PixelPin users select points on a pre-selected image instead of entering a random string of letters and numbers.
“Trust Stamp has continued to see interest across industries to reduce reliance on complex usernames and passwords since they are difficult to remember and criminals have increasingly sophisticated methods to break or steal them,” Trust Stamp’s President Andrew Gowasack told Hypepotamus. “While biometric authentication (e.g. face, fingerprint, palm) is an important solution, we saw PixelPin’s image and pattern-based solution as a low-friction, secure alternative where biometrics are not the perfect fit. Not only do consumers get to avoid the hassle of another long complex password, but PixelPin also gives the business an opportunity to use images that communicate their brand’s core values.”
Gowasack added that the rise of two-factor authentication protocols also makes PixelPin the “perfect complement” when biometrics are used as the primary factor.
“We originally met PixelPin through the NCSC Cyber Security Accelerator in the UK. As digitization has accelerated across industries, the pain-points of remote authentication are even more pervasive. With statistics like account takeover fraud increasing by 650%, the timing seemed right to add a novel approach to passwords and other forms of knowledge-based authentication to our growing portfolio of innovative IP.”
While the financials of the deal were not disclosed, PixelPin’s CEO Miles Clee will join Trust Stamp as the VP of Commercial Initiatives.
Trust Stamp’s investors to date include Mastercard, Second Century Ventures, and the team has garnered positive feedback from OnRamp Insurance Accelerator and the FIS Fintech Accelerator.
Gowasack added that Trust Stamp has gained even more traction over the last year with the increased focus on fraud detection and identity management. “With physical interaction severely limited, many businesses rushed to open digital channels. By opening more access points and prioritizing usability for customers, they often faced the unintended consequence of increased fraud and fraud attempts.”
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