Highlights:

  • IronVest’s technology offers businesses a biometric password manager and utilizes AI to verify employee identities after login to assure security.
  • According to research, the market for biometric systems is expected to expand from USD 42.9 billion in 2022 to USD 82.9 billion in 2027.

The problem of assuring identity is becoming more difficult. Nearly 1.4 million reports of identity theft were filed with the Federal Trade Commission (FTC) in 2021.

At a time when passwords are openly sold on the dark web and identity theft is so pervasive, biometric authentication is becoming essential to confirm users’ identities.

Biometric authentication companies like IronVest are relying on biometric authentication and Artificial Intelligence (AI) to confirm the identities of users online. IronVest recently announced it had secured a USD 23 million initial investment round headed by Accomplice.

IronVest’s technology offers businesses a biometric password manager and utilizes AI to verify employee identities after login to assure security. The methodology gives businesses a conclusive response to account takeovers, credential theft, and social engineering tactics.

Stopping identity theft with AI

With more than 15 billion passwords being revealed annually on the dark web, it is becoming apparent that regular login credentials are ineffective at preventing illegal access.

Avi Turgeman, cofounder and CEO of IronVest, said, “Consumers and employees increasingly face sophisticated cyberattacks such as SimSwap, business email compromise, personal info theft/identity theft, and malware, all designed to enable fraudsters to take over their accounts.”

Turgeman added, “Enterprise approaches to security focus on protecting the infrastructure and network, but not the employee. Password managers are designed for convenience, not as a security solution — they can be easily bypassed. As a result, the number one reason for data breaches is compromised account credentials.”

IronVest intends to solve these issues by eliminating significant weaknesses in business defences by minimizing reliance on passwords in favor of biometric authentication elements that threat actors cannot capture. The vendor’s biometric authentication is based on AuthenticAction, a patented technology.

AuthenticAction uses decentralized biometric AI and other capturing techniques to ensure the authenticity of digitally conducted activities and monitors users’ activity post-login for indicators of fraudulent activity. This indicates that it can identify malicious behavior, such as an attacker’s collection of sensitive data.

Evaluating the biometric authentication market

Biometric authentication is becoming increasingly popular to combat the growth of identity theft. According to research, the market for biometric systems is expected to expand from USD 42.9 billion in 2022 to USD 82.9 billion in 2027.

Even traditional password management service providers, such as LastPass, have begun experimenting with biometric authentication, allowing businesses to combine two-factor authentication against additional biometric authentication processes.

In December 2021, Elliott Management’s private equity firm and Franceso Partners privatized LastPass’s parent business, LogMeIn, for USD 4.3 billion.

Okta, an identity access management (IAM) vendor that integrates with HYPR to give passwordless authentication, is yet another rival targeting biometric authentication. The corporation just stated a raise of USD383 million in sales in the fourth fiscal quarter of 2022.

No matter the competition, Turgeman thinks that IronVest’s patented biometrics AI distinguishes it from other password management solutions on the market since it safeguards an individual’s online accounts and digital identity as well.

Turgeman said, “We believe tools that manage passwords are insufficient to protect employees from fraudulent account access. IronVest is focused on protecting the individual and being more secure than the accounts it protects.”