BSI CEO and founder Jeff Maynard was profiled in fintech magazine CFO Tech Outlook. The interview accompanied BSI’s award as a Top 10 Financial Fraud Detection Solution Provider for 2018. The profile focused on how BSI technology BioSig-ID can replace the typed password, an access method virtually unchanged for forty years. Typed passwords are notorious for their porous security and yet there has never been an alternative that combined security with ease of use and required no additional hardware until BioSig-ID, the only smart password.
Maynard explains how ordinary passwords can be hacked and compromised in multiple ways but BioSig-ID cannot be shared or stolen. The new smart password solution uses gesture biometrics to positively identify legitimate users while blocking imposters. Users draw a simple, four character code with their finger on touch enabled screens or mouse for other devices. This solution can be applied beyond login and access security and used to authenticate transactions online from high dollar banking transfers to ecommerce purchases.
Maynard also discusses BioSig-ID’s forensic capabilities that use behavioral pattern analysis of irregular activities to alert admins of potential fraud. He provides an example of preventing financial fraud with a real case in which BioSig-ID found an individual with twelve different identities who was attempting FSA fraud within a college environment. The software prevented loan funds from being sent and saved the college thousands of dollars that would have otherwise been lost.