OneID announced the developer release of its service that eliminates the need for multiple usernames and passwords.
Using the OneID service, consumers can sign in to websites and pay online with a single digital identity. For online businesses, OneID reduces the friction, fraud and costs associated with authentication and financial transactions, thus improving customer experience and reducing transaction time.
With only a few lines of code required to accept the OneID service, businesses now have a solution that reduces the hassles and exposures surrounding authentication and financial transactions, employing a level of security that far exceeds currently available digital identity systems.
The OneID service is based on a combination of asymmetric cryptography, the ubiquity of mobile devices and a distributed architecture that provides protection from sophisticated online security threats.
“We believe the current username/password system is outdated and obsolete. We continue to experience phishing, malware, and key logging attacks, as well as massive centralized data breaches exposing users’ passwords and credit card information. Until we eliminate the use of shared secrets for authentication, there will never be a satisfactory answer to the question, “How do I know I am really safe when I sign on to a website?'” said Steve Kirsch, Founder & CEO of OneID Inc. “With OneID we take an innovative approach towards solving this problem and believe this will be the new way people will log on to websites and conduct e-commerce transactions more safely and securely.”
As more consumers shop online, the IT costs associated with authentication and financial transactions such as lost password recovery, liability from credit card theft, chargebacks, etc., have continued to skyrocket, putting additional pressure on online merchants. With OneID, the costs and pressure on businesses are reduced.
Customers don’t need to remember multiple usernames and passwords, which speeds up the sign in and check out processes and reduces cart abandonment due to lost passwords and the complexity of creating site-specific accounts.
In addition, OneID eliminates the need for sites to store credit card information for OneID users, thus reducing their PCI liability. The OneID service easily integrates into any website and provides the ideal foundation for developing new online and mobile application and services.