ANONYBIT ACHIEVES FIDO CERTIFICATION; INCORPORATES GLOBAL STANDARD INTO ITS AWARD-WINNING END TO END PASSWORDLESS AUTHENTICATION PLATFORM BASED ON DECENTRALIZED BIOMETRICS

Secures further industry recognition in Fast Company's Second Annual List of the Next Big Things in Tech

NEW YORK and TEL AVIV, Israel, Nov. 17, 2022 /PRNewswire/ -- Anonybit®, the pioneer in decentralized biometrics, today announced that its award-winning end to end passwordless authentication platform known as Genie™ is now FIDO™ Certified. Genie connects digital onboarding to downstream authentication via decentralized biometrics ensuring a reusable identity that acts an anchor of trust across multiple devices, applications and use cases. This approach assures that the identity of the user behind a device is linked to the cryptographic keys that are generated per the FIDO protocol.

FIDO is an open standard for authentication aimed at eliminating the reliance on passwords. It is a device-centric model that leverages the biometric on the device to unlock a private key that then communicates with a server that had previously been registered with a user. The FIDO standard makes it easy for enterprises to accept biometrics as a form of user authentication. Anonybit builds upon this device-centric authentication foundation by also addressing the onboarding, binding and recovery elements that enterprises need to consider as part of their broader identity strategy. By integrating FIDO and device binding capabilities into its decentralized biometrics engine, Anonybit answers the call for increased security and user privacy.

"One of the main drivers of FIDO has been the promise of once and for all getting rid of passwords, but organizations also need complementary strategies for account enrollment, binding and recovery to protect themselves and their users at every point of the identity lifecycle," said Frances Zelazny, co-founder and CEO of Anonybit. "By combining the FIDO standard with the Anonybit decentralized biometrics framework, enterprises will be able to close the loop across the identity management lifecycle, provide a better user experience for their customers and reduce fraud with the strongest levels of security and data protection. Think of this as the DeFi for authentication. We are excited to unleash this capability to the market."

The Anonybit system ingests the selfie or other biometric collected at the time of digital onboarding, shards it, and encrypts the pieces in a decentralized back-end for downstream authentication, protecting the authentication data from theft and supplementing a quantum-resistant encryption strategy. User biometrics can be matched against the Anonybit decentralized cloud to prevent the use of stolen identities, synthetic identities, as well as prevent account takeovers, while standard interactions from trusted devices can leverage the FIDO element for user authentication. For enterprises that want to take advantage of passkeys, the Anonybit system has a separate feature that manages the decentralized storage of the passkeys and leverages the user's biometric for retrieval and verification across devices and applications.

"Anonybit's FIDO certification speaks to its commitment to our mission to reduce the world's reliance on passwords in favor of modern, user-centric authentication to ensure maximum security and privacy," said Andrew Shikiar, Executive Director and CMO of the FIDO Alliance. "We are pleased to see Anonybit integrate FIDO authentication into their solution for end-to-end identity lifecycle management and the recognition they already achieved."

In further validation of the company's approach to securing personal data and managing user identity, Anonybit also today announced that it has been named to Fast Company's second annual Next Big Things in Tech list, honoring technology breakthroughs that promise to shape the future of industries. This year, 83 technologies developed by established companies, startups or research teams are highlighted for their cutting-edge advancements.

"Our mission is to prevent data breaches and enable trusted digital interactions and we are honored to be recognized by Fast Company as a market maker that will have great impact on consumers, businesses and society overall," Zelazny added.

Anonybit is an award-winning, patented decentralized infrastructure that protects personal data and digital assets. The company's flagship platform, the Genie, connects digital onboarding to downstream authentication via decentralized biometrics, to prevent synthetic identity fraud and account takeovers. The Genie is a modular platform that makes it easy for enterprises to integrate into their existing tech stacks and close the gaps that attackers exploit. A second product, the Decentralized Data Vault, prevents data breaches by securing all personal data types including images, biometric, biographic, financial, crypto assets, private keys and more. For more information, visit anonybit.io

SOURCE Anonybit