Nordpass, a unit of virtual private network provider NordVPN S.A., last year scoured more than 275 million compromised passwords and found that the most used were “123456,” “123456789,” “picture1,” “password” and “12345678.”
We’ve all learned to suffer and accept the terrible user experience and poor security that comes with passwords just because that’s the way it has always worked in the past.”ĭespite years of warnings about the dangers of choosing weak passwords or storing them in easily accessible locations, poor password management is still rampant.
“Whenever an app texts me a code that I have to enter, I become frustrated with the process. “Every time I see a login button on a website, I get anxious,” Loonkar said in a statement.
Previously, Boodaei and Loonkar co-founded Trusteer Inc., a fraud protection software platform that they sold to IBM Corp. Boodaei co-founded Imperva Inc., a network security platform that went public in 2011 and was acquired by Thoma Bravo LLC for $2.1 billion in 2018. Serial entrepreneursīoodaei and Loonkar have a track record of success with security startups. The business is profitable, they said, and includes major financial services such as Citigroup Inc. headquarters in Boston, Transmit Security has operated quietly since its 2015 founding, with initial funding provided by the founders. The research firm also expects that more than 4.6 billion smartphones will be equipped with fingerprint sensors by that time.īased in Tel Aviv with U.S. Juniper Research has forecast that by 2024, biometric facial recognition hardware will be deployed on more than 800 million mobile devices, or about 90% of smartphones. The company is tapping into the near-ubiquitous availability of biometric security on mobile phones. In addition, user and device behavioral analytics can be combined with risk information to detect suspicious activity. Policy management and integration with third-party identity tools enable centralized administration.
Shared trust is provided at the user, device and network level to allow other biometric-enabled devices to be associated with accounts for rapid re-enrollment.Ī companion cross-channel identity orchestration platform called FlexID integrates with fraud detection and access controls to update authorization procedures without changing application code. The embedded fingerprint or face scanner in a smartphone or fingerprint reader authenticates even devices and channels that don’t have embedded readers. Its BindID product requires no end-user software or dedicated hardware and can be used on any device.
The company, which was founded by serial security entrepreneurs Mickey Boodaei (pictured, left) and Rakesh Loonkar (right), says it has developed a passwordless authentication technique that uses biometric authentication to verify identity across multiple devices. In 2006, Boodaei joined forces with Loonkar to found Trusteer, a fraud protection software platform that was sold to IBM in 2013 for $1 billion.Transmit Security Ltd., the newest entrant in the race to rid the world of passwords, early today said it has raised a record-setting $543 million funding round that values the company at $2.2 billion and marks what it says is the largest Series A funding of any cybersecurity company in history. Boodaei was also the co-founder of cybersecurity firm Imperva, which went public on the Nasdaq in 2011. “With this latest round of funding from premier partners, we can significantly expand our reach to help rid the world of passwords.”īoodaei co-founded Transmit Security in 2014 with Rakesh Loonkar, the firm’s president. “Our customers, whether they are in the retail, banking, financial, telecommunications or automotive sectors, understand that providing an optimized identity experience is a multimillion-dollar challenge,” Boodaei said. By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data,” said Transmit Security CEO Boodaei in a statement. “Passwordless authentication is so much more than ensuring customers can easily and seamlessly access their information, their accounts and make purchases - it’s about revolutionizing the way companies interact with their customers. Weak passwords account for more than 80% of all data breaches. In addition to delivering poor user experiences and costing brands millions of dollars in revenue, password breaches pose a major threat to data security. Outdated and ineffective password-based systems are costing businesses revenue, and Forrester reports the average help desk labor cost to reset a single password is more than $70. Rakesh Loonkar, President and co-Founder of Transmit Security (Kate Renyi)