Watch: COVR demos its authentication technology

COVR Security offers authentication technology that doesn't depend on passwords or personal tokens. Its solution is aimed at banks, credit unions, card companies and payment networks. The Swedish company operates in Europe, Asia, the Middle East and Africa, and is now expanding to North America. COVR is part of INV Fintech , Bank Innovation’ s sister accelerator program. Watch the video below for a short demo of COVR’s product, as well as a Q&A with Johan Envall, vice president of sales and business development at the company. The following is a transcript generated by AI technology that has been lightly edited but still contains errors. [toggle title="TRANSCRIPT"] Rick Morgan, news editor at Bank Innovation Hi, everyone and welcome to today's demo webinar. I'm Rick Morgan, a news editor at Bank Innovation and I'm joined by Johan Envall VP of sales and business development at COVR Security. COVR’s multi-factor authentication solution is completely credentialess and protects from fraud with an intelligent, multi-layered security approach that doesn't depend on passwords or other personal tokens for login. Johan, why don't you take it away for a quick demo? Johan Envall, vice president of sales and business development at COVR Security Thank you. Yeah. So as you mentioned, we're in digital identification software for the financial services, especially for new customers to be able to identify themselves remotely through this for the smartphone banking app to become new customers for the bank by using biometrics and scanning. identification document and their biometric facial profile. And in addition, then using that solution within the banking app to be able to log into the app, but also the online banking services, and also authorizing transactions without the use of any passwords, or credentials or text message one time passwords or such. So, here there we go, is an illustration of a mock up of a banking app. And we'll show an example of me entering my email address as a start right contact details. And secondly, I will then select the identification document I will scan which is a Swedish driver's license for this purpose, but at least it was to be shorter. So I will scan my ID right here and they will pick up the different pieces of information And I can edit that if I like, and then I'm happy with it, I proceed. And then it's asking me to scan my face, which is here. It will collect that biometrics, map it with the driver's license info and, and sorry, photo and confirm and identify myself and then I select myself a six digit pin for usage of the app, the banking app going forward, logging in and authorizing. So that was an example of me onboarding and making a new customer acquisition by the bank, digitally through their smartphone app. And then here, I will show how potentially a login to the bank online service would use be. So I will then enter my whatever identifier my name and my social security number in my bank account number, my email, whatever I uniquely, we will select as a bank to do that. That will ping the banking app. This is the card right. But it would be the banking app, of course. And I accept within the app to be logging. inside the online service, I will make a transaction towards Patrick, the account number and amount. That thing is sent to the app for me to confirm, I did so in the login mode. And transaction is being confirmed online on the interface as well. So there were fairly quickly both you becoming a new customer with a bank. And then secondly, using your banking app. And with our technology inside it for multi factor authentication, both logging in accessing your online service and also making a transaction. Rick Morgan So can you talk a little bit about how COVR decided to get into this space and maybe the company's background and why they decided to get into security and fraud? Johan Envall Absolutely. So our founder Pete Alexanderson has a long history in cybersecurity and even in the military defense systems with us since the 80s and 90s. In the early millennial, he together with the banks developed and designed what came to be the national standard for digital identification solution in the Swedish market. And today, it's adopted by 98% of the population. So you use your bank ID branded app to identify yourself towards banks, but also any other service provider in the market. So there are two more than 2000 clients buying authentication for this service. So people have identified themselves one time to dissolve and then that is used as a key towards anything private or public. services in any kind, healthcare, education, government, whatever. So that's the background of Peter, he founded COVR Security 2015 to bring this to international markets outside the Nordics. And this is where we are. We are operating in Europe, in Southeast Asia, Middle East, Africa, and are now entering the North American markets. And this is the future, future proofed way of identifying yourself online. Eliminating credentials, eliminating passwords from the equation, which are the sources of fraud in general, we would say. Rick Morgan Yeah, got it. We mentioned credentialess here a couple times. Can you talk a little bit about what that means and why that's important? Johan Envall Yeah, I think it's two angles. One is the user experience to use the one time password solution sent by text messages, which is very much the norm these days, is to be honest, not the optimal way for you to easily log in unauthorized people. Payments between your smartphone device and your computer, if you will, there is an easier and better way from a UX perspective which is key. Secondly, security wise, it's even more The reason to go away from the term of passwords. It's from the past to go forward. The future is passable, as we normally say as a norm, meaning there is no shared secret between the end user, the customer and their bank. Because that's the reason why cyber criminals can easily pick up those credentials either in the communication channel between or hacking and making databases to large storage is often not only one but many end users credentials. And then once those are you know, stolen, they can be used to hack and fraud accounts information etc. remotely. Rick Morgan Last question for you is, you know, moving forward, where do you see COVR going? What are some of the plans for the future of the company? Johan Envall Well, we're working with banks one by one in many cases. And that's an interesting story itself. But also, we're in the space of national digital identification platforms. So not only a bank, but a number of banks within the market, including the governments and authorities are getting together to have a one solution for all that will. We've seen in our market and will be in other markets, strong strong drivers of digitalization in society in general. And many times you have developing countries in Southeast Asia, in Africa that will make massive big steps to improve things from where they are now into a digital solution to identity platforms. So we would say payments have seen a lot of improvement and efficiencies for online payments in the last maybe decades, and it's been a bit of a hot market. We see identity and consent online to have a massive jump improvement security device UX wise, and essentially become a very critical thing and essentially market globally. Rick Morgan Fantastic. Well, we look forward to following COVR and seeing where it goes from here. Thanks for taking the time to join us today. And thanks for showing us that demo to walk us through the product. Johan Envall Thank you so much. [/toggle]

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