OneSpan, a global company that specializes in securing remote banking transactions, announced that it has received the Company of the Year Award for Best Digital Identity and Risk-Based Authentication Platform from Frost & Sullivan. Frost & Sullivan researchers and analysts emphasized OneSpan’s solution portfolio, close collaboration with partners and focus on customer experience.

Using Digital Identity Technologies to Reduce Risk

OneSpan’s Trusted Identity (TID) platform utilizes a wide variety of technologies to enable real-time fraud detection through cloud-based solutions. This includes its Intelligent Adaptive Authentication (IIA), which uses multi-factor authentication technologies with AI-based machine learning and pre-configured, customizable rule sets for threat detection, behavioral analysis, transaction risk analysis and enhanced user experience. Using IAA, financial institutions can detect and prevent fraud and meet regulatory compliance requirements, all while minimizing end-user friction.

“The pandemic has simultaneously accelerated adoption of remote banking and losses from identity fraud,” said OneSpan CEO, Scott Clements. “Our Trusted Identity solutions which enable global banks and financial institutions to securely onboard customers, prevent fraud and improve the customer experience for remote banking transactions.”

Protecting Against Breach and Fraud

Frost & Sullivan recognized that the company’s unique technologies, customer-focused strategies and strong overall performance were clear differentiators, according to its report analyzing OneSpan’s TID platform. The firm stated that cybercriminals have especially capitalized on the COVID-19 pandemic with attacks that have led to breaches and account takeover fraud. OneSpan’s technologies help to protect against these fraudulent activities across both online and mobile channels.

“OneSpan’s TID platform provides digital identity verification and risk-based authentication solutions equipped with anti-fraud and e-signature capabilities to combat the ever-evolving hacker model,” said Frost & Sullivan Industry Analyst, Danielle VanZandt. “OneSpan’s TID platform layers important variables, such as multi-factor credentialing, behavior monitoring, and advanced adaptive authentication, and automatically generates industry compliance reports.”