Spend.com has announced plans to integrate KNWN Technologies to bolster the security of its Spend App.
KNWN Technologies’ proprietary AI-powered multi-factor facial recognition software will afford users of the Spend App continuous digital identity authentication and protection on any camera-enabled device, in real-time.
The Spend App is a multi-currency banking platform that allows users to store, withdraw, send, sell, buy and spend digital funds. Spend users can send funds around the globe to other users in more than 180 countries, exchange various currencies instantly, view analytics of currencies, buy and sell currencies with their linked bank accounts, as well as spend their funds.
In a statement about the partnership, Brian Woods, President of Spend, spoke about the importance of providing customers with even greater security. “Now more than ever our identities, whether physical or device-related, are playing a much larger role in our daily lives,” he said. “This partnership will combine the strengths of KNWN Technologies’ ability to converge unique physical and IoT identities within Spend’s SDK for both its B2C & B2B channels; enhancing an already secure environment with next-generation real-time identity validations from clients to end-users at time of point of sale and online purchases.”
As digital transactions and the use of online payments continue to grow, the need for users to feel secure is of paramount importance, notes KNWN CEO Eric Dresdale. “There continues to be a rapidly escalating crisis in payments, privacy and security that’s costing businesses and consumers billions of dollars annually in losses from fraud, hacks and breaches,” he explained. “We are excited to partner with a company like Spend who sees the same vision for the future that we do. The ability for our two companies to come together and provide people with seamless access to their information, as well as make private and secure transactions anywhere in the world, any time of day, without the requirement of their personal smartphone, payment card, or having to rely on vulnerable usernames and passwords is going to create a far-reaching positive impact.”
Dresdale also points out that the line between our physical and digital identities is starting to blur. “As the online world and offline world continue to converge, and our physical and digital identities become one, the combination of our unique devices, biometrics, and knowledge have become the safest and most secure way of living. ”
It should also be noted that both Spend.com and KNWN Technologies agree on the importance of multi-factor biometric authentication being implemented correctly and ethically.
October 8, 2019 – by Tony Bitzionis