South African cryptocurrency exchange Xago adds neuromorphic biometric technology to verify the identity of customers »CryptoNinjas
Xia Ge, one South Africa-based cryptocurrency trading service company, Has announced the launch of their mobile application, which includes neuromorphic biometric technology for verifying customer identities.
The mobile application uses advanced (next generation) neuromorphic computing technology to simulate human cognition-how the brain recognizes people naturally and instinctively. The result is a safer and more convenient customer experience when registering and logging in to the Xago platform.
“Developed by research scientists aiQ Cognitive Technology, The application’s identity verification is not only superior to traditional biometric technology (fingerprints, facial recognition, voice recognition), but also accomplishes things that the biometric technology on the device cannot do-by referring to the US Department of Commerce held Identity data is used to verify a person’s identity in Home Affairs (DHA), in real time. “
– Mark Chirnside, CEO and co-founder of Xago
According to data from the Southern African Fraud Prevention Service (SAFPS), identity theft has increased by 337% in 2020, indicating that the Covid-19 pandemic has created a huge opportunity for fraudsters.
Xago’s mobile applications attach great importance to security, client authentication and identity verification, and now have made traditional login names, passwords, and one-time passwords (OTP) obsolete and redundant.
In addition, the Xago mobile app provides not only 2-factor authentication (2FA), but also 3-factor authentication (3FA). 3FA has all three categories: knowledge (e.g. passwords), possession (e.g. mobile devices), and intrinsic/biological features (e.g. facial recognition).
Now, Xago customers only need to check their mobile phones without typing, touching, sliding, scrolling, pressing or entering any information, knowing that they cannot be replaced by fraudsters.