Nametag, a new platform that verifies online identity for businesses and consumers using Multi-Factor Identity and advanced biometrics, is the next generation of cybersecurity. Nametag empowers individuals with private, reusable identity verification on their phones so that accounts can be accessed, and companies can authenticate customers. Nametag never mines or sells a user’s personal data, and allows the user to decide where, when, and for how long their data is shared with a company.
“Privacy online is a broken promise. Our mission is to bring authenticity to the internet and enable people to build more trusted relationships,” said Aaron Painter, the founder of Nametag and the former VP of Microsoft China and CEO of Cloudreach.
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Stolen passwords account for over 80% of security breaches with data breaches costing companies $4.24 million on average per incident between May 2020 and March 2021, according to a study by IBM, which is 10 percent over the previous year’s total. And the recently released report U.S. Identity Theft: The Stark Reality by the Insurance Information Institute, found identity theft is on the rise, costing $712.4 billion in 2020, a 42 percent increase from 2019.
Methods to safeguard and maintain crucial information are outdated with dozens of passwords for online accounts haphazardly stored in various locations. Nametag offers the gold standard of account authentication by fully verifying a person’s identity with a combination of government-issued ID and additional highly specific criteria.
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Legacy approaches to identity verification focused on onboarding, with businesses verifying an identity once and then allowing a person to use vulnerable credentials for future interactions. Nametag is reusable, giving a user the ability to log in to a wide spectrum of websites or apps across a user’s digital life, and the target site can immediately verify the user’s identity every time they return.
Nametag offers additional benefits, so companies can quickly authenticate their customer accounts with confidence and accelerate customer onboarding and support with premium account protection. Nametag’s no-code platform makes it easy for companies to reduce the risk of fraud loss and increase security by using industry-leading security protocols and APIs that were built by developers, for developers.
The platform utilizes proprietary technology called Multi-Factor Identity that keeps accounts safe, and easy to access and recover by using a unique, privacy-protected, reusable ID. Through this ID, users can quickly and repeatedly access their high-value accounts, such as banking, crypto wallets, gaming, and social media sites.
A key differentiator, Nametag puts privacy first, and allows the user to approve or reject a request from companies that are asking for their data, giving the user full control and transparency over their identity. “We have a privacy policy that can be summed up in ten words: ‘We only share information when you specifically ask us to,'” Painter said.
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