Press Release: Thursday, November 11 2021, 14:00 CAT | Source: Xago
Xago, an innovative crypto fintech based in South Africa, launches their mobile application which includes Neuromorphic Biometric Technology to authenticate and protect Clients, a world-first.
The revolutionary mobile app uses advanced (future generation) neuromorphic computing technologies to simulate human cognition – how the brain naturally and instinctively recognises people. The result is a far more secure and a far more convenient client experience when registering and logging in to transact on Xago’s platform.
“Developed by research scientists at aiQ Cognitive Technologies, not only does the app’s authentication outperform conventional biometrics (fingerprint, facial recognition, voice recognition), but it also does what no on-device biometric is able to do – certify the identity of a person by referencing identity data held by the Department of Home Affairs (DHA), in real time,” announces, Mark Chirnside, CEO and Co-founder of Xago.
According to the Southern African Fraud Prevention Service (SAFPS), identity theft (impersonation fraud) was up by 337% in 2020, indicating that the Covid-19 pandemic created a massive opportunity for fraudsters. Xago’s takes security, client verification and authentication very seriously and their mobile app has now made conventional login names, passwords and One Time Passwords (OTPs) completely outdated and, in fact, ultimately redundant. Their mobile app also offers not only 2 Factor Authentication (2FA), but 3 Factor Authentication (3FA). 3FA has all three of the following categories: knowledge (e.g. password), possession (e.g. mobile device) and inherence/biological feature (e.g. facial recognition). Now, Xago’s clients can simply look at their phone without having to type, touch, swipe, scroll, press or enter any information, knowing that they cannot be replaced by a fraudulent actor.
The regulation of crypto assets in South Africa is anticipated to be sooner rather than later and Xago, announced recently that it is first to implement allowances for crypto.
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This article is a Press Release received from Xago. Global Crypto did not receive any form of compensation for its publication, and as this material is deemed newsworthy for the Southern African blockchain industry, it was thus published accordingly.