Toopher targets the financial services industry, an industry historically prone to online fraud and historically desirous of online convenience and simplicity. Toopher uses the location awareness of users’ phone to automate their normal behaviour, making their bulletproof authentication invisible.”
Users log into a website as usually. A request is pushed directly to the user telling them the who, what and where. The user can then allow or deny the request. If the request is suspicious, the user denies it, effectively defeating online fraud. In addition, Toopher can automate responses from that location so your phone never leaves your pocket. This authentication method prevents fraudulent transactions before they happen, instead of reacting to them after the damage has been done.
Current online authentication options are disliked by users and demonstrably vulnerable, whether based on key fobs, security questions or one time passwords. Online authentication is an unavoidable problem that lost the global economy over USD 100 billion in 2012 with US financial institutions alone losing over USD 20 billion.
In June 2013, Toopher has inked a contract with UK-based online identity verification service miiCard to help users and businesses fight fraud and secure new services online.
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