Pretty cool tech! Update
$BIO-key International(BKYI.US$ BIO-key Introduces Passkey:YOU, a Phish-resistant, Phoneless and Tokenless Biometric FIDO Passkey Authentication Solution 8 MINUTES AGO, 8:00 AM EDT VIA GLOBENEWSWIRE BKYI SHARE HOLMDEL, N.J., June 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ:BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software infrastructure featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced the launch of a unique biometric FIDO passkey authentication solution targeting underserved workplace scenarios in manufacturing, retail, healthcare, call center and Sensitive Compartmentalized Information Facilities (SCIFs): Passkey:YOU. Eliminating passwords and implementing multi-factor authentication (MFA) is a goal of nearly every security-conscious enterprise, but mainstream IAM platforms offer only limited "what you have" authentication options based on phone apps and FIDO tokens. These options are ill-suited for many workplace scenarios that prohibit the use of phones or personal devices, leading to challenges in implementing passwordless or MFA without using phones. The current industry-standard phone-less authentication solution is FIDO hardware tokens, requiring enterprises to purchase two or more FIDO hardware tokens for every user, ranging in cost from $25-$70 each, not to mention replacing user tokens when lost. The leading FIDO token manufacturer states that 25% annual token replacement is typical. The economics of procuring hardware tokens for tens of thousands of roving users to access an often much smaller set of shared workstations and devices just doesn't make business sense. Passkey:YOU avoids the high cost of buying FIDO hardware tokens for every user, turning the unfavorable economics of FIDO hardware tokens on its head by placing authentication hardware at device access points, not in every user's pocket. Passkey:YOU leverages the managed hosted FIDO-certified passkey capabilities of BIO-key's partner IDmelon's managed passkey solution to replace per-user tokens and phones as device authenticators with a simple touch of a shared USB fingerprint scanner or the tap of a standard door access badge to a shared USB NFC scanner connected to any Windows workstation to unlock a managed Passkey for the user, authenticating the user without a phone or a FIDO hardware token needed. In its biometric mode, Passkey:YOU is powered by BIO-key's renowned Identity-Bound Biometrics, allowing an unlimited number of users to be their own phish-proof credential, eliminating the need for them to carry any device or token to authenticate and get work done. BIO-key's biometric platform includes privacy law-compliant workflows and provides user controlled privacy dashboards, ensuring that enterprises can use biometrics with confidence that they will comply with privacy laws in every jurisdiction. Passkey:YOU's phoneless and tokenless authentication is a user-centric, more cost-effective approach that is ideally suited for scenarios where users operate without phones, such as manufacturing shop floor, retail, call center, higher education, and healthcare. In addition to biometric access, Passkey:YOU also supports standard proximity door access cards as authenticators for appropriate security applications. By eliminating the requirement for a phone or FIDO hardware token to strongly authenticate users, Passkey:YOU fills gaps in mainstream authentication, and is a drop-in, zero-configuration replacement for any application or identity provider that currently accepts FIDO hardware tokens or phone-based passkeys. Passkey:YOU can be deployed as a hosted or on-premise deployment, and provides security teams immediate visibility into user access patterns to third-party applications that traditional FIDO security keys do not. Passkey:YOU facilitates passwordless workflows and integrates seamlessly into zero-trust frameworks and existing Identity and Access Management (IAM) platform identity providers such as Microsoft Entra, Okta, Ping and Duo. With Passkey:YOU, users can effortlessly present a biometric-secured FIDO passkey, serving as a drop-in replacement for existing FIDO and WebAuthn passkeys or hardware tokens, ensuring secure and convenient authentication for every user. "FIDO Passkeys are quickly becoming the dominant means to combat phishing and eliminate passwords for enterprise users," said Jim Sullivan, SVP of Strategy and Chief Legal Officer at BIO-key. "Unfortunately, the mainstream ‘what-you-have' approaches center on phone apps and hardware key-based passkeys, which don't work in many workforce user scenarios. Our customers asked us to solve the passwordless and multi-factor authentication challenge arising among the largest segments of their digitally enabled workforces – what-you-have authentication approaches are inefficient, allow account sharing, and are too expensive. With our partner IDmelon, we developed a BIO-key-secured passkey authentication solution that makes using passkeys to eliminate passwords effortless while instantly identifying users with certainty. This authentication product should be a valuable tool for hundreds of thousands of global enterprises that struggle to deliver passwordless and strong authentication all users with their existing IAM platform choice."
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