Frost & Sullivan: Classifeye: Strong Authentication in a Snapshot Says Frost & Sullivan.

London -- As many new technologies pass the proving stage, the burden falls then to organizations to implement these new technologies and get them into the hands of their end users. Banks and financial institutions are verticals that are always looking to increase the security of transactions while at the same time lowering costs. In order to achieve this, they are trying to get a better grasp on everyday technology that will allow them to present and offer different options to existing and future clients.

A good example for this approach is Mobile banking. The services that are offered on Mobile-banking platforms provide both cost savings to the banks in human resources expenses and manual transactions while offering time and cost saving services to clients. To date, the mobile banking market is growing rapidly, having a CAGR growth rate of 4% and reaching an estimated $3.7 million in revenues in 2008. This market is expected to increase at an estimated CAGR of 14%, reaching revenues in the amount of $14.7 million by 2012.

There are some major restraints that are slowing the mobile banking market. Other then the general economic crisis, one of primary restrains is the difficulty in authenticating the identity of the mobile banking user.

While E-banking has a lot of strong authentication methods to verify the identity of the user such as tokens and knowledge based questions, mobile banking has different usability needs and is more prone to malicious usage as mobile devices are easily stolen, therefore common strong authentication solutions are not sufficient for mobile banking.

Tackling the mobile strong authentication issue is an Israeli based start-up called Classifeye. Classifeye has developed a solution that not only upgrades the strong authentication that is in use today, but also uses a regular device to do so.

Classifeye has developed a solution that uses the camera built into the mobile handset. By taking a picture of two fingers with the camera, classifeye's solution can biometrically authenticate the user. This solution is a great way to upgrade the strong authentication most used today from the "what you have" factor like a token to a "what you are" factor like a fingerprint in the two factor authentication method.

Classifeye understands that in order to penetrate this market there is a need to develop an authentication solution that is both easy to use, provides a higher standard of authentication, and has a very low error and false positive ratio.

A main vertical sector that could use Classifeye's solution is the E-banking vertical. Most banks are thinking of distributing hardware or software OTP solutions to end users for conducting transactions. These solutions come with distribution costs and added support and hardware costs. Having Classifeye's solution will not only reduce the total cost of applying a two factor authentication solution but will also upgrade the security as this solution is biometric and harder to overcome.

Classifeye is now working on new pilots with various mobile and financial organizations in Europe as well as focusing on their main target which is helping the micro-financing process in third world countries. With the help of Classifeye's solution micro-financing organizations are able to provide their clients with many more services and enhance the revenues from the existing clients.

Frost and Sullivan believes that solutions like the Classifeye solution will enable mobile banking to grow while reducing the overall branch costs of the different financial institutes and enhancing the overall "instant" services and offerings that the banks have today. These attributes are critical to the times we are experiencing now when cost reduction is a key driver in any product or service that is offered to the different markets.

For more information about Network Security Technologies, please contact Joanna Lewandowska at joanna.lewandowska@frost.com. Please include your company name, query and contact information.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

GIL 2009: Europe Frost & Sullivan has expanded its flagship Global Congress on Corporate Growth - GIL Global - into several major cities around the world including London. For the first time ever in Europe, Frost & Sullivan will be hosting the Growth, Innovation and Leadership Congress 'GIL 2009: Europe' on 19-20 May, at the Sofitel St James in London. GIL Global is the industry's only event designed to support senior executives in their efforts to achieve sustainable, top-line growth. To register, obtain a programme agenda, explore sponsorship opportunities, or attend as a member of the media for GIL 2009: Europe, please contact Chiara Carella, Head of Corporate Communications for Frost & Sullivan in Europe, at chiara.carella@frost.com. One-on-One interviews with Frost & Sullivan senior growth consultants are also being scheduled. For more information you can also visit www.frost.com/gilglobal.

CONTACT: Joanna Lewandowska, Corporate Communications - Europe, Frost & Sullivan
Tel: +48 22 390 41 46
e-mail: joanna.lewandowska@frost.com

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