Nok Nok Labs Delivers the 'Power of 5' with 1H2021 Major Momentum & Milestones

SAN JOSE, Calif., July 15, 2021 /PRNewswire/ -- Nok Nok Labs (Nok Nok™), the trusted leader in passwordless authentication, today announced major market momentum with a number of landmark achievements:

1. More than 500 Million Key Pairs Deployed: Since the deployment of the first FIDO certified products in 2014,  Nok Nok solutions support hundreds of millions of end users at internet scale - the largest user base in the industry.
2. Expanded Global Footprint & Industry Reach: Achieving a presence on 5 continents with FIDO passwordless authentication solutions.
3. 5 Industry Leading SDKs: (1) App SDK for Apple iOS, (2) App SDK for Android, (3) App SDK for the Web, (4) SmartWatch SDK, and (5) IoT SDK
4. Support for 5 Strategic Business Applications/Solutions: Enabling passwordless authentication solutions that supports (1) customer mobile app authentication, (2) web app authentication, (3) delegated authentication, and strong customer authentication for (4) PSD2 and (5) GDPR privacy protection.
5. Continued Product Innovation: More than 50 issued/granted US and global patents that address unique passwordless authentication use cases, including hosted services, key sharing and IoT.
6. Deployments that Include 5 of the Top 10 Global Banks: Nok Nok products deliver passwordless authentication for the next generation of mobile banking and Fintech services, including BBVA, MUFG, and Standard Bank.
7. Deployments at 5 of the Top Global MNO (Mobile Network Operators): Customer benefits include stronger security with a better user experience, while enabling expansion to new markets and new revenue streams, including Verizon, T-Mobile and NTT Docomo.

When Nok Nok co-invented and deployed products that included the first FIDO authentication standards in 2014, the journey began with a vision to deliver ease of use, with stronger security and increased privacy. Since then, Nok Nok has played a leadership role in innovating and widely deploying the solutions that have helped create momentum for the adoption of FIDO standards today. Because compromised username and password credentials continue to be the source of more than 80% of breaches and with the increasing concerns about privacy, as evidenced by the unprecedented trends of users opting out of behavior-tracking applications, never before has the need for identity, privacy and strong authentication been more critical.

"As an inventor of FIDO standards, we helped start this journey because we felt that the internet could not be fully secure without first fixing the password problem," said Phillip Dunkelberger, CEO of Nok Nok Labs, Inc. "FIDO standards have now been embraced by the world's largest browsers, operating systems, banks, fintech's, MNOs and software application providers who need to adopt, deploy, and manage a more secure authentication solution that is focused on stronger security and privacy. Our FIDO-certified solutions lead the industry and are deployed at internet scale – with support for the broadest set of use cases."

Nok Nok customers report tangible business benefits from these deployments including greater security and increased regulatory compliance, in addition to higher levels of customer satisfaction and engagement. This has been demonstrated through measurable results to organizational effectiveness that include:

• Improved onboarding success rate, with most reporting 60%+ reduction in the average time to create a new account
• 90% reduction in users initiating account recovery
• 99% authentication success rates
• Password reset requests going from high double digits to under 10%
• Elimination of the need for KYC (Know Your Customer) questioning prior to engaging with the customer
• Reductions in ATO (Account TakeOver), Phishing Attacks, MITM (Man in the Middle) Attacks, and abandoned online shopping carts
• Greatly reduced help desk and call center operational costs and customer friction

Passwordless authentication has seen a significant surge in strategic importance due to the recent pandemic which accelerated and expanded the need for digitally connected remote workforces––including an increase in online consumer transactions. The Nok Nok™ S3 Authentication Suite (Nok Nok S3 Suite) incorporates and goes beyond global industry standards like FIDO. The Nok Nok S3 Suite is the most widely and globally deployed FIDO-certified solution that has powered billions of consumer authentication events for global banks like BBVA and Standard Bank, and for Telco's like T-Mobile and NTT DOCOMO, and for other leading customers and partners in various industries.

"Nok Nok Labs helped pave the way for the right players to come to the table (Apple, Google, Microsoft and others) and has developed solutions that accelerate the adoption of standards-based authentication," said Jonathan Nguyen-Duy, Vice President, Global Field CISO Team at Fortinet and Advisor to Nok Nok Labs. "I am honored to have recently joined their Business Advisory Board. Nok Nok's leadership in co-inventing FIDO standards and having the most widely deployed FIDO-based platform has provided a launch pad for the adoption of passwordless authentication solutions."

About Nok Nok Labs
Nok Nok is the trusted leader in passwordless consumer authentication to the world's largest organizations. Delivering the most innovative authentication solutions in the market today, Nok Nok empowers global organizations to improve the user experience to access digital services, while meeting the most advanced privacy and regulatory requirements. The Nok Nok™ S3 Authentication Suite integrates into existing security environments to deliver a proven, cost-effective, future-proof and standards-based passwordless consumer authentication solution. Headquartered in Silicon Valley, California, the company has delivered unique inventions and innovations that are protected by a robust global patent portfolio. As a founder of the FIDO Alliance and an inventor of FIDO specifications, Nok Nok is the expert in deploying standards-based authentication, and its industry leading customers and partners include BBVA, DDS, Inc., Ericsson, Fujitsu Limited, Hitachi, Intuit, Lenovo, MTRIX GmbH, NTT DATA, NTT DOCOMO, OneSpan, SoftBank, T-Mobile and Verizon. For more information, visit www.noknok.com.

SOURCE Nok Nok Labs

Related Links

https://noknok.com

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