Covr Security provides Onyon, a mobile, multi-factor authentication-as-a-service solution for industries requiring strong customer authentication like banking and payment networks. This passwordless MFA system utilizes three layers—smartphone, PIN, and biometrics—combined with asymmetric encryption for robust security. The service is offered as a ready-to-rollout native app or a white-label SDK for seamless integration into existing mobile applications.
Funding
$4.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional password-based authentication systems are vulnerable to credential theft, phishing attacks, and other forms of fraud, creating security risks for organizations and users. Existing multi-factor authentication methods often rely on passwords as one factor, leaving a point of vulnerability.
Solution
Covr Security offers a passwordless multi-factor authentication solution that secures user identities using asymmetric encryption, biometric verification, and out-of-band technology. The Onyon app combines smartphone possession, a user-defined PIN, and biometric authentication (fingerprint or facial recognition) to provide a three-layered security approach. By eliminating passwords, Covr Security reduces the risk of credential-based attacks and simplifies the authentication process for users. The solution is available as a native mobile app or as a mobile SDK for integration into existing applications.
Target Audience
Covr Security targets banks, payment networks, credit card companies, eID providers, IoT companies, mobile carriers, and other organizations that require strong customer authentication and want to eliminate password-related vulnerabilities.
Features
- Passwordless authentication using facial recognition, fingerprint scanning, and PIN codes
- Out-of-band authentication leveraging the user's smartphone as a secure communication channel
- Asymmetric encryption to ensure data authenticity and non-repudiation
- Mobile SDK for white-label integration into existing mobile applications
- Strong Customer Authentication (SCA) compliance features
- Fast deployment with minimal infrastructure requirements
- Universal multi-factor authentication app, not tied to a specific service