Xago Launches World-First Neuromorphic Biometric Technology to Authenticate Clients

by | Nov 4, 2021 | News

Xago, an innovative crypto fintech based in South Africa, launches their mobile application which includes Neuromorphic Biometric Technology to authenticate and protect Clients, a world-first.

The revolutionary mobile app uses advanced (future generation) neuromorphic computing technologies to simulate human cognition – how the brain naturally and instinctively recognises people.  The result is a far more secure and a far more convenient client experience when registering and logging in to transact on Xago’s platform.

“Developed by research scientists at aiQ Cognitive Technologies, not only does the app’s authentication outperform conventional biometrics (fingerprint, facial recognition, voice recognition), but it also does what no on-device biometric is able to do – certify the identity of a person by referencing identity data held by the Department of Home Affairs (DHA), in real time,” announces, Mark Chirnside, CEO and Co-founder of Xago.

According to the Southern African Fraud Prevention Service (SAFPS), identity theft (impersonation fraud) was up by 337% in 2020, indicating that the Covid-19 pandemic created a massive opportunity for fraudsters. Xago’s takes security, client verification and authentication very seriously and their mobile app has now made conventional login names, passwords and One Time Passwords (OTPs) completely outdated and, in fact, ultimately redundant. Their mobile app also offers not only 2 Factor Authentication (2FA), but 3 Factor Authentication (3FA).  3FA has all three of the following categories: knowledge (e.g. password), possession (e.g. mobile device) and inherence/biological feature (e.g. facial recognition). Now, Xago’s clients can simply look at their phone without having to type, touch, swipe, scroll, press or enter any information, knowing that they cannot be replaced by a fraudulent actor.

The regulation of crypto assets in South Africa is anticipated to be sooner rather than later and Xago, announced recently that it is first to implement allowances for crypto.

Watch SABC TV News On Point’s Nompu Sizia interview Mark Chirnside, Xago’s CEO and Co-Founder

Download the Xago Mobile App.

     

About aiQ Cognitive Technologies

aiQ Cognitive Technologies is represented by a group of research scientists, previously from the University of Johannesburg (South Africa), who together with the Chennai Institute of Technology (India), have been researching and developing technology solutions which aim to manipulate the full potential of Neuromorphic Computing, an advanced, future generation Artificial intelligence (AI) and Machine Learning (ML) technology that’s not constrained by current methodologies. Assisted by Intel Labs, aiQ engineers have successfully managed to develop neuromorphic solutions that answer complex problems that lie beyond the scope of conventional AI and ML capabilities. http://aiqtech.co.za

About Xago Technologies (Pty) Ltd.

Xago moves money across the world highly securely, quickly, and at low cost by utilising the power of blockchain technology, mobile networks and crypto payment rails. Xago is transforming the money transfer industry by bypassing traditional payment rails, with a core focus on empowering people in Africa. Crypto Exchanges, Financial Institutions, eCommerce Platforms, Retailers, Business Owners and Investors partner with Xago. Partner with CERTAINTY.

For more information or to arrange an interview with Mark Chirnside, Xago’s CEO and Co-founder, please contact:
Cheridan Inglis
Chief Marketing & Information Officer
cheridan@xago.io