This new advancement in fraud prevention protects login credentials from cyber criminals even when a supplier’s network or email system is compromised.
apexanalytix, the leading provider of global supply chain risk management data, software and services, announced the launch of Passkeys. This industry-first feature enables suppliers to securely log into their accounts using biometrics like a fingerprint or face scan, or a screen lock PIN.
“The launch of our Passkeys feature marks a significant advancement in fraud prevention, data security, and user experience”
The latest FBI Internet Crime Report reveals that business email compromise (BEC) led to a $2.9 billion revenue loss in 2023. Traditional security methods like passwords and multi-factor authentication are no longer enough to fully protect organizations and their suppliers from threats. Passkeys, on the other hand, are immune to BEC and phishing attacks and are nearly impossible to forge. Passkeys ensure that even when there is a compromise in a supplier’s network or email system, their login credentials and sensitive data, like bank account information, remain secure and cannot be obtained by a fraudster.
Experts recommend changing passwords often and increasing complexity to protect against cyber-attacks, but for most people, this isn’t practical. Research shows that more than 80 percent of data breaches are due to weak or reused passwords. Passkeys alleviate password fatigue by removing the need to memorize login credentials, change passwords, or worry about password complexity – all while still verifying user identity.
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With Passkeys, there is nothing to remember. These passwordless logins use a biometric scan or a unique screen lock pin stored in an encrypted format, ensuring your credentials remain safe in the event of a data breach. As a result, apexanalytix customers can experience significantly improved security and usability across their entire supplier ecosystem.
“The launch of our Passkeys feature marks a significant advancement in fraud prevention, data security, and user experience,” said Akhilesh Agarwal, COO & EVP, Global Procure to Pay Solutions & Applied Technology at apexanalytix. “In an increasingly interconnected world fraught with cyber threats, providing next-level protection through Passkeys not only enhances our clients’ confidence in our services, but also underscores our commitment to proactive risk mitigation and unparalleled data protection.”
Passkeys is the latest feature from apexanalytix, coming on the heels of the introduction of the apex Neural Engine, an AI-powered, auto-sensing, auto-acting data solution that streamlines supplier-buyer interactions, improves communication, and ultimately creates a more robust risk management process for organizations.
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