OneVisage, a Swiss-based digital identity products developer, recently unveiled what it calls the world's first 3D facial authentication product to operate on standard smartphones.

OneVisage said in a press release that its SelfiLogin product is meant to eliminate the two-step authentication process that it believes is the cause of transaction cancellations. 

"The use of security tokens results in transaction abandonments exceeding 30 percent — a tremendous amount of lost revenue for any business," said Christophe Remillet, chief technology officer at OneVisage. "A sizeable amount of these abandonments represent security concerns emphasized by Generation Z, spanning the ages of 16 to 24. Studies prove that 75 percent of Generation Z is willing to use biometric security solutions like SelfiLogin instead of passwords or pins for authentication, making this a perfect technology to reverse momentum, and lost revenue streams, back toward the right direction." 

OneVisage cited recent reports showing that identity theft costs for businesses have skyrocketed past the $200 million mark worldwide. 
 
"We recognize the growing concern regarding identity theft issues and consumer data privacy," Remillet said. "Today, there isn’t a single week in the news where a company hasn’t been victim of criminals grabbing thousands or millions of user credentials. Our patent pending and breakthrough technology on consumer smartphones or tablets is disruptive and unique, providing stronger security, better usability and data privacy."
 
OneVisage said the operational and security benefits of SelfiLogin also enable new business opportunities and use cases never before explored. For example, the announcement said, digital private bank customers can now pass orders by phone and validate transactions in tens of seconds instead of tens of minutes, with a fully automatic process.