VIDA Launches VIDA Authentication Suite To Fight Account Takeover

Founder and CEO of Group VIDA Niki Luhur (photo: Dinda Buana/VOI)

JAKARTA - VIDA, a leading digital identity provider in Indonesia, today launched the VIDA Authentication Suite, to respond significantly to account takeover.

This launch is in line with VIDA's latest findings which reveal that 97 percent of companies in Indonesia have experienced account takeover incidents in the last 12 months, most of which are caused by phishing and smishing.

According to the Founder and CEO of Group VIDA, Niki Luhur, the increase in the takeover of this account is because the authentication method using SMS One-Time Password (OTP) is very outdated.

"The old method, such as passwords and SMS OTP, actually opens up opportunities for businesses and consumers to be vulnerable to fraud digital attacks," Niki said at the VIDA Authentication Suite launch event on Wednesday, February 5 in Jakarta.

Arwan Hasibuan, Deputy Director of Consumer Services and Inspection of Capital Market Complaints, Derivative Finances, and the OJK Carbon Exchange also appreciated innovation in presenting secure and comfortable digital authentication.

VIDA Authentication Suite comes with two main solutions designed to address security, namely:

VIDA Phone Token: Replacing OTP SMS with a cryptographic key attached to the user's device, eliminates the risk of attacks taking advantage of SMS-based OTP.

VIDA Face Token: Utilizing Public Key Infrastructure (PKI) security combined with facial biometrics and activity detection, ensures only legitimate users can access their accounts.

This solution is very relevant to industries that handle high-value transactions, including: