Mnemonic Security, Inc. shortlisted for an FDATA Open Finance Award

Mnemonic Security, Inc. shortlisted for an FDATA Open Finance Award


Mnemonic Security, Inc.  has made the shortlist for the Financial Data and Technology Association (FDATA) Open Finance Awards. The Awards have been established to recognise organisations and institutions actively engaged in creating policies and delivering innovations that empower customers to leverage their financial data so that they can make better-informed decisions and take fuller control of their financial lives. 

There are 13 categories with  Mnemonic Security, Inc. in the running for Best innovation in security management – Who has done the most to protect consumer data  

A prestigious Awards dinner will be held at the National Museum of Scotland in Edinburgh as part of a two-day global open finance summit on 4&5th December, bringing together key regulators and policy makers from around the world to discuss and debate the delivery of open finance. The summit itself will be held in the city’s iconic McEwan Hall.

Hitoshi Kokumai, founder of Mnemonic Security, Inc., says  that it is really a great pleasure and honour to see shortlisted his proposition on  “How to Build Sustainable Digital Identity Platform. “

Below is the gist of the proposition.

The subject is a fragile digital identity built with a weak password, which makes a grave choke point of the cyber age. 

Secret credentials are absolutely necessary for digital identity in democratic societies. The text password, which is a section of the secret credentials, is known to be too hard to manage. We could look for something other than the text password as the valid secret credential.

Three big myths are rampant in the sphere of digital identity. These are ‘Higher security to be achieved by removal of password’, ‘Passwords to be killed by the biometrics that is dependent on passwords' and ‘Passwords to be displaced by PIN that is no more than a weak form of numbers-only password’.

Unraveling these myths, we come to the conclusions that we must look for something really valid in the sphere of ‘Non-Text Password’ and that the identity of 'citizens' cannot be separated from their volition and memory while the identity of 'things' can be handled only technologically.

Our own autobiographic memory, especially episodic memory, enables us to come up with the most reliable digital identity platform, bidding farewell to the unsafe and torturous identity authentication.

FDATA Global Chairman Gavin Littlejohn said: 

"There were a number of excellent submissions this year and we're delighted to be announcing an incredibly strong shortlist. Those who made it onto the shortlist have demonstrated the contribution they are making to delivering open finance to consumers across the globe. These organisations are among the world's most innovative and forward-thinking operating in the fintech sector. 

"Whilst our Awards will, of course, celebrate the winners we will also be recognising the driver behind these Awards which is to showcase for policy makers and regulators from across the globe, the types of better customer outcomes that come with data enabled innovation. FDATA Global has been at the forefront of the open finance movement, encouraging collaboration on standards around the world to embrace changes which empower consumers to have more control in managing their finances, these awards demonstrate the strides we are making towards achieving this."

The full shortlist can be viewed at https://fdata.global/summit/awards-2019/

November 28, 2019

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