Nearly nine million Americans have their identities stolen each year, according to Federal Trade Commission estimates, and identity fraud has been costing Americans staggering billions every year. Moreover, with a continued climb in the number of online shoppers globally, there is a need to educate about secured infrastructure and look for new way of digital identity.

As a digital identity provider, OneID has been working toward eliminating the need for usernames, passwords and site-specific accounts, making the online experience simpler and more secure. The company has been selected to be part of FinovateSpring 2013, a demo-based conference for innovative startups and established companies in the fields of banking and financial technology, held from May 14-15 in San Francisco.

"FinovateSpring provides one of the premier platforms for introducing game-changing technologies for the financial industry," Casey Newton, vice president of Sales of OneID said in a statement.

"Our partners in the financial services sector are realizing the value of authenticating customers through their devices, without problem-prone passwords, all the while reducing the risk of fraud and cyber theft," Newton added.

For financial industry, OneID enables online transactions with a click or tap, instantly recognizing individuals through code embedded in their personal devices such as smartphones, tablets or PCs, while providing a flexible, customizable solution that enables secure, out-of-band transaction authorizations. With no password, the company enables customizable two-factor authentication to meet different security requirements, including FFIEC.

"Online security and payments technology is very important to the banking industry, so we are pleased to have OneID demo at this year's event. FinovateSpring provides attendees with insights into the innovations that will impact the future of banking,” Eric Mattson, chief executive officer of the Finovate Group mentioned.

OneID recently made it easier and safer for consumers to shop online at the nation's largest retailers. Consumers can now make purchases using their digital identities through a new browser extension called OneID QuickFill. Using OneID QuickFill, users can securely retrieve their encrypted information from their OneID account and fly through the checkout process.