Project Verify is AT&T, Sprint, T-Mobile & Verizon's solution to mobile security

The Mobile Authentication Taskforce, consisting of wireless carriers Verizon, AT&T, Sprint and T-Mobile, announced that its effort to prevent fraud and data breaches has a name, Project Verify.

"It's time for a comprehensive solution that reduces friction, combats fraud, and builds trust. The Mobile Authentication Taskforce is building that solution now," the website says.

On March 1, the carriers had announced plans to build an app authentication platform.

"The Project Verify solution will change identity management and security, replacing passwords with more secure, device-based, multi-factor authentication," the taskforce said. "Consumers will be in the driver's seat, choosing what information they share. They simply log in with their mobile device — Project Verify does the rest."

The material states that the carriers are "building" the technology, so it's not clear exactly when it might be ready, nor how well it will actually work. The Project also released a video discussing the program, in the broadest of terms.

The members are the four leading U.S. carriers, although Sprint and T-Mobile are in the process of merging.