Eliminating Passwords: The Rise of Passkeys for Digital Banking Authentication - White Paper

Passwords out, passkeys in 

Passkeys are cryptographic credentials for authentication. Based on the authentication protocol defined by FIDO Alliance, they’re set to put an end to passwords for good. They deliver simpler and more secure authentication that’s immune both to phishing and to server data leaks. 

They‘re already available on every mobile phone and computer, and it is inevitable that they will replace passwords and become the de facto authentication standard. But there are a few things financial institutions need to consider before migrating to this new technology. 

In this white paper, we look at the evolution of digital banking authentication and the problem with passwords, what impact passkeys will have and what financial institutions should consider before implementing them. Passkeys are available to meet the requirements of financial institutions – from ‘synced passkeys’ for replacing passwords to ‘device-bound passkeys’ for SCA and regulatory compliance. 

This white paper will walk you through the process of implementing them and help you to avoid pitfalls along the way.