Banks and financial institutions are moving away from passwords and are switching to FIDO authentication. FIDO is the new passwordless authentication standard adopted globally by major tech companies. Delaying this transformation puts institutions at risk, while early adoption allows them to confidently focus on the future.
The authentication standard that is replacing passwords worldwide is known as FIDO (Fast Identity Online). Although FIDO or FIDO2 may not be familiar terms, we are all acquainted with their usage as we employ them to log into our phones today. Facial recognition, fingerprint identification, and physical security keys (such as Yubikeys from Yubico) are all authentication methods that leverage the FIDO authentication standard. FIDO has already been implemented by all leading technology companies, and other industries are also striving to adopt it.
There are many reasons why financial institutions and banks are drifting from passwords toward secure FIDO authentication. Below is a list of the most important factors driving this change.
Passwords have become increasingly vulnerable to hacking and phishing attacks. Many users tend to choose weak passwords or reuse them across multiple accounts, which makes them susceptible to unauthorized access. FIDO2, on the other hand, provides stronger security by using public-key cryptography, which significantly reduces the risk of account breaches.
Phishing attacks involve tricking users into revealing their passwords through fraudulent emails or websites. FIDO2 authentication mitigates this risk by relying on cryptographic keys that are specific to each device. Even if a user unknowingly interacts with a phishing site, their credentials cannot be used to access the genuine service.
FIDO2 supports convenient and strong multi-factor authentication. Instead of relying solely on passwords, it combines something the user knows (password) with something the user possesses (such as a hardware token or a biometric factor like fingerprint or face recognition). This adds an additional layer of security, making it harder for attackers to compromise accounts.
Password-related issues, such as forgotten passwords and password resets, can be time-consuming and frustrating for both employees and clients. By adopting FIDO2, banks can reduce the reliance on passwords, thereby minimizing the burden of password management and support costs.
Financial institutions often operate under strict regulatory frameworks that require robust security measures. FIDO2 authentication aligns with these compliance requirements by providing enhanced security and reducing the risk of data breaches.
FIDO2 authentication offers a more user-friendly experience compared to traditional passwords. Users can leverage biometric authentication factors or physical security keys, which are often more convenient and quicker to use than remembering and entering complex passwords.
FIDO2 is an open standard developed by the FIDO Alliance, a consortium of industry leaders dedicated to improving online authentication. Its widespread adoption across various platforms and services ensures interoperability and compatibility, enabling banks to leverage existing FIDO2 infrastructure and technology.
By transitioning to FIDO2 authentication, banks aim to enhance security, protect their employees and clients from cyber threats, and provide a more streamlined and user-friendly authentication experience.
The introduction of FIDO in banks is crucial in combating the growing threats of identity theft, fraud, and unauthorized access to sensitive financial information. However, implementing FIDO can be a complex and resource-intensive undertaking that often necessitates coding and integration efforts.
The optimal method for implementing FIDO authentication on a large scale is through the User Access Security Broker approach. This software integration approach eliminates the need for coding and enables the addition of FIDO authentication to any application within just 5 minutes. Our clients typically achieve complete FIDO protection for their organizations within 7-14 days, transforming them into fully secure FIDO-enabled entities.
One noteworthy case study involves Secfense successfully assisting BNP Paribas Poland in introducing FIDO-based multi-factor authentication (MFA) in their banking operations. BNP Paribas is among the largest international banking groups, and they recognized the importance of fortifying their authentication processes to protect customer accounts and transactions. Secfense collaborated with BNP Paribas to implement MFA across all users and applications in a streamlined and non-disruptive manner. Instead of necessitating extensive coding changes or modifications to existing systems, Secfense’s solution seamlessly integrated with BNP Paribas’ infrastructure, facilitating the adoption of FIDO authentication.
In partnership with our customer, BNP Paribas, we have prepared a live demo demonstrating how effortless it is to incorporate FIDO authentication into any application without coding. This 5-minute live demo provides a clear view of the process involved in adding FIDO MFA in a real-time setting. The approach remains consistent across all applications, irrespective of whether they are legacy or modern apps.
We hosted a webinar featuring FIDO Alliance members – David Turner and Marcin Szary. In this insightful 60-minute conversation, they provided all the knowledge you need to initiate the transformation of your organization into a modern and secure passwordless environment. David and Marcin shed light on the foundations of FIDO authentication and discussed the future development plans for this open and free authentication standard. Sign up today to watch the webinar recording and ensure you don’t miss out on the passwordless revolution.
By viewing this pre-recorded webinar, you will:
We highly encourage you to schedule a demo with us and experience firsthand how effortless it is to integrate FIDO authentication into your application without the need to modify its code. During the demo, we will demonstrate the functionality of the Secfense User Access Security Broker and show you how you can utilize it to enable any MFA method for any application. While we are strong advocates for FIDO authentication, we understand that different organizations have varying needs. That’s why we have enabled the use of all MFA methods with the Secfense broker. This means that you can introduce modern MFA methods like FIDO and traditional methods like SMS, TOTP, or push authentication with equal ease and simplicity. Click here>>>
Fantastic if you’re already convinced and eager to implement FIDO in your organization without further delay! Let’s get you started with our free trial. By signing up, you can install the Secfense User Access Security Broker in your testing environment and add FIDO (or any other authentication method of your preference) to one application, ensuring complete coverage for all users, all at no cost. Schedule a discovery call with one of our experts, and we will assist you in setting up the necessary tests.
Testing enterprise solutions has never been easier. You can install a trial version of Secfense for free within one day, and within the next few days you can try out all of its mechanisms on as many applications as you like. Make an appointment with us
and find out how to sign up for a free trial of the Secfense tool.
