Passkeys for Banking: The Complete Guide to Secure, Phishing-Resistant Authentication

Passkeys for the US Banking System

Passwords are failing the banking industry.
Phishing attacks, credential stuffing, and tightening compliance requirements mean U.S. banks can no longer rely on passwords alone. The future lies in passkeys the FIDO Alliance’s phishing-resistant, passwordless login standard which delivers regulatory compliance, stronger security, and better customer experiences without overhauling existing systems.

This guide explains what passkeys are, why they’re critical for U.S. banks, and how to deploy them across all channels without rewriting applications.

Secfense Report Implementing Passwordless Logins Using Passkeys in Your Organization

Why Passkeys Are a Priority for U.S. Banks

U.S. banking regulations now treat phishing-resistant MFA as a must-have:

FTC Gramm-Leach-Bliley Safeguards Rule – Updated to require MFA for financial institutions.
New York Department of Financial Services (NYDFS) – MFA mandate since 2017, expanding in scope.
Cybersecurity and Infrastructure Security Agency (CISA) – Explicitly recommends phishing-resistant MFA.

Passkeys meet these requirements, removing passwords entirely while protecting against phishing, credential reuse, and man-in-the-middle attacks.

Passkeys in Banking: How They Work

Passkeys are based on FIDO (Fast IDentity Online) standards. Instead of relying on a central password database, passkeys use device-based, cryptographic authentication:

Something you have – phone, security key, or workstation
Something you are – fingerprint, facial recognition

Credentials never leave the user’s device, making them immune to phishing and credential replay.

The Role of the FIDO Alliance in Banking Security

The FIDO Alliance supported by Bank of America, JPMorgan Chase, Wells Fargo, American Express, and other leaders sets the global standard for strong, passwordless authentication. FIDO protocols are recognized for:

High assurance in digital banking transactions
Customer-friendly authentication experiences
Proven fraud prevention in high-value sectors

How to Implement Passwordless Logins with Passkeys A Secfense Guide

Why Banks Should Move to Passkeys Now

Banks that adopt passkeys early can:

Eliminate phishing risk from stolen credentials
Streamline logins across mobile, web, and in-branch digital services
Meet or exceed compliance mandates without delays
Build trust and loyalty by offering both security and convenience

Overcoming Banking-Specific Deployment Challenges

Banking IT environments are complex, with a mix of modern platforms and legacy applications. Traditional MFA rollouts often fail because they:

Require code changes in dozens of applications
Demand specialized development resources
Cause downtime and customer disruption

With Secfense User Access Security Broker (UASB), banks can:

Deploy passkeys without touching application code
Extend MFA and passkeys to any app, legacy or cloud
Layer in microauthorizations for sensitive transactions (e.g., wire transfers)
Manage everything with policy-based controls

Effective Passwordless Logins with Passkeys Secfense's Comprehensive Guide

Case Study: Scaling MFA Without the Pain

A major European bank used Secfense to roll out phishing-resistant MFA and passkeys across its entire environment without rewriting a single application. The results:

43% more applications protected than planned
82% less IT specialist time required
$778,000 saved versus traditional MFA projects
87% lower total implementation cost

This model applies directly to U.S. banks that want fast, compliant passkey deployment.

From Evaluation to Deployment in One Week

Secfense offers a Proof of Value (POV) program tailored for banks:

Protect one high-value application with passkeys and microauthorizations
No code changes, no downtime
See measurable security, compliance, and UX benefits before scaling

Key Takeaways for Banking Leaders

Passkeys are compliance-ready for FTC, NYDFS, and CISA standards.
No-code deployment removes the traditional barriers to MFA adoption.
Banks can cut costs and risk while improving customer satisfaction.

🚀 Take the Next Step

Don’t wait for the next phishing incident to expose your bank. See how passkeys and microauthorizations can protect your customers, meet regulations, and cut operating costs without rewriting a single application.

📅 Book discovery call and secure your first banking application with passkeys in just no time.

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We are faced with new challenges every day. We must always be one step ahead of the attackers and know what they are going to do before they do it. We are convinced that the User Access Security Broker will bring security to a new level, both for those working at the office and from home. For us, working with Secfense is an opportunity to exchange experience with developers who put great value on out-of-the-box thinking.

Krzysztof Słotwiński

Business Continuity and Computer Security Officer

BNP Paribas Bank Poland

As part of the pre-implementation analysis, we verified that users utilize a wide range of client platforms: desktop computers, laptops, tablets, smartphones, and traditional mobile phones. Each of these devices differs in technological advancement, features, and level of security. Because of this, and also due to the recommendation of the Polish Financial Supervision Authority (UKNF), we decided to introduce additional protection in the form of multi-factor authentication mechanisms based on FIDO. As a result, users of our applications can log in safely, avoiding common cyber threats such as phishing, account takeover, and theft of their own and their clients’ data.

Marcin Bobruk

CEO

Sandis

We are excited to partner with Secfense to enhance our user access security for our web apps. By integrating their User Access Security Broker, we ensure seamless and secure protection for our applications and systems, delivering superior security and convenience to our customers.

Charm Abeywardana

IT & Infrastructure

Visium Networks

Before investing in Secfense, we had the opportunity to talk to its existing clients. Their reactions were unanimous: wow, it’s so easy to use. We were particularly impressed by the fact that implementing their solution does not require the involvement of IT developers. It gives Secfense a huge advantage over the competition, and at the same time opens the door to potential customers who so far were afraid of changes related to the implementation of multi-factor authentication solutions.

Mateusz Bodio

Managing Director

RKKVC

Even when the network and infrastructure are secured enough, social engineering and passwords can be used to gain control of the system by attackers. Multifactor authentication is the current trend. Secfense addresses this and allows you to build zero trust security and upgrade your current systems to passwordless applications within minutes, solving this problem right away,” said Eduard Kučera, Partner at Presto Ventures and cybersecurity expert – former Director in hugely successful Czech multinational cyber security firm Avast.

Eduard Kučera

Partner

Presto Ventures

One of the biggest challenges the world is facing today is securing our identity online. That’s why we were so keen to have Secfense in our portfolio. They make it possible to introduce strong authentication in an automated way. Until now, organizations had to selectively protect applications because the deployment of new technology was very hard, or even impossible. With Secfense, the implementation of multi-factor authentication is no longer a problem, and all organizations can use the highest standards of authentication security.

Stanislav Ivanov

Founding Partner

Tera Ventures