© All rights reserved.
nok nok nok nok
  • Solutions
    • Passwordless Authentication
    • Passkeys
    • Secure Payments
    • Compliance
    • Professional Services
  • Industries
    • Government
    • E-Commerce
    • Financial Services
    • Mobile Network Operators
  • Products
    • Authentication Cloud
    • S3 Suite
    • IoT SDK
  • Resources
    • Demo
    • White Papers
    • Videos
    • Testimonials
  • Company
    • About
    • Team
    • Partners
    • Clients
    • Events
    • News
    • Blog
    • Contact Us
    • Support
nok nok
02 Apr
3 Min read

How BBVA is using FIDO to protect their customer accounts

April 2, 2021 Nok Nok News FIDO Alliance, Financial Services, Industry News 0 comments

Does your bank still think using SMS one-time passcodes are the only additional authentication factors? Mine still does, and I wish I could easily switch to another bank that is more enlightened about their security, such as BBVA. This international bank, which has customers in Spain, the US, Mexico and South America, has been a big supporter of FIDO authentication protocols and uses the Nok Nok S3 Authentication Suite.

 

Banking is one of the last bastions of old world thinking when it comes to authentication. A quick scan of a directory of banks offering multifactor authentication (MFA) show that most are still stuck in the past. BBVA is the first Spanish bank that has adopted FIDO methods for its customers.

 

FIDO leverages existing biometric methods for authentication, such as fingerprint and facial recognition, that are built-into the more recent smartphones. This means customers don’t have to go through more complex procedures to secure their transactions. Customers can also quickly check to see which of their phones and laptops have accessed their account with a list of “my secure devices,” which is a quick way to find out who has been authorized to use your account.

 

Banks though should be more forward-thinking and embrace FIDO, especially those banks that are moving towards having a more capable digital footprint. There are three reasons: First, account takeover fraud is rampant and increasing. Phishing lures are getting better, especially during the pandemic where customers are not necessarily paying attention to dodgy Covid-related messages that could cause a compromised account.

 

Second, PSD2 regulations require better authentication methods. The latest version of the Payment Services Directive of the EU has created the strong customer authentication requirement for all customer-initiated online payments and bank transfers and the EU began enforcing this requirement last year. This means when a customer wants to transfer funds, for example, they would need to make use of MFA to authenticate themselves. FIDO is one of the easiest and most secure ways to accomplish this, and the Nok Nok tools can enable this “step-up” authentication to make it seamless for the bank’s customers.

 

This means that authentication is not just accomplished when a customer logs into their account but as needed to safeguard their activities and protect the high risk accounts with a more secure process. The beauty of FIDO is that this protection is delivered without putting an additional burden on the user.

Finally, SMS-based authentication is a security sinkhole and can easily be compromised. The record of various stories about these compromises goes back several years. Most recently was this piece in Vice that described how one third-party utility can be used to gain access to your SMS identity without any subscriber even knowing it has been compromised. Banks really shouldn’t rely on SMS for any authentication activity.

 

BBVA announced last year that they began deploying Nok Nok’s software across their customer base, and since then many of their customers are using FIDO to authenticate. “Traditionally, one of the biggest challenges of authentication systems has been to balance security with user experience. Due to the FIDO standard, we are confident that both elements work together seamlessly to provide customers with the highest security standards, along with a transparent and agile user experience,” says Juan Francisco Losa, BBVA’s Global Technology and Information Security Officer.

 

Nok Nok has numerous banking customers using their FIDO tools, including the Iceland-based Landsbankinn and the South African-based Standard Bank. Now if only I could get my own bank on board with FIDO.

Read more

Contact Us

Nok Nok, Inc.
2890 Zanker Rd #203
San Jose, CA 95134

(650) 433-1300

[email protected]

Get Google Maps Directions
footer-logo
fido

Latest Posts

  • Nok Nok: Making Mobile Banking More Secure and Convenient
  • Test Drive the Nok Nok Passkey Authentication Solution
  • Nok Nok at the White House
  • Most Organizations Still Using Phishable Multifactor Auth

Navigation

  • Subscribe
  • Resources
  • Careers
  • Support

Nok Nok Labs, Nok Nok, and NNL are all trademarks of Nok Nok Labs, Inc. © 2023 Nok Nok Labs, Inc.
FIDO is a trademark of the Fast IDentity Online, (FIDO), Alliance. All rights reserved.
Terms Of Use and Privacy Policy

About Us

Founded in Silicon Valey in 2011, Nok Nok is the trusted leader in frictionless, passwordless consumer authentication for the world’s largest organizations.

Recent posts

Nok Nok: Making Mobile Banking More Secure and Convenient

Nok Nok: Making Mobile Banking More Secure and Convenient

19 September 2023
0
74
The Mobile Banking Revolution Affords Freedom Mobile banking has become an integral part...
Test Drive the Nok Nok Passkey Authentication Solution

Test Drive the Nok Nok Passkey Authentication Solution

17 August 2023
0
240
Before you buy a new car, you test drive it. Sometimes you test...
Demo
Free Trial
Videos
Contact Us
Support

Contact Us: (650) 433-1300 • [email protected]

MUFG-800×600

“Transactions using mobile devices are rapidly spreading and it is essential to support both usability and security. By combining Hitachi’s abundant system development capabilities and know-how in the financial system and security related fields, and Nok Nok’s globally deployed and proven FIDO certified products, we achieved this compatibility, which led to this adoption.”

– Mr. Nobuo Nagaarashi, General Manager, Financial Information Systems 1st Division, Hitachi, Ltd.

 

The M in MUFG stands for Mitsubishi, which is a combination of the words mitsu and hishi. Mitsu means three. Hishi means water chestnut, and the word denotes a rhombus or diamond shape.  In partnership with Hitachi, MUFG has enabled passwordless authentication solutions across many of the bank’s apps and services.

Coverage In The Paypers
Coverage In Finextra
intuit

“As an early adopter of FIDO, we’ve seen significant business benefits and are completely on board with continuing to leverage the latest FIDO innovations with our partner, Nok Nok.”

– Rakan Khalid, Group Product Manager, Identity.

 

Intuit has delivered passwordless authentication across mobile applications and devices using Nok Nok’s S3 Suite. The results have reduced customer friction in their Intuit application experience.

Read The Nok Nok Intuit Case Study
Watch the FIDO Alliance Webinar: The Right Mix
Watch Marcio Mello discuss Intuit’s Nok Nok implementation at Identiverse 2019:
docomo-800×600

“DOCOMO is a worldwide innovator in providing its millions of customers with simple and strong authentication backed by a standards-based approach.”

– Phillip Dunkelberger, President & CEO of Nok Nok Labs.

 

As one of Nok Nok’s earliest customers, NTT DOCOMO became the first carrier to offer a billing system that is enabled by FIDO, the first to offer a federated Identity system integrated FIDO, and was the first to offer a mobile device that authenticates via the iris biometric modality.

Coverage In Find Biometrics
Coverage In Telecompaper
bbva-800×600-2

“Traditionally, one of the biggest challenges of authentication systems has been to balance security with user experience. Due to the FIDO standard, we are confident that both elements work together seamlessly to provide customers with the highest security standards, along with a transparent and agile user experience.”

– Juan Francisco Losa, Global Technology & Information Security Officer.

Nok Nok partnered with banking leader, BBVA to improve the security and user experience of the bank’s mobile banking services through state-of-the-art biometric capabilities.

Coverage In American Banker
Coverage In Planet Biometrics
Softbank-800×600-1

“We can no longer rely on passwords for our financial or other sensitive transactions as they are weak, forgotten and easily hacked. We are very pleased with SoftBank’s decision to choose our standards-based authentication platform for their millions of customers.”

– Phillip Dunkelberger, President & CEO of Nok Nok Labs.

 

Millions of SoftBank’s mobile subscribers now have the ability to use biometrics for authentication through the mobile application “My SoftBank Plus”. With this implementation, SoftBank’s mobile users access data with the My SoftBank service using biometrics for a frictionless, simple and fast authentication experience.

Coverage In Mobile ID World
Coverage In Planet Biometrics
Coverage In The Paypers
Aflac-Japan-800×600-1

“Aflac is the first Japanese insurance provider to deploy a FIDO-certified solution, and we would like to continue collaborating with Nok Nok Labs to introduce it to banks, insurance industry and other industries.”

– Michihiko Ejiri, VP, Head of Portal Service Division, Service Technology Unit, Fujitsu Limited.

With the Nok Nok S3 Suite, Fujitsu has provided Aflac customers with strong authentication to their mobile claims payment application using any biometrics on their iOS and Android devices. The solution also provides Aflac and their customers with a scalable method to authenticate users that is interoperable with their existing security environments and reduces or eliminates the reliance on usernames and passwords.

Coverage In Find Biometrics
Coverage In Find Authority
lichtenstein-800×600-1

“For our customers, we only use the most secure products on the market that meet their requirements. Nok Nok perfectly aligns within our product portfolio and we are proud of the very trusted partnership.”

– Lukas Praml, CEO of YOUNIQX.

 

YOUNIQX Identity AG, the award-winning subsidiary of the Austrian State Printing House (OeSD) and Nok Nok partnered to deliver a electronic identity system (eID) for the citizens of the country of Liechtenstein.  This deployment represents the first time that Nok Nok’s FIDO platform has been used to deliver an eID.

FUN FACT
As of 2009 Liechtenstein’s per capita income was $139,100, the highest of any country in the world.

Learn How FIDO Supports EIDAS Regulation
Coverage In Mobile ID World
Coverage In The Paypers
Coverage In Biometric Update
Gallagher-800×600-1

“Nok Nok’s state-of-the-art, standards-based platform will deliver a tremendous user experience,”

– Steve Bell, Chief Technology Officer at Gallagher

When a horse called Joe took too much of a liking to using a car as a scratching post, owner Bill Gallagher Sr. devised a cunning electrical circuit that delivered a shock whenever the horse rocked the vehicle, and in doing so created a company.  Today, with passwordless authentication from Nok Nok, Gallagher is leading the IoT industry with innovative solutions that work in your office and in the outback.

Coverage In Biometric Update
Coverage In Mobile ID World
Coverage In Planet Biometrics
tmobile-800×600-1

“Our Forgot Password flows were running at about 65%. After we rolled out FIDO by Nok Nok, our forgot passwords dropped to 7%.”

Michael Engan, T-Mobile

 

Using the Nok Nok S3 Suite, T-Mobile has become a leader in carrier adoption of passwordless authentication. Their solutions have reduced forgotten passwords and dramatically improved customer satisfaction.

Watch Michael Engan from T-Mobile talk about their implementation of Nok Nok’s S3 Authentication Suite at Identiverse 2019.

We use cookies on this website to improve functionality and performance, analyze traffic to the website, and enable social media features.  To learn more, please see Cookies in the Privacy Policy. Please click ACCEPT to agree to these terms.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

3rd Party Cookies

This website uses Google Analytics and other services to collect anonymous information such as the number of visitors to the website and the most popular pages.

Keeping these cookies enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Additional Cookies

This website uses the following additional cookies:

(List the cookies that you are using on the website here.)

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Cookie Policy

More information about our Cookie Policy

  • 日本語