The three lines of defense (3LoD) model was introduced to provide a framework that will help organizations in ensuring better biometrics risk management. 

Identifying the 3LoD

Generally, the 3LoD model includes three aspects. These are the following:

• First line of defense (1LoD): Risk Owners/Risk Takers
• Second line of defense (2LoD): Risk Oversight/Risk Guardians
• Third line of defense (3LoD): Risk Assurance

These three groups have to work together by splitting the responsibility based on their functions. In doing this, it is important to clearly define the responsibilities, roles, and levels of accountability of each.

Clarity is among the most important things the 3LoD framework has to offer. It makes risk management easy to understand and communicate. With this, organizations can better determine ambiguities, gaps, overlaps, and weaknesses that could affect risk management activities. 

In applying the concept behind the 3LoD model, many organizations have gone to siloed and people-centric approaches. While that can be beneficial, organizations that want to stimulate innovation and further remove friction may need to approach this framework differently.

That is where a risk activity-based model can come into play with biometrics.

Shifting to a Risk-Based Approach

A risk activity-based model requires organizations to review risk activities instead of functions. 

Typically, organizations use business functions as their guide in defining the 1LoD and 2LoD. They decide based on the key activities. These are sorted into two groups — risk-taking and risk monitoring.

However, this type of approach may overlook certain things, such as when the activities that fall under the 1LoD occur in non-traditional areas. Therefore, resulting in a lacking 3LoD.

Proper application of a risk activity-based 3LoD model offers many benefits. These include:

• improvement of risk coverage across the 3LoD framework
• increase in confidence that key risks are addressed effectively
• assurance that emerging governance, risk, and control matters meet regulatory expectations
• stable, sustainable, and flexible 3LoD model
• greater efficiency

Reducing Friction

Risk management is only one of the many aspects that organizations have to focus on. Another crucial factor is security, which is especially vital when there are finances and client information involved.

That said, some organizations find it hard to offer security without friction. Fortunately, there are ways to ensure better security while reducing friction. One of these is through the adoption of features like biometrics.

With the right provider, the use of biometrics can lead to more advantages for organizations. For instance, with Nok Nok Products, there is a 50% reduction in onboarding time. Thus, making the experience for the customer more pleasant. It, in turn, can help in promoting customer loyalty. 

For many transactions, customers have to input personal information. Because of this, companies have to find ways to ensure security and safety. That is where passwords come in. It is common practice for businesses and platforms to implement passwordless authentication. This way, only the user can access their account.

However, that is not always the case. There are times when others get access to the customers’ passwords. In some cases, the users themselves end up forgetting their passwords. 

Security And Convenience In One

User experience is important not only to customers but to businesses as well. There are many instances when customers abandon their shopping carts or a company’s website or app because they have forgotten their passwords. While resetting the password is an option, it adds another step to the sign-in process.

Intuit, like other companies, wanted to find a way to add more layers of security for the protection of customer data while preventing additional friction when it comes to user experience. Its priorities for a mobile authentication solution were frictionless user experience, security, and minimizing account takeover.

This is a great goal. However, it can be hard to achieve.

Fortunately, Nok Nok Products offers a solution. That is passwordless authentication. Intuit partnered with Nok Nok Products to implement FIDO Authentication on its mobile applications. With this, the login process offers the best of both worlds. It allows Intuit to accomplish all its priorities.

Impact on the Sign In Journey

Intuit successfully rolled out FIDO Authentication across its business applications by working with Nok Nok Products. This partnership has proven the effectiveness of passwordless authentication. 

In terms of usability, the company saw a 20% reduction in the sign-in time on its mobile apps. Login success rates also increased by 6%. 

Security was also addressed. The company reported that there was a decrease in successful phishing attempts since they used FIDO Authentication. 

The user experience was simplified by FIDO authentication. The password-free authentication reduced the number of steps in the process. Because of this, Intuit said it got more opportunities to enhance other security features. 

The success of the partnership pushed Intuit to further include FIDO Authentication in its plans for user sign-in experience, especially on the web. Additionally, the company is thinking of enhancing other flows by implementing FIDO Authentication on other aspects like phone push notifications. 

To learn more about passwordless authentication and get more insight on improving user experience, subscribe to Nok Nok Products. 

In 2019, Intuit — a global technology platform — joined other industry leaders to share on the Identiverse stage their experience in implementing FIDO authentication. The progress in adopting FIDO authentication standards, in partnership with Nok Nok Products, has been consistent since then. While FIDO Alliance members are at the forefront of the initiative to push password free authentication, the technology has been rolled out to various products.

There are millions of customers using Intuit. All of them put their trust in the company to handle sensitive financial information. Intuit decided to roll out FIDO authentication standards on its major mobile apps. Thus, connecting it to TurboTax, QuickBooks, QuickBooks Self Employed, and Mint, among others. 

It aims to add layers of security. However, that is not the only benefit. Another major advantage it offers is more convenience to the user experience.

What the Results Say

Now, Intuit takes the Identiverse 2021 audience on a journey. It showed how FIDO Authentication impacted the company’s user experience.

The use of passwords can turn into a pain point for businesses. It affects the customer experience. There are countless instances when users decide to abandon their transactions because they forgot their passwords. Then, resetting their passwords add another step to their sign-in process. However, companies must offer security. That is where passwordless authentication can help. 

According to Intuit, the registration rate on their mobile app increased by 80% when FIDO was connected. The convenience of not having to think and memorize a password to sign in to a platform makes it more appealing to users.

The sign-up journey also improved. Since onboarding is password free, more users signed up. Intuit saw a 10% improvement in sign-up conversion. Additionally, the time a user spends to sign up was reduced by 50%. 

FIDO Authentication Standards

FIDO (fast identity online) standards refer to the authentication protocols developed by the FIDO Alliance. The goal is to ensure security and improve user experience by implementing passwordless authentication. These include biometrics scan, face recognition, voice recognition, and the likes.

The goal is to reduce the reliance of businesses and customers on passwords. Thus, decreasing friction while making the onboarding time more convenient. Companies like Intuit are a testament to this. 

If you want to learn more about FIDO authentication and passwordless authentication, check out Nok Nok Products. Nok Nok Products, a member of the FIDO Alliance, offers password free customer authentication that is frictionless and is available in multiple channels. 

Rolling out FIDO Authentication comes with many advantages. Not only does it offer customer data protection, but it can also make the user experience more seamless.

At the forefront of the pursuit of reducing password reliance is FIDO Alliance. Its members, including Nok Nok Products, promote the use of multi factor authentication. 

What FIDO Offers

There are many advantages to using FIDO Authentication. Generally, it balances security and usability. It can lower operational costs. It is scalable. At the same time, it is future-proof.

Users can also expect a better experience. No need to think of and memorize passwords. At a single touch of their fingers or a shot of their face, they can sign in. 

The Log In Process

User experience is of utmost importance for companies. It helps increase lead conversion, generate revenue, and promote brand loyalty. That is especially true for businesses and platforms that handle financial transactions.

Passwords can be a pain at the entry point. Users can forget them. Then, they would have to reset the password, which is another step to complete. In some instances, the reset password may not work. Thus, they will have to contact customer support.

The adoption of multi factor authentication offers better sign-in processes. For instance, the implementation of FIDO Authentication can lead to a 6% increase in login success rates across different apps. That is an impressive feat as moving even 1% is difficult. 

Compared to legacy methods or traditional ways of signing in, FIDO Authentication offers a 78% reduction in sign-in times. When using passwords, users can forget the right codes. Passwordless authentication can address that.

The success rate of authentication is at 99.9%, as seen in Intuit’s case. In comparison, using OTP for SMS may result in an 80% to 85% success rate. 

On the security side, FIDO Authentication is not lacking. Using it reduces session times. Thus, decreasing opportunities for potential attacks. 

Nok Nok Products 

In this day and age, identity has become crucial for businesses. Instead of a one-size-fits-all sign-up and sign-in screen, identity authenticators are more relevant. 

Since many consumers are moving to mobile, companies need to find a more convenient way for users to access their services. Having multiple fields to fill in, including usernames and passwords, can cause issues. It is prone to errors and can also be considered as cumbersome.

Multi factor authentication is a great option to build a convenient user experience. It protects accounts and prevents takeovers while ensuring easy access for the account holders.