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Home / Industry News / 4 Business Benefits Of Passwordless Authentication

4 Business Benefits Of Passwordless Authentication

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    Nok Nok News
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    13 Dec 2022
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Industry News

Older, more traditional digital security systems use the familiar technique of password authentication. As long as the correct password is given, access is granted. However, in today’s business world, password systems are increasingly more vulnerable and prone to theft and intrusion. Fortunately, passwordless authentication systems are now widely available, and there are four major benefits, according to Entrepreneur.

Theft Reduction

When businesses use passwords, this system, especially if there is only a single point of authentication, is more vulnerable and can lead to more intrusions. Phishing and even brute force attempt like guessing at commonly used passwords all lead to break-ins which can result in identity theft and even stolen data or funds.

Passwordless authentication systems significantly reduce this chance of theft.

Negate Password-Based Attacks

Some of the most common forms of digital crime include “phishing,” which tricks victims into giving up their password, and “keylogging,” which is spyware that monitors what keys are being pressed on a keyboard. Passwordless authentication, however, completely nullifies any criminal attempts reliant on password-based activity.

Techniques such as biometrics that use facial, fingerprint, voice recognition, and passkeys, which rely on encrypted keys embedded in specific devices, are part of the new multifactor authentication system that repels all password-based attempts at theft.

Lower Expenses

Little things add up over time and the amount of time. The expense of handling issues related to password-based security is an unnecessary expenditure that can be reduced or eliminated through passwordless authentication.

Password storage and, more importantly, password administration can be costly. There are also time and financial expenses involved with password resets, password recovery, and dealing with the fallout of password theft when criminal activity occurs. Passwordless authentication reduces these expenses.

Improved User Experience

Customers prefer speed, efficiency, and convenience, but older password-based systems can impede all this. Having to remember complex passwords or managing a number of them can slow down log-ins, especially when customers can’t remember and need a reset to access their own data.

Passwordless authentication is faster, safer, and more convenient. Biometric authentication, for example, requires only what a user always has, such as their voice, fingerprint, or face. This means there is never a question of forgetting an important security element. With additional redundancies, such as passkeys for multifactor authentication, these systems can also be much more secure for everyone.

Increasingly more secure systems are evolving thanks to adopting FIDO technologies that use passwordless authentication systems. If you’re interested in how you can upgrade to passwordless authentication systems, read here to learn more.

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“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.

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“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:
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“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.

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“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.

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“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.

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“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.

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“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.

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

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“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.

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“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.

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