Nok Nok: Making Mobile Banking More Secure and Convenient

September 19, 2023 Nok Nok News 0 comments

The Mobile Banking Revolution Affords Freedom

Mobile banking has become an integral part of modern life – at least once a month consumers use mobile native and web apps to access their banks. It offers convenience and accessibility, enabling users to manage their finances from home and on the go. From checking account balances to transferring funds and paying bills, mobile banking has revolutionized the way we handle our money. Some of the biggest names in banking aspire to make the “Best Mobile Banking Apps” List.

However, with this convenience comes a significant challenge: security. Even with various risk management requirements and procedures in place, mobile banking transactions can be vulnerable to various threats, including phishing attacks, identity theft, and scalable password attacks. Any banking or financial institution needs to be on top of these rules and threats daily.

Just a Few Benefits of Nok Nok’s Passwordless Authentication

Mobile Banking Without Friction/MFA Fatigue

One of the best ways that banks can keep customers engaged and safe is by reducing user friction. Unlike traditional two-step authentication methods that can be cumbersome, Nok No k simplifies the process. It requires only a single step by the user, eliminating the need for additional codes or passwords.

This streamlined process not only enhances user convenience but also protects against “MFA Fatigue” attacks, where users become frustrated with the complexity of multi-factor authentication and may opt for less secure methods.

Preventing Phishing!

Banks also need to be on the lookout for phishing attacks – which involves tricking users into revealing their login credentials including passwords and even OTPs through deceptive means. Nok Nok’s authentication uses FIDO credentials which cannot be “phished”. There is no “secret” that can be unintentionally shared with an attacker. Customers’ credentials remain confidential and secure, even when they’re away from home.

In addition to preventing MFA fatigue and phishing attacks, Nok Nok reduces user friction, making the overall mobile banking experience safer and more seamless by employing:

Biometric Authentication

Nok Nok’s solution empowers financial institutions to embrace biometric authentication for their customers. This means that only authorized individuals can access sensitive financial data. Biometric authentication leverages unique physical traits such as fingerprints or facial recognition, making it exceedingly secure and challenging to replicate.

Device Trustworthiness

Nok Nok’s solution goes further by evaluating the trustworthiness of the user’s mobile device before granting access to sensitive financial information. If a device is compromised or lacks essential security features, access can be promptly denied.

Scalability

Nok Nok’s authentication platform is purposefully designed to scale seamlessly with the ever-growing demands of mobile banking services. It can efficiently accommodate 10’s of millions of users and devices without compromising the security of financial transactions.

Compliance

Compliance with regulations is paramount in the world of mobile banking. Nok Nok’s solution aligns perfectly with financial industry regulations, ensuring that banking organizations remain compliant with data security and privacy standards.

Conclusion

As the world continues to embrace mobile banking as a fundamental part of modern life, security remains a top priority. Nok Nok’s innovative authentication methods ensure that banking customers can enjoy the benefits of mobile banking without compromising on safety. So, whether you’re planning to simply check your account balance on a lazy Sunday in the backyard or in the parking lot before a little retail therapy – Nok Nok has your back, keeping your financial data secure and accessible with ease.

14 Jan

4 Min read

Nok Nok Partners with BBVA

January 14, 2020 Nok Nok News 0 comments

Nok Nok partners with BBVA to Boost the Use of Authentication on Mobile Banking Services.

Nok Nok, one of the driving forces behind the new FIDO (Fast Identity Online) standard aimed at strengthening the security of biometric systems on mobile devices, today has partnered with banking leader, BBVA. The agreement is part of BBVA’s strategy to improve the security and user experience of its mobile banking services through state-of-the-art biometric capabilities.

Through this agreement, Nok Nok — a leading developer of authentication solutions—will provide BBVA with a series of technological capabilities. This will allow the bank to continue offering secure and scalable authentication solutions that put user privacy at the center of its mobile banking services, which are already being used by more than half of its customers worldwide.

In addition, the agreement with Nok Nok will allow BBVA to implement the new FIDO (Fast Identity Online) standard in its mobile banking services, which reinforces the security of biometric authentication systems in web and mobile applications. This standard, promoted by the FIDO Alliance, allows alternative identification systems, such as fingerprint or facial recognition, to be used instead of passwords in a comfortable and secure manner. In 2013 Nok Nok was one of the founding companies of the FIDO Alliance and, along with other industry members, it has contributed to developing the key technical specifications and features of this new standard, which is already being used by other leading digital companies.

Nok Nok provides BBVA with an interoperable solution that has the support necessary to adapt to industry standards and global regulations, such as for the European Market, Payment Services Directive 2 (PSD2) which defines minimum requirements for strong customer authentication. Thanks to the partnership with Nok Nok, BBVA will be able to continue offering its customers innovative and agile mobile banking solutions that offer a perfect balance between user experience and security.

“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. In this way, we can improve the ability of our clients to interact with us in a more natural way,” says Juan Francisco Losa, BBVA’s Global Technology & Information Security Officer.

“Having a simple and robust authentication process on mobile devices is integral for protecting customer privacy,” says Phillip Dunkelberger, CEO of Nok Nok Labs. “We are very proud to partner with BBVA and this is a fantastic collaboration for Nok Nok because it will allow us to introduce the latest innovations in authentication for customers, through a simple, transparent and secure experience. This agreement will allow us to continue expanding our international presence.”

About Nok Nok
Nok Nok is the trusted leader in next-generation consumer authentication providing passwordless solutions to the world’s largest organizations. Delivering the most innovative authentication solutions in the market today, Nok Nok empowers global organizations to improve the user experience to access digital services, while meeting the most advanced privacy and regulatory requirements. The Nok Nok™ S3 Authentication Suite integrates into existing security environments to deliver a cost-effective, future-proof and standards-based authentication solution. Headquartered in the Silicon Valley, California, the company has delivered unique inventions and innovations that are protected by a robust global patent portfolio. As a founder of the FIDO Alliance and inventor of FIDO specifications, Nok Nok is the expert in deploying standards-based authentication, and its industry leading customers and partners include DDS, Inc., Ericsson, Fujitsu Limited, Hitachi, Intuit, Lenovo, MTRIX GmbH, NTT DATA, NTT DOCOMO, OneSpan, SoftBank, Standard Bank, and T-Mobile.

About BBVA
BBVA is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey’s BBVA Garanti. Its purpose is to bring the age of opportunities to everyone, based on our customers’ real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.

Read Official Press Release