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Home / Industry News / Banks Are Looking More Closely Into Passkey Security Systems

Banks Are Looking More Closely Into Passkey Security Systems

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    Nok Nok News
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    1 Nov 2022
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Industry News

Since the dawn of business, banking has been one of the services that have required the most security. Whether preventing physical cash from being robbed or ensuring that cheques are legitimate, banking relies on trust and security to facilitate financial transactions.

Now, in a digital age, where identity theft is an ongoing concern, the traditional password system is losing its luster, and more banks are turning to more advanced security systems like passkeys.

What Is A Passkey?

A traditional password is a single security point. If a user knows the required password and inputs it correctly, access is granted to a device or account. A passkey is a multifactor authentication system that uses more than one means of verification. Passkeys are password free, usually requiring a device such as a smartphone or a laptop to act as a primary interface and Bluetooth proxy when needed. This means that a user will first access their phone using different means, such as facial recognition, a fingerprint, voice recognition, PIN, or even a swipe pattern to validate their device. 

Once this is done, the device then uses additional verification through a Bluetooth connection that sends a unique “public key” to the account associated with that device and matches it with a “private key.” This portion of the verification is done automatically, with no additional actions required from the user. Once the keys have confirmed validity, the user may now access the account from that device. If the user needs to use another device, the QR code is required to transfer verification processes to that new device instead of using the primary one.

More Safety

The convenience and security of a passkey system is an effective alternative to traditional password systems. Groups like the Fast Identity Online or FIDO alliance have worked closely with major technology companies such as Apple and Google to integrate the standards and protocols for passkey systems and make multifactor authentication an easier and more secure means of securing data. 

The use of more than one verification system, combined with password-free authentication systems like biometrics, means users no longer have to memorize long, difficult strings of random alphanumeric characters. Storing the biometric data on a device such as a phone or a laptop also ensures that the data itself remains private and the credentials can’t be stolen online. If you’re interested in passkey systems for agile, increased security integrating a more convenient password-free verification system using FIDO standards, 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.

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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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“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%.”

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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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