Existing multi-factor authentication mechanisms are no longer effective in combating fraud. They leave customers open to risk and potentially compromise their accounts, impacting customer trust and the reputation of banks and financial institutions.
Existing multi-factor authentication mechanisms are no longer effective in combating fraud. They leave customers open to risk and potentially compromise their accounts, impacting customer trust and the reputation of banks and financial institutions.
Passkeys can be synced or device-bound. Synced passkeys allow users to switch seamlessly between their devices, such as smartphones, tablets, laptops, or even brand-new devices, without re-registering each device.
However, synced passkeys are not compliant with Strong Customer Authentication (SCA) for banking and finance—a regulatory requirement of PSD2. Device-bound passkeys add an extra layer of security because banks can always verify that a transaction has been authenticated from a trusted device.
Your customers demand a simple, secure, easy-to-navigate, and seamless authentication experience.
Imagine a future where 'something you have' (your device) and 'something you are' (your biometrics) seamlessly merge to create a secure, effortless authentication experience.
Enhanced e-commerce experience: Passwordless authentication minimizes Card Not Present fraud while reducing cart abandonment rates compared to traditional authentication mechanisms used during 3D Secure like OTPs.
Smoother registration: Biometric authentication accelerates mobile banking access while enhancing the overall experience, delivering instant value to consumers by simplifying the process.
Convenient logins: Accessing accounts via native mobile applications and browser-based web apps is even easier with no passwords to remember—just as simple as unlocking a phone.
Secure transaction authorizations: Many transaction types, such as money transfers and high-value payments where security is paramount, can be quickly approved without compromising convenience.
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