Financial technology (FinTech) became a game-changer, providing consumers with an easier, faster, and more convenient means of performing financial processes. However, operating in the digital world means enterprises should implement adequate cybersecurity measures to ensure bad actors do not get into the system.
No matter how sophisticated the digital services are, relying on conventional identity verification for mobile banking puts FinTech firms at a disadvantage. It is time for digital financial service providers to eliminate traditional authentication methods with effective passwordless solutions.
One of the knowledge based authentication alternatives used today is FIDO2 login. It combines inherence factors (biometrics) with possession factors (device-based cryptographic keys) to form a layered barrier against fraudulent attempts. These login credentials are more effective in confirming a person’s claimed identity and are not quickly susceptible to circumvention techniques used against passwords.
Moreover, since most iOS and Android mobile devices are already built with facial or fingerprint technology, the authentication process is done within a few seconds. FIDO2 passwordless authentication provides better security while making the identity verification procedure hassle-free.
Having robust security is paramount in the financial sector, and FinTech firms need to shore up their defenses to protect the company and their customers. To learn more, see this infographic from authID that discusses the need to remove passwords from FinTech’s digital security.
