Vincent
Created: January 31, 2025
Updated: January 31, 2025
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Read full blog postThe transition from traditional authentication methods (passwords, SMS OTPs, and hardware tokens) to passkeys is a crucial step for banks looking to enhance security while simplifying the user experience. Passkeys provide a phishing-resistant, PSD2-compliant alternative to passwords and traditional multi-factor authentication (MFA).
Before transitioning, banks should recognize why passkeys are superior:
Banks should strategically plan their transition to passkeys, ensuring a smooth rollout:
Since passkeys introduce a new login paradigm, customer education is essential:
Banks must ensure their passkey implementation aligns with PSD2’s Strong Customer Authentication (SCA):
By phasing out passwords and OTPs and transitioning to passkeys, banks can enhance security, streamline authentication, and improve customer experience. A well-planned migration, combined with regulatory compliance and customer education, ensures a successful transition to phishing-resistant authentication.
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