Vincent
Created: January 31, 2025
Updated: January 31, 2025
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Read full blog postAs financial institutions move away from outdated authentication methods like passwords and SMS OTPs, passkeys are emerging as the future-proof solution for secure and seamless banking authentication. Banks that start collecting passkeys early will gain a strategic advantage by improving security, reducing costs, and ensuring regulatory compliance.
Singapore’s Monetary Authority of Singapore (MAS) has already mandated the phase-out of SMS OTPs due to security vulnerabilities. Passkeys are the next logical step, providing the highest level of security, cost efficiency, and user convenience.
Banks that start collecting passkeys today will be in the best position to seamlessly transition to passwordless authentication while improving security, compliance, and user trust.
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