NAB goes to PassKeys mode

The National Australia Bank (NAB) took advantage of the end of the year to clarify its ambitions to secure access to its banking services. For the next five years, it is considering the deployment of its PassKeys solution, in order to simplify access for its customers, improve the security of its services and finally remove passwords.

FACTS

• NAB has therefore formalized its intention to phase out passwords to access its banking services. The major replacement of the bank's security measures is the removal of traditional passwords and the use of access keys linked to biometric recognition technology.

• The bank now favours the use of Passkeys that combine a private key stored on the device (smartphone or computer), with a public key shared with the services. Authentication is also secured by a biometric mechanism or local code.

• The NAB states that its Passkeys system should allow its customers, once their security key is created, to use their fingerprint, facial recognition, a PIN code or scan schema to connect to their bank application.

• This transformation is expected to take place over the next 5 years, starting with 2025 for the NAB.

ISSUES

• Optimize Security: The first objective of the NAB with regard to the deployment of these Passkeys is obviously to improve the security of its services. According to the bank's security manager, Sandro Bucchianeri, the use of passwords is indeed a growing risk in a digital world where cybersecurity flaws as well as identity fraud are more widespread. 52% of Australians between the ages of 18 and 43 believe, according to a study commissioned by the bank, that the most effective way for banks to prevent scams was encryption and secure authentication.

• Facilitate customer usage: Beyond improving the security of these processes, the NAB states that the deployment of Passkeys must also contribute to facilitating access to these services for its clients. In particular, they will no longer have to retain codes.

• Follow a fund trend : The Passkeys' deployment takes place as the world moves forward, led by various players, including banks. For the NAB in any case, this deployment takes place in stages since the National Australia Bank first tested this type of solution, since last summer, to customers of its wholly digital Ubank subsidiary.

PERSPECTIVE

• The democratisation of the Passkeys has been achieved so far thanks to the mobilization of the American scheme. Visa thus unveiled several new features in May 2024 in order to reinvent the use of payment cards. Among these AnnouncementsThe US payment giant presented Visa Payment Passkey Service, a FIDO-based access key to secure online payment instantly through facial recognition or fingerprint identification.

• And especially concerning Mastercard it was last September that the American scheme revealed the launch of its new service Payment Passkey In India.

• Paypal Adopted Passkeys to secure online payments as early as 2022.

Traduit automatiquement via Libretranslate / Automatically translated via Libretranslate