Digital Onboarding in Banking

 

The FIDO2 key is backward-compatible with the U2F protocol and is compatible with the most recent version of the Chrome browser on Windows, macOS, and Linux computers. Using the U2F protocol, any website that complies with the U2F standard may be secured using U2F. When used in conjunction with popular devices in both mobile and desktop environments, FIDO2 certification enables users to authenticate to internet services rapidly. The FIDO2 standards are the Web Authentication specification from the World Wide Web Consortium and the related Client-to-Authenticator protocol from the FIDO Alliance. The World Wide Web Consortium publishes the Web Authentication specification.

FIDO stands for Fast Identity Online; by adding the number two, this acronym builds on previous work by the FIDO Alliance, most notably the creation of the Universal 2nd Factor (U2F) authentication standard, also known as the U2F authentication standard. After the FIDO Universal Second Factor and the FIDO Universal Authentication Framework, the FIDO Alliance has released its third standard; to eliminate the need for passwords on the Internet, FIDO2’s main aim is to eliminate passwords. 

The Internet Authentication Framework was developed to make it easier to provide open and royalty-free standards for secure, worldwide authentication over the Internet. FIDO2 utilizes the passwordless login standard to mitigate the security vulnerabilities associated with traditional username and password login methods as an alternative to the traditional username and password login approach. So it protects against common online risks such as phishing and man-in-the-middle attacks, which are becoming more common.

Increased security for electronic payments is made possible by strong consumer authentication. It makes use of multi-factor authentication to confirm that the account being used for financial transactions is ours, hence reducing the risk of fraud and identity theft. For SCA to be effective, two-factor authentication and dynamic linkage are required, as well as a message to the consumer that is clear and unforgeable, in order to guarantee that the consumer is fully informed and participates actively in the authorization of a financial transaction. In other words, under the new legislation, banks are required to get at least two authentication components from their clients to do business. 

To learn more, below is an infographic from LoginID that discusses digital onboarding in banking.

Hubert Meadow

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