Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Technology

FIDO2 for financial sector: Pros&Cons

Published by Wanda Rich

Posted on January 25, 2023

Featured image for article about Technology

In general terms, FIDO2 is a combination of a set of principles (the framework), standards (WebAuthn), protocols (CTAP2), and hardware requirements.

Windows-based laptop and desktop PC manufacturers have learned to link integrated platform-based mechanisms (so-called Trusted Platform Modules (TPMs)) to FIDO2 services. The Windows Hello feature functions as an interface for interacting with a TPM module. A fingerprint or face recognition scan is used to access the authenticator built into the laptop or desktop PC.

Apple, who are, as usual, ahead of everyone else, use their own Secure Enclave, which is visible to users as TouchID and FaceID.

Android smartphones have Android Keystone and TouchID.

PayConfirm essentially offers features similar to FIDO2: reliable, cryptography-based passwordless authentication and transaction confirmation with visualisation. However, given that it is being developed for the finance sector, whereby users manage their money remotely, it accounts for an unlimited number of subtler details and additional requirements posed by security requirements, business subdivisions, lawyers, support, infrastructure, etc., while remaining even more straightforward than the FIDO2 framework.