SuMiTB implements FIDO authentication to secure mobile banking services

Sumitomo Mitsui Trust Bank (SuMiTB) has selected Japanese accusation exertion (IT) institution SCSK and US-based integer information solutions supplier OneSpan to heighten the information of its mobile banking services.

This determination introduces OneSpan’s cloud-based FIDO authentication solution to the Japanese mobile banking sector, pursuing on-premises deployments successful the country.

The collaboration aims to code the expanding menace of phishing-related fraud and relationship takeover, and to align with evolving regulatory requirements successful Japan.

This deployment comes arsenic Japan faces important losses from relationship takeover fraud, which is projected to scope astir Y690bn ($4.4bn) successful 2025.

Additionally, Japan’s Financial Services Agency (FSA) has projected amendments to its supervisory guidelines, which necessitate fiscal institutions to instrumentality phishing-resistant authentication methods.

OneSpan CEO Victor Limongelli said: “We are arrogant to beryllium chosen by SuMiTB and SCSK for this landmark project.

“This enactment not lone underscores OneSpan’s enactment and credibility successful Japan’s rapidly evolving FIDO marketplace but besides demonstrates our quality to present enterprise-scale, phishing-resistant authentication that meets the highest regulatory standards.

“We are committed to helping fiscal institutions support their customers and acceptable caller benchmarks for integer security.”

While FIDO authentication has antecedently been utilized chiefly for login verification, SuMiTB plans to widen its usage to mobile banking transactions.

The bank’s strategy aims to trim the hazard of relationship impersonation and supply a unafraid model for integer banking.

The solution is designed to support customers from relationship takeover attacks and precocious phishing attempts by securing transactions wrong the bank’s mobile platform.

SCSK elder enforcement serviceman Hideho Masuda said: “We are honoured to enactment SuMiTB successful deploying OneSpan’s cloud-based FIDO authentication solution for mobile banking.

“This implementation demonstrates SCSK’s committedness to providing advanced, unafraid authentication solutions to the Japanese fiscal sector, and highlights the spot of our concern with OneSpan.”

"SuMiTB implements FIDO authentication to unafraid mobile banking services " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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