Authentication does not equal authorization: Are we asking passkeys to prove too much?
By nearly all accounts, we’re inching closer to a passwordless society. The FIDO Alliance, which develops new passwordless authentication standards and whose tagline is quite literally “reducing reliance on passwords”, now estimates that more than 5 billion passkeys are in use worldwide. In fact, more than three-quarters of global consumers have already enabled a passkey on at least one account.
The technology is a boon for the financial industry because it finally removes the sector’s entrenched dependency on knowledge-based credentials – reusable “secrets” that criminals can steal, guess, or extract through social engineering. Suddenly, being able to quote a user’s mother’s maiden name, the town they grew up in, or their several-digit password, isn’t enough – and that makes user access instantly more secure.
Passkeys also give customersa much easier ride when it comes to accessing their accounts, speeding up the process by allowing them to use a key...
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