Lumin Digital (Lumin), a leading fintech company specializing in digital banking solutions, announces the launch of one-click passkey support within its digital banking platform. This innovative feature will help fortify the security of millions of financial institutions’ users against the ever-evolving risks of fraud and phishing attacks and is immediately available to Lumin’s clients at no additional cost.
Passkeys revolutionize authentication by providing users with simple yet robust credentials to access websites securely through public key cryptography. Unlike conventional multi-factor authentication methods, which often involve the manual input of four- to eight-digit one-time codes delivered via email or text messages, passkeys offer immediate availability and heightened security. Leveraging the widely adopted FIDO2 standard by the FIDO Alliance, Inc. and World Wide Web Consortium, passkeys enable individuals to swiftly access Lumin’s digital banking platform, which includes, among many other features, access to their account balances and the ability to conduct transactions, with reduced risk of disruption to their financial activities.
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“With consumers reporting fraud losses exceeding $10 billion in 2023, it’s imperative for financial institutions to adapt to evolving threats,” said Sean McElroy, chief risk officer at Lumin Digital. “Traditional authentication methods are increasingly vulnerable to sophisticated fraud schemes, which creates a need for a proactive approach to safeguarding consumers’ financial well-being.”
Lumin’s commitment to innovation extends beyond security enhancements to a seamless user experience. By integrating passkey support into its existing digital banking platform, financial institutions can provide customers with effortless authentication capabilities. Clients also have the flexibility to turn off legacy one-time code methods for multifactor authentication, shielding users from social engineering schemes and phishing attacks. Passkeys are convenient and offer better accessibility and reduced friction compared to traditional authentication methods, ultimately making online banking more user-friendly.
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