OneSpan Inc. announced a breakthrough innovation in phishing-resistant transaction security, VISION FX. This new solution combines OneSpan’s patented CRONTO® transaction signing with FIDO2 protocols that strengthen protection against phishing and account takeover threats (ATO), setting a standard for banking security. Merging both technologies into a single authentication solution delivers the most secure and user-friendly option on the market for banking customers logging on to execute transactions.
Changes in the banking sector associated with new digital initiatives have ushered in unprecedented cybersecurity risks. Digital fraud losses from attacks such as ATO are anticipated to surpass $343 billion globally between 2023 and 2027.1 In the current threat environment, banks of all sizes need more sophisticated methods to protect accounts and transactions from evolving social engineering attacks, unauthorized access, and account takeover attempts.
For banks looking to address these challenges, VISION FX combines robust security capabilities from CRONTO and FIDO technologies to enable passwordless login with phishing-resistant transaction signing and What You See Is What You Sign (WYSIWYS) with zero footprint. Unlike other solutions, VISION FX is a dedicated device where transaction details are securely displayed on its screen, providing customers with a groundbreaking approach to phishing-resistant authentication.
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“For three decades, our customers have trusted us to lead the way in banking security innovation, consistently staying ahead of emerging threats,” said Giovanni Verhaeghe, Senior Vice President of Corporate and Business Development at OneSpan. “With VISION FX we are bringing a future-proof approach to digital banking authentication that sets the new standard in online transaction security while also creating a seamless user experience.”
As a pioneer in authentication solutions for digital banking, OneSpan’s wide range of user authentication and digital transaction security solutions help customers safeguard digital accounts, secure financial transactions, and fight cybercrime. Millions of financial transactions are annually secured by OneSpan’s CRONTO technology, which creates a transaction signature unique to each transaction to preserve data integrity and confirm authenticity.
OneSpan continues to expand its FIDO-powered product line. Previously, OneSpan announced it was entering the workforce authentication market with the launch of DIGIPASS FXI BIO, a FIDO-enabled phishing-resistant authenticator that enables passwordless authentication. In addition to DIGIPASS FX1 BIO, OneSpan today also unveiled its latest addition to its Digipass authenticators product line, DIGIPASS FX7. DIGIPASS FX7, is a simple and easy-to-use FIDO2-enabled phishing-resistant authenticator for organizations looking to mitigate social engineering and ATO attacks. The new device also offers an improved user experience enabling a ‘work from anywhere, anytime on any device’ policy.
SOURCE: Businesswire