Financial technology or “FinTech” revolutionized the way people conduct financial transactions. Generally, it means using digital technology to streamline commercial and personal finance. It also aims to address the issues associated with conventional banking processes.
FinTech was first introduced with mobile applications that enable peer-to-peer money transfer. It expanded its offerings to credit card loans, trading, investment management, and even cryptocurrencies in the last few years.
Still, security concerns remain present among FinTech firms because of the valuable funds and information they manage. Like traditional banks, digital financial service providers are required to ensure the privacy and protection of their clients.
Ideally, FinTech enterprises should adopt passwordless login to strengthen their defenses against cybercriminals. Many already use passwordless solutions compliant with the FIDO2 authentication standards for more robust authentication. FIDO2 login leverages multi-factor authentication that combines inherence factors (biometrics like facial or fingerprint scans), possession factors (device-based cryptographic keys), and knowledge factors other than passwords like stored pattern swipe.
FinTech providers can shore up their digital security and provide a seamless user experience to their customers by implementing passwordless authentication. Keep reading this infographic provided by authID that highlights why FinTech innovators should eliminate passwords to learn more about the matter.