#fido2 certification

Getting FIDO2 certification is very crucial for the security of your business systems. FIDO2 is a new standard for secure login and strong authentication, and it is the successor of FIDO U2F. Both standards are set by the FIDO Alliance which is a non-profit organization that was formed in 2012 to develop specifications that define an open, scalable, interoperable set of mechanisms to securely authenticate users of online services.

FIDO2 works already on many sites, including Facebook, Google, Twitter, Dropbox, Github, and many more. Apart from being a consumer solution, FIDO2 also works with many services for B2B and enterprises, such as Salesforce and DUO.

What makes FIDO2 key special is the strong protection that it offers against online attacks. Like other forms of two-factor authentication, FIDO2 reduces reliance on complex passwords, and protects you against account takeover (for instance, if your password is stolen). Moreover, FIDO2 protects against phishing, which is often referred to as “the ultimate protection” against phishing.

Google, for instance, reported zero successful phishing attacks against 85,000+ employees “on their work-related accounts since early 2017, when it started requiring all employees to use physical Security Keys in place of passwords and one-time codes”.

Apart from being a strong protection against online attacks, FIDO2 security keys are also designed to be easy to use. For instance, to log in, you just have to plug it into your laptop or phone, and press its button. That’s it. Other security keys allow you to login by simply tapping it against your compatible mobile phone.

In terms of platform support, FIDO2 devices work on Mac OS X, Windows, Linux, Chrome OS, and on all major browsers with FIDO2, WebAuthn, or U2F like Chrome, Edge, Firefox, and very soon Safari.

In this digital world that we live in right now, immediate payments or real-time payments have become the new norm in the financial sector. People expect the banks to settle their transactions within minutes. Slow clearance means losing business and customers, and it also creates cash-flow issues. But the demand of faster transactions and the upcoming regulations leave very little time for the banks and other financial institutions to detect frauds and mitigate risks. This is why real time fraud prevention has become more crucial than ever before.

Fraud detection and prevention is about forecasting and evaluating financial threats and discovering methods to overcome them. Earlier, banks has an easy time identifying such risks and fraudulent transactions as they cleared the transactions overnight. Now, with real-time payments in the picture, that is not possible. Therefore, banks need to invest in technologies that offer real-time risk management and fraud detection.

There are various benefits of using real time fraud prevention in the financial industry. One of these benefits is real time decision making. Real time risk management tools integrate and analyze historical and current data with lightning-fast speed to derive results. Managers and decision makers can do predictive analysis and forecast and visualize the effects of their decisions before they actually implement them. This reduces the chances of errors as well as the undesirable consequences that follow.

Real time fraud prevention also leads to better auditing. It works by digitally tracking every transaction, no matter how minor it is. This means that there is an electronic trail for every transaction that auditors can track down and find out any discrepancies and compliance issues directly. It also provides extensive data, which makes the auditing process quicker and more efficient.

A FIDO2 key can help your organization in many different ways. It can help you achieve a passwordless environment much faster because of its interoperability and security design. The FIDO2 keys work right out of the box and use a separate cryptography chip to qualify for the highest authenticator assurance level, which makes it possible to meet the most rigorous compliance requirements. To get a broader understanding of why FIDO2 keys should be used, reads below on how physical keys can help in everyday authentication scenarios.

Mobile network devices have proven to work great with FIDO2 security keys. Before this technology was introduced, hardware security key was used on a mobile device (such as an iPhone), which would require extra software as well as an extra reader. But the major mobile device manufacturers have invested heavily in making FIDO2 a natural part of their authentication system. This has made it possible for a FIDO2 security key to be used on a mobile device right out of the box. This compatibility can help you immediately deploy strong multi-factor authentication to all mobile devices without any changes to the mobile device.

Using a FIDO2 key can also eliminate credential replay attacks with user presence check.  Malware and other hacking software make it very simple to steal credentials and repeatedly retry them until access is granted. With FIDO2, this threat is eliminated by forcing the hardware token to be physically touched before the authentication transaction can occur. Even if a hacker takes control of a machine that has a FIDO2 credential plugged in, there is no authentication that will take place unless the user physically takes action. This can help immediately protect your organization against the most damaging credential stealing and phishing attacks.

If you are not yet using identity verification technology in your business, you need to consider giving it a try. This technology has become very important in our ever-changing world. It is important for a number of reasons, like compliance with government regulations, security and fraud, just to mention a few.  

Identity verification is a very crucial process that ensures that someone’s identity tallies with the one it is supposed to. It is an essential requirement in most processes and procedures, be it online and offline, in all kinds of situations, from opening a bank account to completing tax procedures electronically. In a number of sectors, the identity verification process is referred to as the Know your customer (KYC) process.

The identity verification ensures that a person is who they say they are. It debars criminal elements infiltrating one’s important information and using it to perform heinous activities without authorization. The process also prevents people from creating false identities or committing fraud.

The identity verification services are available in different forms and methods. The process depends on the channel as well as the way the verification is done.

One of the ways that identity verification is done is the traditional face-to-face process. During this process, the individual could personify themselves in a company, institution (tax agency, employment service) or organization. They will then deliver their identity document (ID or passport) simultaneously that the agent can verify together with a photograph that tallies with the identity of the person who is delivering the document. A photocopy of that document is then made, a form is filled out, checks are made, and once the user is identified, they can proceed with the pertinent steps.

In this day and age, nearly every aspect of our lives is touched by technology, and banks are no exception. Bank customers expect the system to move from traditional, manual to open the fast and digital account. Using eKYC in the digital onboarding process for banks that can provide a wide range of benefits.

First of all, the eKYC process is instantaneous. This service is completely automated online, meaning that KYC data can be transferred in real-time without the need for any manual intervention. Unlike the paper-based KYC process that can take days up to weeks to get verified, the eKYC process takes just a few minutes to verify and issue.

Another benefit of using eKYC in the digital onboarding process for banks is reduced failed client acquisition and acquiring new customers. Nowadays, banks are under the pressure to increase their acquisition rates. The digital boarding process is the key to creating sympathy to attract new customers as well as loyal customer engagement with the bank.

According to The Digital Banking Report (2017), there is 43 percent of those with low levels of satisfaction during the process of opening a new account, which indicates that they will be sure or able to switch banks due to having to enter information more than once, especially when moving from this channel to another channel, not near real-time and the accuracy is not high.

EKYC is one of the optimal solutions to overcome the above limitations as it makes the onboarding process of banks a unique process, regardless of the number of channels they use, at any time. Guaranteed information is updated and synchronized across channels to assure clients that they have access to the data is always accurate everywhere.

The FIDO Alliance is an open industry association that aims to set authentication standards to help reduce the world’s over-reliance on passwords. A new standard from the FIDO alliance, FIDO2 is an authentication method that is considered to be much safer compared to a password-based system. It is also faster and more user friendly compared to the 2nd-factor authentication (2FA), including OTP (One-Time Passcode). Therefore, FIDO2 is considered the technology of choice for passwordless login systems including hybrid cloud applications, like Microsoft Azure AD.

FIDO’s certification programs are of great importance in ensuring an interoperable ecosystem of products as well as services that companies can leverage to deploy FIDO Authentication solutions worldwide. FIDO Alliance manages functional certification programs for its core specifications (UAF, U2F and FIDO2) to validate product conformance and interoperability. Additionally, it has introduced programs to delineate security capabilities of FIDO Certified Authenticators and also to test and validate the efficacy of biometric components.

FIDO2 certification has a lot of benefits to vendors, deploying organizations as well as end users alike.   For vendors, earning the FIDO(R) Certified mark validates to customers the integrity of their product in that it adheres to the FIDO specifications and interoperates within the marketplace. For instance a FIDO2 Certified Server can accept any FIDO2 Certified authenticator, irrespective of its manufacturer.

FIDO2 Certification also best-positions these vendors to respond to the growing number of RFPs that list FIDO Certified as an important requirement for bid submission. Also, authenticator vendors can be able to differentiate themselves from competitors by certifying the security characteristics of their implementations, which is reflected in corresponding certification marks.

The FIDO Certified program is open to both members and non-members, even though FIDO Alliance members uniquely get discounts on certification testing and are also exposed to added co-marketing opportunities.

Whether or not to implement digital signature API is a question that you may be asking yourself right now.  In this digitalized society that we are living in right now, digital signatures can replace any signing process and simplify the sales and data gathering processes. Multitudes of digital signature providers exist, such as GlobalSign, DocuSign, Signatys, Connective, Skribble, Adobe Sign, just to mention a few.

There are so many benefits of using digital signatures in your business. One of them is the fact that you will never have to deal with the messy paperwork. It can be tedious to sign a pile of paper documents every day. You need the energy and time to do that work, and that is the time and energy you could have devoted to doing other important tasks in your business.

Managing paperwork can also be time-consuming and is likely to cause issues such as lost documents or some that are not signed. With more and more paperwork accumulating, it means that it will take up a lot of storage space on your desk, files, as well as office cabinets.

If you have to search and refer to a document, it will take a lot of your time and energy as you go through the heaps of papers in order to get that particular document you want. This is a very frustrating experience that can be eliminated by digital signature API. You will no longer have to spend many hours searching for a document that is located deep within the paperwork piles.

When you start using digital signatures, the documents will remain in digital form in their entire lifespan, even though you will have the liberty to print them is you so wish. The documents will be created online, embedded signatures online, and then stored within cloud-based storage.

KYC , or Know Your Customer, is a method of authentication that helps minimize forgery of documents. Financial institutions such as banks and Non-Banking Finance Companies (NBFCs) have mandated KYC regulations before providing any financial service to customers. KYC is usually done with the purpose of establishing the identity as well as verifying the credentials of any customer.

The eKYC process, which is often referred to as paperless KYC, is the process of electronically verifying the credentials of a customer. Now you are probably wondering about the process of KYC verification through the eKYC portal. eKYC is also known as Aadhaar-based eKYC as your identity is verified electronically via Aadhar-based substantiation. What this means is that the details of your Aadhaar, such as your name, address, date of birth, gender, mobile number and email address, are accessed by the service provider from the database of the Unique Identification Authority of India (UIDAI). Thus, Aadhaar-based eKYC offers proof of identity and address to the service provider instantly, dispensing the need for the tedious in-person verification.

So, how do you complete KYC online? After creating your account at the eKYC portal of any KRA, you will need to fill-in your personal details. Then you have to provide your Aadhaar card number and also your registered phone number. Once that is done, you will receive an OTP. Post-verification, you have to submit a copy of your self-attested Aadhaar card. Once you complete KYC online, you can go ahead and check your status by providing your PAN number at the KRA’s web portal.  

Once you how to do KYC online, it is also important to remember that you can be KYC compliant via an offline process also. All you need to do is download the KYC form online from any of the KRA’s and submit the filled-in form along with the requisite documents to the relevant authorities or person.