Australian digital bank, ubank, has introduced passkeys to improve authentication for customers.
Ubank joins a growing number of international online services and payment providers, “along with Australian organizations and government agencies, using passkeys as their login method.”
The change in authentication processes comes as Australians lost $2.7 billion to scams in 2023, according to data from the Australian Competition and Consumer Commission (ACCC).
Ubank’s Chief Product and Growth Officer, Andrew Morrison, said:
“Passkeys technology is a global authentication standard replacing passwords with cryptographic key pairs. Passkeys means that customers don’t need to enter a one-time passcode (OTP) or remember a password to log into their banking app, making it harder for criminals to access accounts using stolen usernames and passwords.”
In recent research commissioned by the bank, Australians aged “between 18 to 43 reported that one of the most effective ways for banks to prevent scams was through encryption and secure authentication to protect their data (52 percent).”
This was in addition to monitoring systems “to detect unusual or suspicious activity (56 per cent), additional verification for high-risk transactions (53 per cent), and education about common scams and fraud tactics (40 per cent).”
Nearly two in five respondents (38 per cent) also “said biometrics including fingerprints and facial recognition to access a device or information would give them the most confidence that they are protected from data and identity theft as well as scams and fraud.”
Mr Morrison continued:
“As part of our app and everyday banking strategy, we are focused on delivering simple and secure digital experiences for our customers who we know want to do their banking in the palm of their hands. We’re proud to be amongst a growing number of local and global organisations that are introducing passkeys to our customers. It’s just one of the measures we are taking to protect our customers against fraud and scams.”
About the research
All figures, unless otherwise stated, “are from YouGov. Total sample size was 1311 adults. Fieldwork was undertaken between 31st May – 6th June 2024. The survey was carried out online.”
The figures have been weighted and “are representative of all Australian Gen Z and Millennials (aged 18 to 43).”
