SuMiTB implements FIDO authentication to secure mobile banking services

Core Insights - Sumitomo Mitsui Trust Bank (SuMiTB) has partnered with SCSK and OneSpan to enhance mobile banking security through the implementation of a cloud-based FIDO authentication solution [1][2][3] Group 1: Security Enhancement - The collaboration aims to combat phishing-related fraud and account takeover, addressing significant projected losses of approximately Y690bn ($4.4bn) in 2025 due to account takeover fraud in Japan [2] - The Financial Services Agency (FSA) in Japan has proposed amendments requiring financial institutions to adopt phishing-resistant authentication methods, aligning with regulatory changes [2] Group 2: Technological Implementation - OneSpan's CEO highlighted the importance of this project, emphasizing the company's leadership in Japan's FIDO market and its commitment to delivering secure authentication solutions that meet regulatory standards [3] - SuMiTB plans to extend the use of FIDO authentication beyond login verification to secure mobile banking transactions, enhancing the overall security framework [3][4] Group 3: Strategic Goals - The bank's strategy focuses on reducing account impersonation risks and providing a secure digital banking environment, protecting customers from advanced phishing attempts and account takeover attacks [4] - SCSK expressed its commitment to supporting SuMiTB in deploying advanced authentication solutions, showcasing the strength of their partnership with OneSpan [5]