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Why passkeys will replace password

Fintech Nexus

While more people are shopping online, they are increasingly concerned about their digital security. Might passkeys be the answer? Quintin Stephen believes they will help.

Stephen is the global business lead and director of authentication for Giesecke and Devrient (G+D), a global security tech company based in Munich. He said his customers are seeing significant increases in fraud, and it’s becoming more sophisticated.

When the European Union issued the Revised Directive on Payment Services (PSD2), they required payment service providers within the European Economic Area to provide robust and secure customer authentication. Those requirements are being adopted across the globe.

That means multi-factor authentication, which involves a combination of something you know (passwords, PINs), something you have (physical objects like phones) and something you are, such as verifiable human biometrics.


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