OneSpan Inc. (NASDAQ: OSPN) has unveiled an innovative solution in phishing-resistant transaction security, called VISION FX. This new offering integrates OneSpan’s patented CRONTO® transaction signing technology with FIDO2 protocols, significantly enhancing protection against phishing and account takeover threats (ATO), thus establishing a new benchmark for banking security. By merging these two technologies into a unified authentication solution, VISION FX provides the most secure and user-friendly experience available for banking customers executing transactions.
“With VISION FX, we are introducing a future-proof approach to digital banking authentication that sets a new standard in online transaction security while ensuring a seamless user experience,” said Giovanni Verhaeghe, Senior Vice President of Corporate and Business Development at OneSpan.
The banking industry is facing unprecedented cybersecurity risks due to digital initiatives, with digital fraud losses from attacks like ATO projected to exceed $343 billion globally between 2023 and 2027. In this challenging threat landscape, banks of all sizes require more advanced methods to safeguard accounts and transactions against evolving social engineering tactics and unauthorized access.
To address these challenges, VISION FX combines the robust security features of CRONTO and FIDO technologies, facilitating passwordless logins alongside phishing-resistant transaction signing and What You See Is What You Sign (WYSIWYS) capabilities with a zero footprint. Unlike other solutions, VISION FX operates on a dedicated device that securely displays transaction details on its screen, offering a groundbreaking approach to phishing-resistant authentication.
“For three decades, our customers have trusted us to lead the way in banking security innovation, consistently staying ahead of emerging threats,” Verhaeghe added. “With VISION FX, we are bringing a future-proof approach to digital banking authentication that sets the new standard in online transaction security while also creating a seamless user experience.”
As a pioneer in authentication solutions for digital banking, OneSpan provides a wide range of user authentication and digital transaction security products that help customers secure their digital accounts and financial transactions while combating cybercrime. Millions of financial transactions are secured each year through OneSpan’s CRONTO technology, which generates a unique transaction signature for each transaction to ensure data integrity and authenticity.
OneSpan continues to expand its FIDO-enabled product line. Recently, the company entered the workforce authentication market with the launch of DIGIPASS FXI BIO, a FIDO-enabled phishing-resistant authenticator that allows for passwordless authentication. Additionally, OneSpan introduced DIGIPASS FX7, a new, easy-to-use FIDO2-enabled phishing-resistant authenticator designed for organizations aiming to mitigate social engineering and ATO attacks. This device enhances user experience, enabling a flexible ‘work from anywhere, anytime on any device’ policy.
OneSpan will showcase VISION FX and DIGIPASS FX7 at the Authenticate conference from October 14-16 in Carlsbad, California, giving attendees a first-hand look at next-generation banking security for passwordless authentication.
For more information about VISION FX, please visit: https://www.onespan.com/products/vision-fx.