The Passwordless Era: Why FIDO2 is the Future of Banking Security?

2024 marked a major turning point in the security industry as leading financial institutions began to eliminate dependence on passwords and SMS OTPs – which are vulnerable to SIM swapping or phishing attacks. Instead, the FIDO2 (Fast Identity Online) standard is becoming the new 'gold standard'.

Why is FIDO2 superior?

• Total Phishing Protection: Unlike OTP, FIDO2 establishes a unique cryptographic link between the hardware device and the official website. Attackers cannot trick users into providing a 'code' because all communication is handled by public/private key pairs within the security chip.
• Passkey Experience: Users can log in with a single touch to a USB Dongle without needing to remember complex passwords.

FCT Vinh Thinh currently provides FCT Tokens that fully support FIDO2/L2 standards, helping banks and businesses in Vietnam rapidly deploy passwordless authentication infrastructure in compliance with international security regulations.