Chinabank to launch FIDO2 Passkey security

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MANILA, Philippines —  China Bank Corp. is leading the way in digital banking security and customer convenience with the rollout of FIDO2 Passkey authentication, becoming the first bank in the Philippines to introduce this global standard for safer, password-free transactions.

The integration of FIDO2 (Fast Identity Online) or Passkey technology allows users of the My CBC app to securely approve transactions in seconds using their fingerprint, face, or device unlock, eliminating the need to wait for SMS one-time passwords (OTPs), as well as the risk of stolen passwords or phishing scams.

“We are not just following a global trend. We are setting a new benchmark for the local industry and ensuring our clients have access to the best security technology available in the world,” Chinabank chief innovation and transformation officer Jay Sabido said of this pioneering transition to Passkeys.

“We are committed to staying at the forefront of digital innovation to provide our customers with seamless and incredibly secure banking experiences,” Sabido added.

A passkey is a simpler, safer way to log in to apps and websites — no password needed.  It functions as a unique digital key that is stored locally on a user’s smartphone or laptop. Facial recognition, a fingerprint scan, or a device PIN “unlocks” the passkey to grant immediate access.  It never leaves the user’s device so hackers cannot grab it. And since there is no password to enter, users cannot be tricked into giving it away.

My CBC app users can now activate the Passkey feature through the security settings within the app. Passkey activation is optional until the end of March, during which time financial transactions can still be authorized via SMS OTPs.

Following this grace period, Passkeys will become the mandatory authentication standard for all My CBC users, aligning the bank with industry-wide regulations to eliminate digital identity theft.