NAB’s Ubank introduces passkeys to enhance digital security

Digital Reinvention
18/12/2024News

NAB’s digital bank, Ubank, is taking a major step toward eliminating traditional passwords by rolling out passkeys, a next-generation authentication method. This innovation aligns with NAB’s vision of phasing out passwords entirely within the next five years, replacing them with passkeys and biometric recognition technology.

Digital Reinvention
28/11/2024Article

Financial Innovation Spotlight: November 2024 edition

Passkeys allow customers to log into the Ubank app using methods such as fingerprint or facial recognition, PINs, or swipe patterns. Unlike passwords, passkeys are not shared across platforms, offering robust protection against impersonation scams and data breaches.

Catering to a tech-savvy generation

The rollout of passkeys reflects Ubank’s focus on meeting the needs of its target demographic—Australians aged 18 to 43. According to recent research, over half of this age group prioritize secure authentication and encryption as essential tools for scam prevention.

“As part of our digital banking strategy, we are focused on delivering simple and secure experiences for our customers,” said Philippa Watson, Ubank CEO. “We’re proud to join a growing number of organizations adopting passkeys to enhance security and protect against fraud.”

Advancing cybersecurity measures

Since June, new Ubank customers have been using passkeys, and existing customers are now gaining access through updated security settings. Sandro Bucchianeri, NAB’s Chief Security Officer, underscored the importance of replacing passwords with advanced technology.

“Passkeys eliminate the risks of reused or stolen passwords,” Bucchianeri said. “This technology ensures seamless login experiences while putting customer security first.”

Ubank’s adoption of passkeys exemplifies NAB’s commitment to combating cybercrime and fraud. By integrating advanced authentication methods, the bank is leading the way toward a more secure digital banking future.

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