FIDO Authentication Gains Momentum in US and European Financial Services

Written by Kurt Einhaus on . Posted in Add to Home Slider, News, News & Events, Press Releases

USAA and ING Bank Join FIDO Alliance Board of Directors

Mountain View, Calif., – July 28, 2015… The FIDO (Fast IDentity Online) Alliance (https://www.fidoalliance.org/), an industry consortium launched in 2013 to revolutionize online security with open standards for simpler, stronger authentication, today announced new leadership from the Financial Services industry will contribute valuable experience and insight to the global initiative poised to supplant the world’s reliance on passwords. Today, leading banks in Europe and the U.S., ING Bank and USAA, join Bank of America, Discover, MasterCard, PayPal, and Visa as financial institutions on a diverse 25-member board of directors that is shaping global standards for strong authentication.

Dustin Ingalls, president of the FIDO Alliance said, “As one of seven founding members, PayPal has made it clear from the outset that passwords have proven themselves to be a significant problem for the Financial Services sector and their customers. Today, we welcome two leading financial institutions, ING and USAA, commending their and by extension the financial sector’s growing influence in the FIDO Alliance. Together, we can make a security difference for companies around the world.”

Though FIDO standards are designed to meet the authentication requirements of every segment and use case, Financial Services may have the most urgent need as their clients demand privacy, security and convenience in all transactions. Pent-up demand in mobile payments markets accelerated the world’s first deployment of FIDO authentication when PayPal, Samsung, Synaptics, and Nok Nok Labs collaborated to meet the need. FIDO board members Alibaba and Nok Nok Labs partnered soon after to deliver FIDO authentication for securing mobile payments for 600 million Alipay users. Since then, membership in the FIDO Alliance has grown beyond 200 companies and government agencies, including several financial institutions, such as Wells Fargo, Goldman Sachs, and JP Morgan Chase.

ING Bank of the Netherlands is a global financial institution with a strong European customer base. Its 53,000 employees offer retail and commercial banking services to customers in over 40 countries. ING is currently the number one ‘diversified financials’ company in the Dow Jones Sustainability Index. As their commitment to FIDO authentication illustrates, ING Bank is focused on empowering people and organizations to stay a step ahead in life and in business.

“In today’s digital world, our customers expect to do their banking the way they want, when they want and in a consistent, reliable, clear and easy way. ING’s strategy is built on providing our customers access anytime, anywhere in a clear and easy way. Yet, security is paramount and cannot be compromised,” said Rob Bening, Chief Information Security Officer, ING Bank. “We support FIDO authentication and its advancement globally, because it’s an open, scalable and interoperable framework that can support the current and future authentication needs of our customers and the industry.”

USAA is a family of companies that provide insurance, banking, investments, retirement products and advice to 10.9 million current and former members of the U.S. military and their families. As a leading enterprise in multifactor authentication and committed to developing innovative solutions for its members, USAA supports the global FIDO standards because they enable advanced security and consumer choice.

“USAA offers world-class capabilities that take advantage of an ever-maturing digital marketplace,” said Rick Swenson, AVP Enterprise Security Group – Operations Support. “We wholeheartedly support secure, innovative measures to ensure our members’ security through any channel of their choice.”

“I couldn’t be more pleased by how leading financial institutions from around the world have embraced and supported the FIDO Alliance this early into our mission to deliver open standards for simpler, stronger authentication,” said Brett McDowell, executive director of the FIDO Alliance.  “I look forward to collaborating strategically with USAA and ING Bank as we move beyond standards development to fostering global deployment of FIDO authentication.”

About ING

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank and holding a significant stake in the listed insurer NN Group NV. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s 53,000 employees offer retail and commercial banking services to customers in over 40 countries.

ING Group shares are listed (in the form of depositary receipts) on the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

Sustainability forms an integral part of ING’s corporate strategy, which is evidenced by ING Group shares being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is the industry leader in the diversified financials group.

About USAA

The USAA family of companies provides insurance, banking, investments, retirement products and advice to 10.9 million current and former members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving our nation in the U.S. military or have received a discharge type of Honorable – and their eligible family members. Founded in 1922, USAA is headquartered in San Antonio. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.

About The FIDO Alliance

The FIDO (Fast IDentity Online) Alliance, www.fidoalliance.org, was formed in July 2012 to address the lack of interoperability among strong authentication technologies, and remedy the problems users face with creating and remembering multiple usernames and passwords. The FIDO Alliance is changing the nature of authentication with standards for simpler, stronger authentication that define an open, scalable, interoperable set of mechanisms that reduce reliance on passwords. FIDO authentication is stronger, private, and easier to use when authenticating to online services with FIDO Certified™ products and services.

The FIDO Alliance Board of Directors includes leading global organizations: Alibaba Holdings (NYSE: BABA); ARM Holdings plc (LSE: ARM and NASDAQ: ARMH); Bank of America Corporation  (NYSE:BAC); CrucialTec (KRX: 114120); Discover Financial Services (NYSE: DFS); EgisTec;  Google (NASDAQ: GOOG); IdentityX; Intel (NASDAQ: INTC); ING (NYSE: ING US; ING.N);  Lenovo (NASDAQ: LNVGY); MasterCard (NYSE: MA); Microsoft (Nasdaq “MSFT”); Nok Nok Labs, Inc.; NTT DOCOMO, INC. (NYSE: DCM); NXP Semiconductors N.V. (NASDAQ:NXPI); Oberthur Technologies OT; PayPal (NASDAQ:EBAY); Qualcomm, Inc. (Nasdaq: QCOM); RSA®; Samsung Electronics, Ltd (KOSCOM: SECL); Synaptics (NASDAQ: SYNA); USAA ; Visa Inc. (NYSE: V); Yubico.

Media Contact:
Megan Shamas
for FIDO Alliance
(203) 226-9290
press@fidoalliance.org