Secure
- Passkeys are stored in the device's secure chip, impossible to simply copy or steal from a database like passwords.
- The passkey is linked with domain, so phishing sites can't use it.
- Brute-force attacks are pointless: it's not a string of characters, but a key pair validated via digital signature.
- Passkeys can meet Strong Customer Authentication (SCA) requirements under PSD2 and upcoming PSD3 (including the focus on inclusivity).
User-friendly
- Login via biometrics or PIN — no complex passwords or OTP needed.
- Much faster than entering password and waiting for SMS.
- Apple and Google sync passkeys across devices via the cloud, no need to create a key for each one.
Plus, passkeys boost login success rates and reduce support team workload.
If your fintech project hasn't implemented passkeys yet, start with the FIDO Alliance UX Guidelines.