Implementing Passwordless Authentication with Thetis Solutions in a Financial Institution

Discover how we at Thetis helped a financial institution enhance its cybersecurity by implementing advanced passwordless authentication solutions, significantly reducing phishing-related breaches and improving user experience.

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Background

In 2023, we at Thetis recognized the growing need for robust cybersecurity measures in the financial sector. A prominent financial institution approached us to enhance their security posture and improve user experience by transitioning to passwordless authentication. This decision was driven by increasing threats of phishing attacks and the need for a more secure and user-friendly authentication method. The institution aimed to reduce customer friction, improve security, and lower operating costs.

Challenges

The financial institution faced several key challenges:

  • Phishing Attacks: Traditional password systems were vulnerable to phishing attempts aimed at compromising user credentials.
  • User Experience: Customers experienced friction during the sign-in process, negatively impacting key business metrics.
  • Operational Efficiency: Managing and maintaining password systems was becoming increasingly cumbersome for the IT staff.

The Road to Passwordless: Enabling a Seamless User Experience

We evaluated several passwordless authentication methods with the financial institution before choosing FIDO2 and WebAuthn standards. This choice was based on the compatibility of our solutions with their existing infrastructure and our ability to provide a seamless and secure user experience.

Solution

We implemented Thetis’s passwordless authentication solutions, which included our FIDO2 security keys, biometric security keys, and contactless security keys. These solutions offered robust security and ease of use, supporting multiple connection methods (USB, NFC, Bluetooth).

Implementation Process

  1. Needs Analysis:

    • We assessed existing vulnerabilities and identified key security requirements.
    • We evaluated the user experience to ensure the solution met practical needs.
  2. Supplier Selection:

    • The financial institution selected Thetis for our comprehensive passwordless authentication solutions that align with FIDO2 standards, ensuring broad compatibility and support.
  3. Technical Integration:

    • We integrated passwordless technology into their existing systems, making necessary adjustments to backend infrastructure and frontend user interfaces.
    • Extensive testing was conducted to ensure system stability and user satisfaction.
  4. User Training and Promotion:

    • We educated users through detailed guides, email campaigns, and online tutorials.
    • Ongoing support was provided for the transition to the new authentication method.

Results and Impact

  • Enhanced Security: Our implementation led to a significant reduction in phishing-related breaches and unauthorized access incidents.
  • User Confidence: Customers reported higher confidence in the institution’s digital security measures.
  • Improved User Experience: We streamlined login processes and reduced average login times, enhancing overall user satisfaction.

Lessons Learned

  • Continuous Improvement: Regular updates and user feedback are crucial for maintaining high security standards.
  • Effective User Education: Clear communication and comprehensive training are essential for smooth transitions to new security measures.

 

Thetis Security Keys

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  • Thetis FIDO2 Security Key
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  • Thetis FIDO2 Security with Type C Adapter
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  • Thetis Pro FIDO2 Security Key
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