National Australia Bank (NAB) plans to eliminate passwords for internet banking within the next five years, transitioning to passkeys and biometric recognition technology for enhanced security.
NAB’s digital bank, Ubank, is already implementing biometric passkeys for customer authentication and login. Once a passkey is established, customers can access the Ubank app similarly to how they unlock their mobile devices, utilizing either fingerprint or facial recognition, a PIN, or a swipe pattern.
Over the past four months, Ubank has been gradually rolling out this technology to current customers, offering the option to configure passkeys within their security settings.
NAB’s Chief Security Officer, Sandro Bucchianeri, states: “Passkey technology is a new method for logging in without the need for a password. Rather than recalling a password, your device verifies your identity through something you already possess—your fingerprint, face, or a secure code on your phone. It’s akin to having your house unlock itself when it recognizes you—no keys to misplace or steal.
“Moreover, we understand that many individuals tend to reuse the same password across various sites and platforms, which heightens their vulnerability to scams and fraud if that password is compromised in a cyber attack and sold to malicious entities. Passkeys effectively eliminate this risk.”