The FIDO Alliance has announced a major new partner in their fight for industry-wide authentication standards: Wells Fargo Bank. The major banking institution joins the likes of PayPal, MasterCard, Visa, Discover, and Bank of America in committing to FIDO’s standards.
It’s a sign of increasing concurrence in the financial services industry of the benefits, necessity, and even inevitability of enhanced authentication systems, often involving biometric technology. Numerous private banks in America have started to adopt such standards, as have national governments elsewhere. Consumers are doing more and more financial transactions digitally, and there’s an increasing threat of fraud to complement that trend; stronger authentication standards are therefore of great urgency.
FIDO’s efforts are therefore of increasing importance, and are helpful to large corporations as they try to adapt to the rapid developments in IT and digital banking. Speaking on the move in a press release, Christopher Clausen, a senior executive at Wells Fargo, said, “Providing customers with choice, enhancing customer experience and ensuring the security of account information are at the foundation of our customer relationships. As we continue to deploy new technologies that help customers succeed financially, our partnership with the FIDO Alliance helps us continue to deliver on these top priorities.”