Electronic signature and cloud authentication cybersecurity company OneSpan Inc. today announced a new phishing-resistant transaction security service that strengthens protection against phishing and account takeover threats.

Called VISION FX, the new solution combines OneSpan’s CRONTO transaction signaling with Fast Identity Online version 2 protocols into a single authentication solution. The solution promises to deliver the most secure and user-friendly option on the market for banking customers who are logging on to execute transitions.

The solution has been designed to help tackle increasing cybersecurity risks in the banking sector, with digital fraud losses anticipated to surpass $343 billion globally between 2023 and 2027. OneSpan argues that in the current threat environment, banks need more sophisticated methods to protect accounts and transactions from evolving social engineering attacks, unauthorized access and account takeover attempts. This is where VISION FX steps in.

VISION FX combines security capabilities from CRONTO and FIDO 2 technologies to enable passwordless login with phishing-resistant transaction signing and What You See Is What You Sign with zero footprint. VISION FX varies from existing solutions on the market by offering a dedicated device where transaction details are securely displayed on its screen, providing customers with a new approach to phishing-resistant authentication.

“For three decades, our customers have trusted us to lead the way in banking security innovation, consistently staying ahead of emerging threats,” said Giovanni Verhaeghe, senior vice president of corporate and business development at OneSpan. “With VISION FX, we are bringing a future-proof approach to digital banking authentication that sets the new standard in online transaction security while also creating a seamless user experience.”

Along with the launch of VISION FX, OneSpan also today unveiled the latest addition to its Digipass authenticators product line, DIGIPASS FX7. The new digital authenticator is pitched as being a simple and easy-to-use FIDO2-enabled phishing-resistant authenticator for organizations looking to mitigate social engineering and account takeover attacks. The new device also offers an improved user experience, with support for “work from anywhere, anytime on any device” policies.

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