Bank of America - FIDO Alliance Certified Showcase FIDO Alliance (2024)

FAQs

What does it mean to be FIDO certified? ›

FIDO certification brings benefits to vendors, deploying organizations and end users alike. For vendors, achieving FIDO certification validates to customers the integrity of their product in that it adheres to the FIDO specifications and/or global requirements.

To ensure the security of its customers' financial information and accounts, Bank of America offers various methods of two-factor authentication, including FIDO2 keys. FIDO2 keys are a type of hardware-based authentication device that provide a more secure means of logging in to online accounts.

In short, the main differences between FIDO 1.0 and FIDO2 are standardization, scope, interoperability and adoption. FIDO2 is a more comprehensive and standardized protocol that is supported by all leading browsers and operating systems, including Android, IOS, MacOS and Windows.

The FIDO ("Fast IDentity Online") Alliance is an open industry association launched in February 2013 whose stated mission is to develop and promote authentication standards that "help reduce the world's over-reliance on passwords".

FIDO (Fast IDentity Online) is a set of open, standardized authentication protocols intended to ultimately eliminate the use of passwords for authentication. Passwords are costly to manage and a known security risk because they are easily compromised.

The Role of the FIDO Alliance

This alliance is a testament to the global push towards more secure and user-friendly authentication methods. Among its members are top-tier U.S. banking and financial institutions such as Bank of America, JPMorgan Chase, Wells Fargo, and American Express.

Bank of America Corporation affiliates include all entities that utilize the Bank of America, Banc of America, Bank of America Private Bank, U.S. Trust, Merrill and BofA Securities brand names.

The FIDO Alliance is located in Wakefield, Massachusetts, United States . Who are The FIDO Alliance 's competitors? Alternatives and possible competitors to The FIDO Alliance may include JOIN , The Future Society , and Neural Information Processing Systems Foundation .

Fido now operates as an MVNO of Rogers. Fido customers will see "Fido" as the network name, and Rogers customers will see "ROGERS" as the network name. Since its inception, the Fido network ran on GSM.

What does FIDO require? ›

With FIDO, the user's device must prove possession of the private key by signing a challenge for sign-in to be completed. This can only occur once the user verifies the sign-in locally on their device, via quick and easy entry of a biometric, local PIN or touch of a FIDO security key.

FIDO2 cryptographic login credentials are unique for each website, ensuring they are not stored on a server and eliminating risks like phishing, password theft, and replay attacks.

Most notably, FIDO2 authentication requires an additional security step compared to traditional password login standards if you use it as a regular component of 2FA. With that in mind, such a system is not the most practical one if you log into more FIDO2 enabled websites a number of times each day.

FIDO2 passkeys use public-key cryptography, which provides a higher level of security compared to centralized password databases. The private key never leaves the user's device, making it nearly impossible for attackers to steal or intercept it.

FIDO is an authentication method (with a passkey being the credential name). SSO is an experience, typically leveraging federation to allow sign-in state to be leveraged across multiple sites.

Definition and Purpose. FIDO security keys are physical devices that provide secure and convenient authentication for users. They leverage public-key cryptography to verify user identities and offer an additional layer of protection against phishing attacks and password-related vulnerabilities.

FIDO U2F security keys are small USB devices that enable secure login to websites and applications. They are the solution to the problem with weak passwords, Cyber hacking, phishing scams and keyloggers.

Authenticator Certification Level 2 (L2) evaluates FIDO Authenticator protection against basic, scalable attacks. For L2, the Authenticator is required to conform to a solution included in FIDO Allowed Restricted Operating Environment and Allowed Cryptography lists as part of the Authenticator Security Requirements.