OneSpan Inc. has just unveiled VISION FX, a breakthrough innovation in phishing-resistant transaction security, designed to bolster the defenses of digital banking systems against increasingly sophisticated cyberattacks. VISION FX marries OneSpan’s patented CRONTO® transaction signing technology with FIDO2 protocols, creating a robust and user-friendly solution aimed at preventing phishing and account takeover (ATO) threats. This new technology comes at a critical time, as the banking sector faces rising risks associated with digital transformation.
As the financial services industry pushes forward with digital initiatives, it’s encountering unprecedented cybersecurity challenges. Account takeover, one of the most damaging forms of digital fraud, is expected to lead to losses exceeding $343 billion globally by 2027. In light of these risks, banks need more advanced security solutions to defend against unauthorized access, evolving social engineering techniques, and the relentless threat of phishing attacks.
VISION FX steps up to address these threats by merging two powerful technologies: CRONTO’s transaction signing capabilities and FIDO2’s passwordless login protocols. The result? A phishing-resistant authentication solution that delivers both robust security and a streamlined user experience. Central to VISION FX’s approach is the What You See Is What You Sign (WYSIWYS) feature, which securely displays transaction details on a dedicated device, offering a zero-footprint, highly secure method of ensuring transaction integrity.
OneSpan’s CRONTO technology, which secures millions of financial transactions each year, is at the heart of VISION FX’s robust defenses. By generating a unique transaction signature for each transaction, CRONTO preserves data integrity and authenticity, ensuring that banks can securely verify the legitimacy of every action a customer takes.
The launch of VISION FX continues OneSpan’s expansion into FIDO-powered security solutions. Earlier this year, the company introduced DIGIPASS FX1 BIO, a FIDO-enabled phishing-resistant authenticator for passwordless login, entering the workforce authentication market with a focus on securing remote workers. Alongside VISION FX, OneSpan has also introduced DIGIPASS FX7, a FIDO2-enabled device that provides a simple, effective way for organizations to combat ATO and social engineering attacks. With an improved user interface and a ‘work from anywhere, anytime’ philosophy, DIGIPASS FX7 is designed to enhance both security and usability.
As cybercriminals continue to evolve their tactics, VISION FX offers a forward-looking solution that not only secures today’s transactions but lays the groundwork for the future of digital banking security.