• FIDO2 passkeys offer an easier and more secure way for consumers to sign into digital services
• Thales solution enables easy implementation of passkeys for any digital service provider, even in regulated industries
• SoyYo’s customer centric identity enables verified identity passkeys that become interoperable through different relying parties, making them ideal for open finance use cases

Thales, the leading global technology and security provider, today announced it is expanding its collaboration with SoyYo, a digital identity provider for companies in Colombia, introducing FIDO2 passkeys for passwordless authentication. This implementation will enable millions of Colombians to connect with their digital identities and access digital services without typing any usernames and passwords.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231017899602/en/

©Thales

Passwords have long been the weakest link for consumers to access online services securely. Now with passkey, the user identity is verified with biometrics or a device code so users can log in quickly and securely. Each passkey consists of a pair of keys, one of which remains stored in an encrypted format on the device, keeping it safe in the event of a data breach. For businesses that offer digital services, passkeys provide multiple benefits including improved login success rates and reduced login times, along with strong security and reduced operating costs. In this collaboration, the creation of the passkey is preceded by an identity verification, which enables a user centric, reusable SoyYo passkey assigned to the verified user.

Danny de Vreeze, Vice President for Identity & Access Management at Thales commented: “Passwords have been the fatal flaw in digital authentication for decades, but with the introduction of passkeys we are finally on the brink of a passwordless future. We are confident that passkeys will become the dominant authentication method, not only to secure access to services and platforms, but also to authorize any sensitive operations. We are proud to offer passkeys to all our customers, including those in regulated industries. We are pleased to support SoyYo, an agile fintech, playing a crucial role as an identity provider, with a smooth migration to a modern, future-proof solution.”

SoyYo helps businesses protect their users’ digital identity and keep their data safe online. They have relied on Thales for the last three years by using its cloud-based identity platform to securely onboard customers digitally with document verification and identity proofing as well as enabling access to their mobile app. With the implementation of passkeys, they will now be able to utilise the same platform to introduce passwordless authentication to end users, further improving the customer experience.

“Passkeys will help us strike that necessary balance between user experience and security, bringing authentication that is both familiar to users and phishing-resistant. We are pleased to be able to leverage an adaptable solution like the Gemalto IdCloud to power this offering, along with the full scope of our identity proofing and authentication needs. We have been partnering with Thales for a long time and look forward to continuing the collaboration to better serve our customers with solutions focused on usability, security, and global compliance,” added Santiago Aldana, CEO at SoyYo.

Thales Gemalto IdCloud is part of the Thales OneWelcome Identity Platform, which provides passwordless authentication through two types of passkeys:

• Synced passkeys for low assurance authentication, such as login to a mobile application, which automatically synchronizes within a device ecosystem.
• Device-bound passkeys for high assurance authentication, such as signing a transaction, that are uniquely bound to a specific device.

Thales Gemalto IdCloud is a cloud-based service that enables customers to combine identity proofing, strong customer authentication (SCA) and risk management to secure onboarding and access in one single platform. More information is available here.

PLEASE VISIT

Thales Group

Cloud Protection & Licensing Solutions | Thales Group

Cybersecurity Solutions | Thales Group

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017899602/en/