Ubank introduces simple and secure app log in with passkeys

 

Australia’s multi award-winning digital bank, ubank, has introduced passkeys, a next generation authentication and log in, for customers to simply and securely access their banking app.

Ubank joins a growing number of international online services and payment providers, along with Australian organisations and government agencies, using passkeys as their log in method.

Once a passkey is created, customers can log into the ubank app in the same way as they would to unlock their mobile device, using fingerprint or facial recognition, a PIN, or swipe pattern.

It uses the trusted device ecosystem of the customer and helps to protect customers against impersonation scams and data breaches because passkeys are never shared with other platforms or websites.

It comes as Australians lost $2.7 billion to scams in 2023, according to data from the Australian Competition and Consumer Commission (ACCC).

Since June, ubank’s new to bank customers already use passkeys to log into the app. From today, its existing customers can now set up passkeys via their security settings. Eventually, all ubank customers will be prompted to set up passkeys to log in to the ubank app from their device, if they haven’t already set one up.

Ubank’s Chief Product and Growth Officer, Andrew Morrison, said: “Passkeys technology is a global authentication standard replacing passwords with cryptographic key pairs.

“Passkeys means that customers don’t need to enter a one-time passcode (OTP) or remember a password to log into their banking app, making it harder for criminals to access accounts using stolen usernames and passwords,” he said.

Ubank’s move to passkeys reflects the views of its target customer demographic. In recent research commissioned by the bank, Australians aged between 18 to 43 reported that one of most effective ways for banks to prevent scams was through encryption and secure authentication to protect their data (52 per cent).

This was in addition to monitoring systems to detect unusual or suspicious activity (56 per cent), additional verification for high-risk transactions (53 per cent), and education about common scams and fraud tactics (40 per cent).

Nearly two in five respondents (38 per cent) also said biometrics including fingerprints and facial recognition to access a device or information would give them the most confidence that they are protected from data and identity theft as well as scams and fraud.

Mr Morrison continued: “As part of our app and everyday banking strategy, we are focused on delivering simple and secure digital experiences for our customers who we know want to do their banking in the palm of their hands.

“We’re proud to be amongst a growing number of local and global organisations that are introducing passkeys to our customers. It’s just one of the measures we are taking to protect our customers against fraud and scams,” he said.

For more information on passkeys, visit: https://www.ubank.com.au/security

For more ubank media releases and stories, visit: https://www.ubank.com.au/newsroom

About the research 

All figures, unless otherwise stated, are from YouGov. Total sample size was 1311 adults. Fieldwork was undertaken between 31st May – 6th June 2024. The survey was carried out online. The figures have been weighted and are representative of all Australian Gen Z and Millennials (aged 18 to 43).

Media enquiries 
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