NAB sets five-year goal to phase out passwords

NAB’s digital bank Ubank is already introducing biometric passkeys for authentication and login of customers.

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.

Over the last four months, Ubank has been rolling the technology out to its existing customers who now have the option to set up passkeys via their security settings.

NAB chief security officer, Sandro Bucchianeri says: “Passkey technology is a new way to log in without using a password. Instead of typing something you have to remember, your device proves it’s you by using something you already have – your fingerprint, face, or a secure code on your phone. It’s like having your house automatically unlock when it recognises you – no keys to carry, lose, or steal.

“Unfortunately, we know many people use the same password across multiple sites and platforms which increases their risk to scams and fraud if that password is lost in a cyber attack and sold to other cyber criminals. Passkey removes this risk.”