OneSpan Strengthens Leadership in Banking Security with Innovative Phishing-Resistant Authentication and Transaction Signing Solution

Rhea-AI Summary

OneSpan Inc. (NASDAQ: OSPN) has announced VISION FX, a groundbreaking innovation in phishing-resistant transaction security. This solution combines OneSpan's patented CRONTO® transaction signing with FIDO2 protocols to enhance protection against phishing and account takeover threats. VISION FX offers a secure and user-friendly option for banking customers to log on and execute transactions.

The company also introduced DIGIPASS FX7, a FIDO2-enabled phishing-resistant authenticator designed to mitigate social engineering and account takeover attacks. These innovations come as digital fraud losses are expected to surpass $343 billion globally between 2023 and 2027.

OneSpan's solutions aim to address the increasing cybersecurity risks in the banking sector, providing robust security capabilities with passwordless login and What You See Is What You Sign (WYSIWYS) functionality. The company will showcase VISION FX and DIGIPASS FX7 at the Authenticate conference in Carlsbad, California.

Positive

• Launch of VISION FX, combining CRONTO transaction signing with FIDO2 protocols for enhanced security
• Introduction of DIGIPASS FX7, a FIDO2-enabled phishing-resistant authenticator
• Expansion of OneSpan's FIDO-powered product line
• Millions of financial transactions annually secured by OneSpan's CRONTO technology

Negative

• None.

Insights

Cybersecurity Expert

The introduction of VISION FX by OneSpan represents a significant advancement in banking security. By combining CRONTO transaction signing with FIDO2 protocols, this solution addresses critical vulnerabilities in digital banking, particularly phishing and account takeover threats. The projected $343 billion in global digital fraud losses over the next few years underscores the urgency of such innovations.

Key strengths of VISION FX include:

• Passwordless login with phishing-resistant authentication
• Secure transaction display on a dedicated device
• Zero footprint implementation

This approach not only enhances security but also improves user experience, a important factor for bank customer retention. The expansion of OneSpan's FIDO-powered product line, including DIGIPASS FX1 BIO and DIGIPASS FX7, further solidifies their position in the authentication market. These developments are timely, given the increasing sophistication of cyber threats in the financial sector.

Financial Technology Analyst

OneSpan's new VISION FX solution could significantly impact the company's market position and financial performance. With a market cap of $593 million, OneSpan is well-positioned to capitalize on the growing demand for advanced authentication solutions in the banking sector. The global focus on cybersecurity and the potential for substantial cost savings from fraud prevention make this product launch strategically important.

Key financial implications:

• Potential for increased revenue streams from new and existing banking clients
• Enhanced competitive advantage in the authentication market
• Possible expansion into new markets, such as workforce authentication

Investors should monitor adoption rates of VISION FX and other new products, as well as any impact on OneSpan's revenue and market share in the coming quarters. The company's ability to stay ahead of emerging threats could lead to long-term growth opportunities in the rapidly evolving cybersecurity landscape.

New innovation expands on the company’s FIDO authentication portfolio with transaction signing

BOSTON & CARLSBAD, Calif.--(BUSINESS WIRE)-- OneSpan Inc. (NASDAQ: OSPN) today announced a breakthrough innovation in phishing-resistant transaction security, VISION FX. This new solution combines OneSpan’s patented CRONTO® transaction signing with FIDO2 protocols that strengthen protection against phishing and account takeover threats (ATO), setting a standard for banking security. Merging both technologies into a single authentication solution delivers the most secure and user-friendly option on the market for banking customers logging on to execute transactions.

Changes in the banking sector associated with new digital initiatives have ushered in unprecedented cybersecurity risks. Digital fraud losses from attacks such as ATO are anticipated to surpass $343 billion globally between 2023 and 2027.¹ In the current threat environment, banks of all sizes need more sophisticated methods to protect accounts and transactions from evolving social engineering attacks, unauthorized access, and account takeover attempts.

For banks looking to address these challenges, VISION FX combines robust security capabilities from CRONTO and FIDO technologies to enable passwordless login with phishing-resistant transaction signing and What You See Is What You Sign (WYSIWYS) with zero footprint. Unlike other solutions, VISION FX is a dedicated device where transaction details are securely displayed on its screen, providing customers with a groundbreaking approach to phishing-resistant authentication.

“For three decades, our customers have trusted us to lead the way in banking security innovation, consistently staying ahead of emerging threats,” said Giovanni Verhaeghe, Senior Vice President of Corporate and Business Development at OneSpan. “With VISION FX we are bringing a future-proof approach to digital banking authentication that sets the new standard in online transaction security while also creating a seamless user experience.”

As a pioneer in authentication solutions for digital banking, OneSpan’s wide range of user authentication and digital transaction security solutions help customers safeguard digital accounts, secure financial transactions, and fight cybercrime. Millions of financial transactions are annually secured by OneSpan’s CRONTO technology, which creates a transaction signature unique to each transaction to preserve data integrity and confirm authenticity.

OneSpan continues to expand its FIDO-powered product line. Previously, OneSpan announced it was entering the workforce authentication market with the launch of DIGIPASS FXI BIO, a FIDO-enabled phishing-resistant authenticator that enables passwordless authentication. In addition to DIGIPASS FX1 BIO, OneSpan today also unveiled its latest addition to its Digipass authenticators product line, DIGIPASS FX7. DIGIPASS FX7, is a simple and easy-to-use FIDO2-enabled phishing-resistant authenticator for organizations looking to mitigate social engineering and ATO attacks. The new device also offers an improved user experience enabling a ‘work from anywhere, anytime on any device’ policy.

OneSpan will showcase VISION FX and DIGIPASS FX7 at the Authenticate conference, October 14-16 in Carlsbad, Calif., providing attendees with a first-hand look at the next-gen banking security for passwordless authentication.

For more information on VISION FX, please visit: https://www.onespan.com/products/vision-fx.

About OneSpan

OneSpan provides security, identity, electronic signature, and digital workflow solutions that protect and facilitate digital transactions and agreements. The Company delivers products and services that automate and secure customer-facing and revenue-generating business processes for use cases ranging from simple transactions to workflows that are complex or require higher levels of security. Trusted by global blue-chip enterprises, including more than 60% of the world’s 100 largest banks, OneSpan processes millions of digital agreements and billions of transactions in 100+ countries annually.

For more information, go to www.onespan.com. You can also follow @OneSpan on X (Twitter) or visit us on LinkedIn and Facebook.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding potential future plans, expectations, features, benefits, use cases, and outcomes of VISION FX. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", “expect", "intend", "continue", "outlook", "may", "will", "should", look forward” "could", or "might", “looking ahead,” “future,” and other similar expressions. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could materially affect our business and financial results include, but are not limited to the factors described in the “Risk Factors” section of our most recent Annual Report on Form 10-K. Our filings with the Securities and Exchange Commission (the “SEC”) and other important information can be found in the Investor Relations section of our website at investors.onespan.com. We do not have any intent, and disclaim any obligation, to update the forward-looking information to reflect events that occur, circumstances that exist, or changes in our expectations after the date of this press release, except as required by law.

Copyright© 2024 OneSpan North America Inc., all rights reserved. OneSpan™ is a registered or unregistered trademark of OneSpan North America Inc. or its affiliates in the U.S. and other countries.

¹ https://www.americanbanker.com/news/why-the-underbanked-face-unique-fraud-risks-report

View source version on businesswire.com: https://www.businesswire.com/news/home/20241014357621/en/

Media contact:

Nicole Bosgraaf

Director, Global PR and Social Media

+1-401-219-2131

nicole.bosgraaf@onespan.com

Investor contact:

Joe Maxa

Vice President of Investor Relations

+1-312-766-4009

joe.maxa@onespan.com

Source: OneSpan Inc.

FAQ

What is OneSpan's new phishing-resistant authentication solution called?

OneSpan's new phishing-resistant authentication and transaction signing solution is called VISION FX.

How does VISION FX enhance banking security for OSPN?

VISION FX combines OneSpan's CRONTO transaction signing with FIDO2 protocols to strengthen protection against phishing and account takeover threats, offering passwordless login and secure transaction signing.

What is the projected global digital fraud loss between 2023 and 2027?

Digital fraud losses from attacks such as account takeover are anticipated to surpass $343 billion globally between 2023 and 2027.

What new authenticator did OneSpan (OSPN) introduce alongside VISION FX?

OneSpan introduced DIGIPASS FX7, a FIDO2-enabled phishing-resistant authenticator designed to mitigate social engineering and account takeover attacks.