Sumitomo Mitsui Trust Bank (SuMiTB) has selected Japanese information technology (IT) company SCSK and US-based digital security solutions provider OneSpan to enhance the security of its mobile banking services.
This move introduces OneSpan’s cloud-based FIDO authentication solution to the Japanese mobile banking sector, following on-premises deployments in the country.
The collaboration aims to address the increasing threat of phishing-related fraud and account takeover, and to align with evolving regulatory requirements in Japan.
This deployment comes as Japan faces significant losses from account takeover fraud, which is projected to reach around Y690bn ($4.4bn) in 2025.
Additionally, Japan’s Financial Services Agency (FSA) has proposed amendments to its supervisory guidelines, which require financial institutions to implement phishing-resistant authentication methods.
OneSpan CEO Victor Limongelli said: “We are proud to be chosen by SuMiTB and SCSK for this landmark project.
“This selection not only underscores OneSpan’s leadership and credibility in Japan’s rapidly evolving FIDO market but also demonstrates our ability to deliver enterprise-scale, phishing-resistant authentication that meets the highest regulatory standards.
“We are committed to helping financial institutions protect their customers and set new benchmarks for digital security.”
While FIDO authentication has previously been used primarily for login verification, SuMiTB plans to extend its use to mobile banking transactions.
The bank’s strategy aims to reduce the risk of account impersonation and provide a secure framework for digital banking.
The solution is designed to protect customers from account takeover attacks and advanced phishing attempts by securing transactions within the bank’s mobile platform.
SCSK senior executive officer Hideho Masuda said: “We are honoured to support SuMiTB in deploying OneSpan’s cloud-based FIDO authentication solution for mobile banking.
“This implementation demonstrates SCSK’s commitment to providing advanced, secure authentication solutions to the Japanese financial sector, and highlights the strength of our partnership with OneSpan.”
