Phishing-Resistant Innovation for Modern Banking

Financial institutions worldwide face the ongoing challenge of balancing seamless digital experiences with the need for stronger fraud protection. Partnering with more than 60% of the world’s leading banks, OneSpan has developed Digipass® FX2, a breakthrough phishing-resistant transaction verification solution that empowers banks to secure digital interactions against sophisticated social engineering attacks.

Built on a foundation of FIDO protocols and OneSpan’s patented Cronto® cryptogram technology, Digipass FX2 enables banks of all sizes to future-proof their security while maintaining user-friendly customer authentication.

The Rising Cost of Fraud in Financial Services

Fraud continues to be a costly issue across global financial sectors. In 2023, phishing attacks rose by more than 58%, and in 2024 alone, losses from scams in Japan exceeded $22 billion. According to the 2025 LexisNexis® True Cost of Fraud™ study, every $1 lost to fraud costs North American financial institutions $4.61 in total impact.

Attacks such as phishing, smishing, and adversary-in-the-middle (AiTM) continue to evolve, making prevention increasingly complex. Beyond financial loss, fraudulent incidents damage customer trust and can lead to higher churn rates.

Therefore, banks must deploy advanced, multi-layered protection strategies that defend against fraud while ensuring smooth and intuitive customer experiences.

Transaction Signing: The Core of Trusted Banking

Transaction signing or authorization is a critical step that ensures integrity and authenticity by creating a unique cryptographic signature for each transaction—capturing account details, amounts, and timestamps.

An essential concept in this process is WYSIWYS (“what you see is what you sign”), guaranteeing that customers verify and approve exactly what they see. Once authorized, transactions cannot be altered, reducing the risk of tampering.

OneSpan’s Cronto® technology visually encodes transaction data, allowing customers to validate information on their trusted device. This approach effectively mitigates adversary-in-the-browser (AitB) and man-in-the-middle (MitM) attacks, providing both transparency and security.

Strengthening Security with FIDO Technology

Adopting FIDO-based passwordless authentication is a major step toward phishing resistance. Traditional passwords and one-time passcodes (OTPs) can be stolen or manipulated through phishing schemes. FIDO replaces them with dynamic authentication mechanisms, ensuring each login or transaction uses a unique, unrepeatable code.

FIDO2 authenticators offer additional benefits, such as replay resistance and secure key storage, protecting customers even in the event of a compromised server. This ensures both security and operational resilience for financial organizations.

Future-Proof Authentication: Digipass FX2 in Action

Digipass FX2 represents the next evolution in transaction verification — blending the proven reliability of Cronto visual signing with the modern, passwordless security of FIDO2. Designed to comply with PSD2 and upcoming PSD3 regulations, it delivers end-to-end protection and convenience.

Key advantages include:

• Resistance to phishing and AiTM attacks
• Dynamic linking for secure transaction data
• WYSIWYS integrity verification
• Zero-footprint deployment (no additional drivers or software required)
• Full regulatory compliance and user-centric design

A Secure and Seamless Future for Digital Banking

With OneSpan Digipass FX2, financial institutions can confidently protect both customers and transactions. By integrating FIDO and Cronto technologies, banks can reduce fraud risk, enhance trust, and offer a superior digital experience.

As the cybersecurity landscape evolves, adopting phishing-resistant authentication like Digipass FX2 ensures that financial institutions remain resilient — not only meeting today’s challenges but anticipating tomorrow’s threats.

Softprom, the official distributor of OneSpan, provides banks and financial organizations across the region with secure authentication and transaction verification solutions to strengthen digital trust and combat modern fraud.

Learn more about OneSpan’s innovative technologies with Softprom.