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FIDO Alliance Appoints Samsung Electronics to Board of Directors

Both companies plan to work on a full range of authentication technologies for phones, including fingerprint and iris scanners, voice and facial recognition.

FIDO (Fast Identity Online) announced that Samsung Electronics, Ltd, has joined the FIDO Alliance and been appointed to the Board of Directors.

“Samsung introduced the world’s first smartphone with biometric payment authorization system at Mobile World Congress this year. Samsung partnered with PayPal for including a fingerprint-based authentication system utilizing FIDO Ready technologies in its latest flagship device Galaxy S5. We are thrilled to join the FIDO Alliance and look forward to working with industry leaders in paving the way for convenient, reliable and secure mobile payment experience based on open standards,” Michael Pak, Vice President of Security at Samsung told Yahoo Finance.

FIDO will support a full range of authentication technologies, including fingerprint and iris scanners, voice and facial recognition, as well as enhancing Trusted Platform Modules (TPM), USB Security Tokens, embedded Secure Elements (eSE), Smart Cards, Bluetooth Low Energy (BLE), and Near Field Communication (NFC).

The company is currently designing the open specifications to be extensible and hopes to accommodate future innovation.

“We are thrilled to have Samsung join us on the FIDO Alliance Board of Directors,” FIDO Alliance vice president and PayPal senior cybersecurity advisor Brett McDowell told Yahoo Finance. “We look forward to continued innovation and market adoption of FIDO standards with their leadership and support.”

 

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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