Passkeys

What Are Passkeys?
Passkeys are a new, optional and more secure way to sign in to Online Banking and our Mobile Banking App. They are becoming more comon across many companies becasue they make logging in easier and more secure, replacing traditional passwords with a faster and safer experience.

Passkeys work without passwords by using two unique coded keys that verify your identity:

• Private key: Stored securely on your personal device (such as your phone, tablet, computer).
• Public key: Stored on the service you're accessing (for example, our website or app).

Together, these keys confirm it’s really you, keeping your information protected while making sign-in effortless.

When you log in, your device uses the private key to authenticate your identity, without ever sharing the key itself. The service then verifies this against your public key to complete authentication. This process is secured by your device’s built-in biometrics, such as fingerprint or face recognition, ensuring both convenience and strong security.

Why Are Passkeys Helpful?
No Password Reuse - When passkeys are used, each website has its own unique public key. This means that even if one site's data is compromised, the passkey cannot be reused on another site—unlike traditional passwords which are often reused across multiple sites.

No Shared Secrets - Unlike passwords, which must be transmitted and stored on a server (and can be stolen), passkeys rely on public key cryptography so that only the public key is stored on the server. The private key stays on your devices, so there is no secret to steal from the server.

Reduced Risk of Breaches - Because passkeys eliminate the need for passwords, data breaches involving stolen passwords and weak password encryption are no longer an issue. Even if a service's database is hacked, there’s no password to steal.

Resistant to Phishing - Passkeys can’t be tricked into giving away login information to malicious websites. Since the private key never leaves your devices, it’s impossible to be phished.

While passkeys offer advantages in terms of security and user convenience, they do come with some drawbacks and limitations.

Here are the key issues to consider:

• Device dependency: If you lose access to your passkeys (e.g., due to a lost device), the recovery process can be more complex than with traditional passwords.
• Can’t simply reset password. You'll need to contact us so we can freeze your online account access and remove your device key from our system. Then you'll have to set up a new passkey.
• Device compatibility: Not all devices support passkeys, especially older or less capable devices. This can limit the usability of passkeys for some users.