FIDO, which stands for Fast Identity Online, is an industry alliance comprised of major technology companies such as Google, Microsoft, Amazon, Intel, Samsung, and others. The primary goal of the FIDO Alliance is to develop and promote open standards for strong authentication and identity protection online.
Strong authentication is a method of verifying identity that utilizes at least two different authentication factors. These factors can include something you know (like a password), something you possess (like a mobile device), or something you are (like a fingerprint or facial recognition). The aim is to enhance security by making it more difficult for hackers to gain access to online accounts using only weak or stolen passwords.
In the context of the link you shared, PSD2 compliance refers to the European Union’s second Payment Services Directive. This directive imposes stringent security requirements for online payment services within the EU. FIDO offers PSD2-compliant strong authentication solutions, meaning they meet the high security standards outlined in this directive.
By leveraging FIDO’s standards and specifications, financial service providers can implement more secure and user-friendly methods of strong authentication, thereby reducing the risks of fraud and hacking. This can involve the use of technologies such as biometrics (fingerprint, facial recognition, etc.) and hardware security keys to bolster the security of online transactions.