This post was originally published on Finextra (Security)
OneSpan Inc. (NASDAQ: OSPN) today announced that Sumitomo Mitsui Trust Bank (SuMiTB), Japan’s largest trust bank, has chosen SCSK Corporation and OneSpan to strengthen its mobile banking security and address the growing threat of phishing-related fraud.
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Building on OneSpan’s experience with many on-premises FIDO authentication deployments in Japan, this collaboration marks the first deployment of OneSpan’s cloud-based FIDO authentication solution for mobile banking in Japan, made possible by the combined expertise of SCSK and OneSpan. By adopting a future-ready FIDO authentication solution, SuMiTB is taking a significant step toward modernizing its security infrastructure and better protecting its customers in an evolving digital landscape.
This deployment comes at a pivotal moment, as Japan faces escalating account takeover fraud losses totaling approximately ¥690 billion in 2025 alone, along with new regulatory mandates for stronger multi-factor authentication. In alignment with recent directives issued by Japan’s Financial Services Agency (FSA), the FSA has proposed amendments to its supervisory guidelines that would make phishing-resistant authentication mandatory for financial institutions. This integration reinforces the growing momentum for FIDO authentication in Japan’s financial sector and highlights a scalable
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