The FIDO Alliance Welcomes Global Financial Leader Bank of America to the Board
MOUNTAIN VIEW, CA -- (Marketwired) -- 02/25/14 -- The FIDO (Fast
IDentity Online) Alliance (http://www.fidoalliance.org/), an industry
consortium revolutionizing online authentication with the standards
for strong authentication, today announced that Bank of America, has
joined the FIDO Alliance and been appointed to the Board of
Directors. Among the world's leading financial institutions, Bank of
America is committing to FIDO standards for strong authentication,
along with other leaders in the financial sector, including Discover
Financial Services, MasterCard and Goldman Sachs.
"Providing our customers with a convenient, secure digital banking
experience is a top priority for us," said Dave Godsman, Bank of
America Digital Banking Solutions & Operations Executive. "As the
world rapidly changes, our involvement in the FIDO Alliance will help
ensure we continue to provide the convenient and secure solutions our
"Bank of America is counted among the world's leaders in financial
services. As an institution responsible to secure high-value
interests and relationships across consumer, government, enterprise,
and business, Bank of America is among a select few 'Relying Parties'
ideally positioned to drive adoption of FIDO standards at Internet
scale," said Michael Barrett, president of the FIDO Alliance. "We
welcome Bank of America to our Board of Directors at a pivotal point
in FIDO Alliance history. With our review draft specifications just
publicly released, and the marketplace poised to deploy 'FIDO Ready'
certified solutions in 2014, both users and those who serve them are
eager to embrace simpler, stronger FIDO authentication."
"Historically, strong two factor hardware authentication has been too
costly and complicated to scale for mass markets," said Stina
Ehrensvard, CEO and founder of Yubico. "We are pleased to see an
ever-increasing number of large online services and financial
institutions joining the FIDO Alliance and addressing the issues.
FIDO certified devices offer better security and a greatly improved
user experience over traditional software-and-hardware based
FIDO Alliance members commit to share technology and collaborate to
deliver open specifications for universal strong authentication that
enables FIDO-compliant authentication methods to be interoperable,
more secure and private, and easier-to-use.
FIDO specifications will support a full range of authentication
technologies, including biometrics such as fingerprint and iris
scanners, voice and facial recognition, as well as further enabling
existing solutions and communications standards, such as Trusted
Platform Modules (TPM), USB Security Tokens, embedded Secure Elements
(eSE), Smart Cards, Bluetooth Low Energy (BLE), and Near Field
Communication (NFC). The open specifications are being designed to be
extensible and to accommodate future innovation, as well as protect
existing investments. FIDO specifications allow the interaction of
technologies within an interoperable infrastructure, enabling
authentication choice to meet the distinct needs of users and
About Bank of America
Bank of America is one of the world's largest
financial institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 50 million
consumer and small business relationships with approximately 5,100
retail banking offices and approximately 16,300 ATMs and
award-winning online banking with 30 million active users and more
than 14 million mobile users. Bank of America is among the world's
leading wealth management companies and is a global leader in
corporate and investment banking and trading across a broad range of
asset classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry-leading
support to approximately 3 million small business owners through a
suite of innovative, easy-to-use online products and services. The
company serves clients through operations in more than 40 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
About The FIDO Alliance
The FIDO (Fast IDentity Online) Alliance,
www.fidoalliance.org, was launched in February 2013 to address the
lack of interoperability among strong authentication technologies,
and remedy the problems users face with creating and remembering
multiple usernames and passwords. The Alliance plans to change the
nature of authentication by developing standards-based specifications
for simpler, stronger authentication that define an open, scalable,
interoperable set of mechanisms that reduce reliance on passwords.
FIDO authentication is stronger, private, and easier to use when
authenticating to online services.
The FIDO Alliance Board of Directors includes leading global
organizations: Blackberry(R); CrucialTec (KRX: 114120); Discover
Financial Services (NYSE: DFS); Google; Lenovo; MasterCard (NYSE:
MA); Microsoft (NASDAQ: MSFT); Nok Nok Labs, Inc.; NXP Semiconductors
N.V. (NASDAQ: NXPI); Oberthur Technologies OT; PayPal (NASDAQ: EBAY);
RSA(R); Synaptics (NASDAQ: SYNA); Yubico.
for FIDO Alliance
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