Passwords on the way out: banks are moving quietly to passkeys
At the customer end only the sign-in screen changes; behind it the password disappears entirely.
With the new method you do not type a password to reach your account — you unlock your phone. Because nothing is stored on the server, there is nothing left to steal.
The switch is gradual. Most banks are keeping both routes open for now, because a share of older handsets does not support the standard.
Independent tests are run in laboratory conditions. In everyday use the picture is a little more honest.
How it works
On security the rule has not moved: the weak link is never the software, it is the user in a hurry.
What decides how fast this spreads is not the technology but how long older handsets keep getting updates.
What if I lose the phone
At the user end what changes is usually just the interface. The real change happens behind it, where nobody is looking.
Recovery is still the weak point. Getting back into an account after losing a handset varies from bank to bank, and that is the one big question the standard does not answer.
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