Multi-Factor Authentication Platform Service 'SpotPath' Adopted by Tachibana Securities for Passkey Authentication Implementation

TradeWorks Inc. (Headquarters: Minato-ku, Tokyo; President and CEO: Masakatsu Saito), which provides comprehensive support from service planning, development, to deployment as a Forward Deployed Engineer for financial institutions and businesses, announces that its multi-factor authentication platform 'SpotPath' has been adopted and implemented by Tachibana Securities Co., Ltd. (Headquarters: Chuo-ku, Tokyo; President and CEO: Chiharu Hirose; hereinafter referred to as 'Tachibana Securities').

About SpotPath:

SpotPath is an independent authentication platform that offers ease of implementation, cost-effectiveness, and flexible regulatory compliance. It supports various authentication methods such as passkey authentication (FIDO2/Passkey), phone authentication, and Authenticator, enabling the integrated implementation of multi-factor authentication for users with varying literacy levels and across the diverse trading tools provided by securities firms.

It is a security product service that includes development confirmation environments for new implementations, various documentation, and support for testing and release, providing speedy implementation and a flexible release system.

The passkey authentication function adopted by Tachibana Securities is a core feature of SpotPath. It offers high phishing resistance and, when combined with biometric or device authentication, enables passwordless and secure logins. SpotPath provides this functionality integrally, including the UI/UX for screen transitions during authentication, various error handling, and guidance to help pages.

Background:

Amidst the increasing cyber threats such as unauthorized access, phishing, and malware in online trading, the Financial Services Agency (FSA) and the securities industry consider the implementation of multi-factor authentication as a crucial security measure.

The FSA requires the introduction of the following authentication methods for non-face-to-face transactions:

Authentication methods that do not rely solely on fixed ID and password

Multi-path authentication using a separate device

Transaction signing using hardware tokens, etc.

Furthermore, the Japan Securities Dealers Association (JSDA) recommends and mandates the implementation of 'phishing-resistant multi-factor authentication' for critical operations such as login, withdrawal, and withdrawal destination account changes, as well as comprehensive measures for preventing and detecting fraudulent trading and withdrawals, and alerting customers.

In this environment, Tachibana Securities already operated a multi-factor authentication system using phone authentication. However, from the perspective of complying with the 'phishing-resistant authentication methods' recommended by the FSA and JSDA, the introduction of passkey authentication presented a new challenge. Additionally, there was a need to establish a unified authentication platform for all the diverse trading tools (PC version, smartphone version, various specialized tools, etc.) held by Tachibana Securities, requiring an efficient solution that eliminates the need for individual development. Leveraging SpotPath's passkey authentication capabilities, our company achieved an implementation that supports all trading tools provided by Tachibana Securities, in combination with the existing phone authentication.

Key Points of This Implementation:

Future Outlook:

Development is underway to support My Number authentication keys (J-PKI authentication) and DID/VC (Decentralized Identifiers/Verifiable Credentials), as well as to detect unauthorized access in line with guidelines.

We will continue to promote adoption by financial institutions and provide it as a means for all businesses that have found multi-factor authentication difficult due to development costs to securely manage customer information.

Contact Information for Inquiries:

TradeWorks Inc. Corporate Planning Department, IR Division

Mail: ir@tworks.co.jp TEL: 03-6230-8900

Sincerely,