What is a passkey?
A passkey is a new type of security technology designed to make your online accounts more secure and easier to access, without the need for traditional passwords. It's a form of authentication that uses a unique digital key instead of a password to verify your identity when you log into websites or apps.
How does it work?
Setup: To start using a passkey, you first need to create one with the service you want to access, like your banking app or online payment system (in this case, Exa App). During this process, your device (like your smartphone) generates a unique digital key. This key is securely stored on your device and also shared with the service to recognize you.
Logging In: When you want to log in to the service, instead of typing a password, your device will communicate with the service to prove your identity. This can be done simply by unlocking your device using a method you already use, such as a fingerprint, facial recognition, or a PIN code. Your device then uses the passkey to let the service know it's really you.
Benefits vs traditional password system
Security Benefits: Passkeys are considered more secure than traditional passwords because they are harder to steal or guess. Each passkey is unique to the service it's used for and protected by your device's security features. Even if someone knows your device's unlock method, they won't be able to use your passkey without access to your physical device.
Convenience: Passkeys eliminate the need to remember complex passwords for each online service you use. As long as you have your device, you can easily and securely log in to your accounts.
Privacy: Since passkeys do not involve typing passwords or other sensitive information, they reduce the risk of phishing attacks, where scammers trick you into giving away your passwords.