This white paper explores how banks can reduce fraud by integrating BankID with verifiable credentials and decentralized identity. It explains that traditional federated identity models are costly, complex, and lack privacy and scalability. Using digital wallets and verifiable credentials allows banks to create a portable, privacy-enhancing BankID that supports passwordless authentication, user consent, and strong identity assurance. This modern approach simplifies integration, lowers costs, ensures compliance with privacy laws, and provides seamless omnichannel experiences. PingOne Neo enables banks to implement this model, improving trust, convenience, and security across their ecosystems.

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