In Australia’s highly regulated financial environment, robust digital identity and authentication controls aren’t just best practice, they’re a compliance imperative. The Australian Prudential Regulation Authority (APRA) has made it clear through CPS 234 and related standards that banks and financial institutions must uphold strong security controls, especially when managing customer data and digital channels.
V-Key ID directly addresses these requirements with a purpose-built solution for secure, compliant mobile identity.
Designed for compliance and built trust, V-Key ID is a secure mobile identity solution tailored to help financial institutions meet the dual challenge of tightening regulations and rising customer expectations. Fully software-based and certified to globally recognised standards such as FIPS 140-3 and EAL3+, V-Key ID enables banks to implement strong Multi-Factor Authentication (MFA), tamper-resistant identity proofing, and secure mobile app environments without relying on additional hardware or traditional authentication.
At its core, V-Key ID simplifies identity without compromising control. It allows users to onboard with a mobile device, verify their identity using biometric, and authenticate seamlessly across services, all while staying compliant with APRA’s cybersecurity and operational resilience requirements.
What is APRA and why does it matter?
APRA (Australian Prudential Regulation Authority) is a federal Australian government regulator responsible for overseeing banks, credit unions, insurers, and superannuation funds. Its mandate is to maintain the stability of the financial system and protect customers by enforcing standards around operational risk, information security, and business continuity.
For banks and other regulated institutions, compliance with APRA’s prudential standards is mandatory. Non-compliance can result in regulatory action, financial penalties, and reputational damage. Solutions like V-Key ID help institutions not only protect users but also align with APRA’s security expectations.
APRA Alignment: Where V-Key ID Supports Your Risk Posture
Under APRA’s CPS 234, regulated institutions are expected to implement controls across, but not limited to, four key areas:
- Software Security
- Data Leakage
- Cryptographic techniques to restrict access
- Information Security Technical Solutions
V-Key ID aligns with this by:
- Meeting CPS 234’s requirement for secure software environments that protect information assets from compromise
- Using strong encryption to restrict access to authentication and identity functions
- Fulfilling APRA’s expectation for proactive, technology-driven risk mitigation
V-Key ID supports this with:
- V-OS, V-Key’s certified virtual secure element, which protects mobile apps from tampering, reverse engineering, and malware
- Facial biometrics technology, which converts it into a secure, irreversible code that is never stored or transmitted
- FIPS 140-3-compliant cryptography to protect sensitive processes and prevent unauthorised access
- Built-in threat detection, step-up authentication, and real-time app integrity checks to enhance app-level security and support incident response readiness
V-Key ID offers more than compliance as it provides a strategic foundation for modernising digital identity across banking channels. Under CPS 234, institutions must maintain accountability over third-party technologies, ensuring control of authentication processes and protection of sensitive data. V-Key ID enables this by ensuring all identity and authentication activities stay within the bank’s mobile app, under the bank’s operational control.
Unlike traditional systems that store or transmit biometric data to external servers, V-Key ID takes a privacy-first approach. Facial biometrics, a user’s face is converted into a secure code that’s stored only within V-Key’s virtual OS. This code can’t be reverse-engineered or linked back to the face, and it’s protected within the app by certified mobile security technology.
When users log in, their biometric scan is matched locally, no biometric data is sent to the cloud. This approach keeps sensitive information private, secure, and fully under the institution’s control.
For banks governed by APRA’s CPS 234, V-Key ID provides a strong foundation to:
- Protect customer data
- Minimise third-party risk
- Maintain control over authentication and identity processes
At the same time, it delivers a seamless user experience through:
- Secure digital onboarding
- App-based authentication
- High-trust transaction authorisation
This mobile-first framework scales across channels and journeys helping banks reduce fraud, streamline compliance, and align with APRA’s expectations for resilient, secure digital operations.
The V-Key ID Advantage
- Secured Facial Biometric
No storage or transmission of biometric data aligns with privacy and risk controls
- Certified Mobile Security
V-OS is certified to FIPS 140-3 and EAL3+, providing assurance to CISOs and auditors
- Frictionless Experience
Fast onboarding, passwordless login, and seamless authentication across digital channels
- Compliance by Design
Built to help institutions meet compliance frameworks like CPS 234
- Portability and Flexibility
Supports cross-device authentication and web portal login using facial biometrics
- Cross device authentication
Authenticate securely across multiple devices, maintaining a consistent and trusted identity experience
- Web portal authentication via facial biometrics
Users can log in to web portals using facial biometrics captured on their mobile device
V-Key ID empowers institutions to deliver secure, seamless digital experiences built on trust. It’s no longer optional, it’s a fundamental requirement for regulatory assurance and long-term digital trust.
