Mobile Banking - Strong Authentication

Executive Summary

In our fast-paced, ever-connected world, mobile technology is an attractive if not essential feature that banks can offer their customers. But mobile banking does not merely benefit banking customers. In terms of customer satisfaction, service costs, and security, mobile technology benefits banking institutions themselves. However, like any emerging electronic channel, mobile banking is vulnerable to fraudsters preying on gaps in security.

To reinforce security in mobile banking applications, mobile authentication is essential. Mobile authentication is a simple, low-impact security enhancement that strengthens security for mobile banking as well as Internet banking, cash management, IVR (Interactive Voice Response), and even the help desk. The convergence of mobile technology enables the mobile banking application to essentially act as a “key” to a bank—a launch point from which banking activity can occur.

Goal:

VASCO’s Strong Authentication solution is a cost-effective and user-friendly tool that strengthens the security of mobile banking applications and promotes user acceptance of the mobile channel as a viable and safe one. VASCO’s DIGIPASS API brings one-time password and e-signature functionality to end-users through their mobile phones and PDA devices, without the need for any additional hardware.

Three options are available:

Embedded Solutions
One-time passwords and e-signatures are generated trough a mobile banking application provided by the bank.
Phone As A “Token”
A standalone application generates one-time passwords on the mobile device. These one-time passwords are used to authenticate users in mobile banking and/or Internet banking.
Out-Of-Band SMS Authentication
One-time passwords are delivered via text message to a user’s mobile phone. These one-time passwords are used to authenticate users in mobile banking and/or Internet banking.

Benefits:

Low Cost
No additional hardware to buy. Can be deployed on a large scale at a fraction of the cost of traditional authentication solutions.

High Security
Unlike our competitors, DIGIPASS for Mobile supports multiple synchronization methods (time-based algorithms in addition to event-based algorithms). Authentication credentials automatically expire either after a configurable time-out or immediately after initial use.

High User Acceptance
End-users will enjoy the freedom of secure banking—anywhere, anytime –while conveniently using their very own mobile device.

Fully-Customizable User Interface
Banks can fully customize the interface with their own unique branding scheme (menus, messages, icons, logos, fonts, colors).

Automated Provisioning
VASCO addresses provisioning, activation, and registration concerns by enabling automated provisioning right out-of-the-box.

Approach:

VASCO offers a range of customizable client authentication products, including both standalone applications and seamless integrations with popular mobile banking partners.