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Our Solutions > Authentication > Banking
Banking Authentication
Money is the main goal of any fraudster. Therefore, it is imperative that financial institutions provide top level security for their customers' money and information. Securely accessing statements is only the tip of the iceberg, as today’s fast-paced lifestyles mean that moving money between organisations and accounts, making purchases in person or online and withdrawing funds must be instantly available 24/7 – and, most importantly, take place securely.
Millions of people around the world access financial information and make transactions every single day, and the vast majority of them have a mobile phone. This device has evolved to provide email, messaging and web browsing alongside ordinary voice calls.
Now the mobile phone has evolved one step further. CIDWAY's authentication solutions combine something a customer knows (such as a user name and password) with something a customer has (such as a one-time transaction password generated by a token or hand held device). Using the mobile phone to generate this OTP means that banking customers can now safely access their financial information and perform transactions from anywhere in the world using a single device.
CIDWAY’s technology - including authentication and transaction integrity - provides total peace of mind across all aspects of the financial sector:
Banking
Online, mobile, fax, cheque and voice/IVR banking
ATM anti-fraud
Mobile device based authentication, secure ATM money withdrawal
Point-of-Sale anti-fraud
POS secure payment system
Secure Network Access
Network protection measures such as firewalls, penetration detection, anti-virus and VPN's offer protection from a numbers of risks but network access remains the key element to a bank's logical security. If the customer's identity information is stolen, found or predicted, sensitive financial information is exposed.
CIDWAY's Authentication platform enables users to positively identify themselves via a One-Time Password (OTP) generated via one of CIDWAY's token solutions.
CIDWAY's OTP technology is unmatched in its security and flexibility. It combines the advantages of time based OTP and challenge/response without the inconvenience of having to key a number into the token. Some of its innovations include a second-precise time stamp with an automatic time drift correction that works even when the user travels and adjusts his mobile phone time by several hours.
Cost-effective Authentication
Banks have millions of customers. Providing a physical token for authentication is a costly process. CIDWAY's solution enables banks to assign different authentication mechanisms for each user-type and profile using a single authentication server. This segregation of users and consolidation of authentication platforms considerably reduces IT costs (eg. acquisition, integration and deployment) and fixed costs associated with token distribution (e.g maintenance).
- No hardware maintenance - Software tokens do not require ongoing maintenance, such as battery replacement or fixing/replacing defective components.
- Unlimited life - Software tokens can be licensed for unlimited lifetime usage.
- Low acquisition cost - Software tokens are inexpensive compared to rival technologies.
- Low deployment cost - Cost-efficient remote deployment of software with minimal impact over existing infrastructures.
- Streamlined management - Comprehensive administration software ensures efficient token deployment and management.
- Automatic synchronization - Transparent process that never requires technical support or user intervention.
Ease of Deployment
A CIDWAY banking solution can be implemented via a software token delivered via the user's mobile phone.
CIDWAY solutions have been designed from the ground up to offer the end-user a simple deployment scenario. First time access can be initiated via a download by the user or pushed to the device via the bank's servers. Because the CIDWAY solution is software based there is no need for special readers or adaptors.
Activation with the CIDWAY server can be handled by the bank's server (which will prompt the user to create a PIN) or carried out manually via a secure intranet area.
Where Next?
Gradian
White Papers
Our Authentication Vendors
TESTIMONIAL HIGHLIGHT
“Gradian have attained our highest UK partnership level and we are thrilled to be working with them. Their technical and commercial experience and expertise make them the ideal partner and a real extension of our own team – as a true partner should be”
Dean Hickman-Smith, Proofpoint VP, Worldwide Sales
Case Study
As Europe’s largest regional low cost airline, Flybe carries over 7 million passengers between 56 airports in the UK and Europe each year. Some 85% of these passengers book their flights online, resulting in vast amounts of confidential data, including credit-card information, travelling over the Internet.
