Nowadays, any business can be targeted by cyber-attacks, and this is reflected in the news headlines every week. In Internet banking, Man-in-the-Middle (whereby the fraudster uses Trojan software to intercept and manipulate transactions) and Man-in-the-Browser attacks (whereby the fraudster redirects the cardholder’s traffic to another server) are the most common. Retail banks and building societies need to provide their customers with the best protection available.
With VALid®, ValidSoft has a compelling technology solution that was a perfect fit with the building society’s need to equip its internet banking customers with the latest security solutions. VALid® is designed to combat fraud in online commerce and banking. It is a solution that uses multi-factor authentication to reduce the risk of Fraud. It does this by employing a cardholder’s mobile phone or landline to provide a one-time password (OTP) for a given transaction. For the building society concerned the key benefit of VALid® is that it can easily be configured to blend in with their existing practices. This resulted in the undertaking of an initial staff pilot, before piloting VALid® live to a few customers. Both the outcome and customer feedback were positive.
Typically, the building society’s customers are using VALid® to make payments to third parties they have not paid previously. The advantage of VALid® is that it “trusts” someone who has been previously authenticated. The customer needs to go through the process once only. A full rollout was completed in June 2011, to 12,000 internet banking customers.
Why the building society chose ValidSoft?
The building society’s management recognized that they needed to keep the security of their online banking systems at the highest possible level. They undertook a review of the systems on the market, and decided to work with ValidSoft based on that analysis. The society singled out ValidSoft as the most effective security solution in terms of dealing with security issues, as well as being customer friendly in its application.
The ease of application was confirmed when visiting another ValidSoft customer. The benefits to the customers and the ease of integration won the society over. ValidSoft demonstrated a clear understanding of the society’s needs and the ability to understand its customers’ business requirements, which made all the difference.
The society’s Assistant General Manager- IT says:
“We selected VALid® for its ability to provide the highest level of security protection to our Internet Banking customers, and its ease of use for customers and implementation with our existing systems. Validsoft provided excellent assistance in the configuration and implementation of the system and throughout the customer deployment, which has gone very smoothly.”
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