Diamond Bank strengthens fraud prevention strategy with VASCO’s authentication platform
The management of Diamond Bank mandated the bank’s business technology group to evaluate an appropriate strong authentication security solution for internal use. The recommended solution should leverage the bank’s existing two factor authentication infrastructure for Internet banking customers and be adequately supported by a local technology partner with advanced professional services skills to ensure timely responses to future technical services needs of the bank. To protect its employees from these exposures, Diamond Bank Plc, one of the leading banks in Nigeria, has implemented VASCO’s IDENTIKEY Authentication server.
Provide a secure authentication solution for Diamond Bank’s enterprise users. Also, the bank wanted to meet current and future regulatory requirements for strong authentication access by employees.
The solution needed to further protect the bank’s information systems. The bank wanted a proven infrastructure, which would be convenient and non-obtrusive to banking staff performing their routine daily duties of serving the banks customers.
VASCO’s IDENTIKEY Authentication server combined with DIGIPASS GO 6 and the PIN-protected DIGIPASS 260 were selected, to secure the login process to the Windows workstations, access to the Line of Business banking applications, and to perform secure customer banking transactions.
Key Project Principles
More security with one-time passwords
Diamond’s Business IT group needed a proven, reliable and scalable solution, with low operational burden on the IT staff. Additionally, the bank needed an integration partner with deep experience in banking fraud prevention to provide holistic security guidance, consulting, application integration and deployment services. The IT group also set a security strategy to increase the level of security when employees get access to Diamond Bank’s the information systems. This included one-time password (OTP) access by authorized staff to the bank’s core banking applications, and critical corporate web-based applications, remote VPN user access and Windows workstations/laptops logins.
From local software to web application
After a successful period of proof of concept deployment and integration of core banking and other corporate applications to the authentication platform, the solution met all the requirements set by the bank’s IT and business groups, and was approved for production roll out to over 8,000 employees. By enforcing two-factor authentication across user login access touchpoints, the bank has been able to secure its critical customer assets. The VASCO solution provided a tremendous Return on Investment within a very brief period.
“We recommended VASCO’s solutions to Diamond Bank because we can testify to their leading-edge security technology solutions," said Martin Ajayiobe, Vice President and Cyber Security Lead at MAXUT Consulting. With the strong authentication implementation for internal employees, Diamond Bank was able to further secure its information and customer assets, and was well ahead of other banks in meeting a recent Central Bank of Nigeria Circular for all Deposit Money Banks (DMB) in Nigeria to implement two-factor authentication for internal banking processes before the enforced deadline. The bank now has a single system of records for user authentication to all the bank’s information systems, providing speedy, and non-repudiated information for internal or external fraud investigations.
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