Leading Saudi bank Riyad Bank takes cutting edge role by banking on VASCO’s DIGIPASS technology
Riyad Bank offers online banking services to its customers. To secure all financial and critical transactions online, Riyad Bank wanted to implement the best-of-breed authentication solutions and deployed VASCO’s patented DIGIPASS® technology; taking a cutting edge role in the Saudi financial sector. Riyad Bank is in fact the very first bank in the Kingdom of Saudi Arabia to deploy authentication devices to both its corporate and retail customer base.
Provide a secure authentication solution for Riyad Bank’s online banking services for corporate and retail customers.
The security solution must provide a high level of security to protect financial and critical transactions, offer a great flexibility and at the same time remain user friendly.
DIGIPASS provides both corporate and retail customers with a flexible solution to access their online banking accounts at their own convenience 24/7.
Key Project Principles
Riyad Bank: anywhere, anytime
As a leading bank, Riyad Bank is incessantly improving its services and technologies to retain its competitive advantage. With its e-banking solution, RiyadOnline, the bank offers both its retail and corporate customers the possibility to manage their banking affairs 24/7 from any computer with an Internet connection. To reduce fraud such as phishing, key and image logging, identity theft and more, Riyad Bank determined it needed to deploy a secure authentication solution to safeguard its customers’ internet banking transactions.
Riyad Bank and VASCO: a solid match
Riyad Bank wanted to assure customers their online accounts were sufficiently protected from illegal access. Riyad Bank deployed two different authentication methods for retail customers: SMS and DIGIPASS authentication. Whenever they want to make a financial transaction, the online service will ask them to insert the dynamic password generated by the DIGIPASS device or SMS service. With SMS authentication, the unique password is generated by the banking application and sent to the customer’s mobile phone via SMS. The user then enters the password on RiyadOnline in order to authenticate the transaction. VASCO’s patented DIGIPASS technology works in the same way. The customer enters his one-time DIGIPASS password for authentication purposes. VASCO’s authentication software VACMAN® Controller then validates the entered password and if it matches, the transaction is completed.
Strong authentication as a selling point
Strong authentication has yielded many benefits for Riyad Bank. After implementing strong authentication, the bank noticed an immediate stop of faulty transaction claims. The authentication solution also reduced costs in other departments. Where customers previously had to contact the bank’s helpdesk to complete some critical actions such as creating beneficiaries, they can now accomplish this procedure online. As a result, where the Bank had regularly received complaints from customers that transactions on their account had been committed by someone else and had spent time investigating those claims, by implementing strong authentication the Bank didn’t just notice a decrease in those complaints, they actually ceased altogether overnight.
“Our customers can conduct their banking affairs online at their own convenience and are ensured they enjoy the highest level of confidentiality," said Rashed AlOthman, SVP-IT Governance, Riyad Bank. Moreover, the bank noticed that its multi-layered security infrastructure boosted customers’ confidence in its online services and helped attract new customers.
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