Compliance in Banking

Financial Institutions around the world are subject to an evolving regulatory landscape with the goal of protecting consumer data and mitigating online fraud.

Whether acting upon guidance and regulations issued by the FFIEC (Federal Financial Institutions Examination Council) or specific legislation like the US Patriot Act in the United States or the European Banking Authority and European Central Bank with specific guidelines outlined in PSD2, banks and financial services regulatory authorities are stepping up cooperation to make financial transactions and consumer data more secure.

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PROBLEM

The multiple online channels financial institutions and other payment service providers (PSPs) use to facilitate e-banking and e-commerce remain a growing and irresistible target for sophisticated cyber criminals.

This, along with an intricate labyrinth of global regulations and guidance, is a major compliance challenge for Financial Institutions.

In response to rising fraud levels the European Central Bank (ECB) published six recommendations for the security of internet payment operations in an effort to identify major vulnerabilities, nurture a common knowledge and understanding of inherent risks among European Union (EU) Member States, and establish a foundation for consistent regulatory oversight of payment services, systems and schemes.

They include:

  1. Transaction Monitoring

  2. Strong Customer Authentication

  3. Risk Control and Mitigation

  4. Monitoring and Reporting

  5. Customer Identification and Information

  6. Governance

The United States has seen similar regulation, guidance and controls evolve over the years.

In recent time, the FFIEC stated that firms are expected to use enhanced authentication methods when verifying online customers and that single-factor authentication — when used as the only control mechanism — is inadequate for high-risk transactions involving access to customer information or the movement of funds.

Even the FDIC has called on banks to do more to protect the security and confidentiality of sensitive customer data in order to prevent account takeover. Additionally, as other legislative initiatives are approved — for example, those associated with mobile banking — Financial Institutions seek to gain compliance while maintaining a positive customer experience.


CRONTO Scanning QR illustration

SOLUTION

We address strict compliance requirements through a flexible security framework that provides organizations a single platform utilizing proven technology, including our patented CRONTO and IDENTIKEY Risk Manager solutions, to satisfy regional regulations tied to secure user authentication and fraud mitigation.


Solution Benefits: 

CRONTO - Patented Color QR Code Authentication

  • Prevents fraud and strengthens protection against phishing attacks, Trojans, Man in the Middle (MitM) and Man in the Browser (MitB) attacks
  • Enables fast adoption and brings both safety and simplicity to your users when signing online transactions
  • Shifts transaction authorizations control form the user to the trusted device and the bank
IDENTIKEY Risk Manager - Powerful, Real-Time Risk Analysis Engine
  • Monitor, detect and block fraudulent transactions
  • Improve response to evolving fraud patterns
  • Improve risk compliance strategies and fine-tune policies
DIGIPASS for Mobile:
  • Frictionless, authentication and e-signing experience for mobile users
  • Integrated with VASCO's patented ControSign technology and Open QR codes
DIGIPASS for Apps:
  • Comprehensive SDK that natively integrates application security, two-factor authentication and transaction signing into mobile applications
  • Drives new levels of interconnected mobile app security and intelligence without performance lags or customer visibility
  • Easy to use
    - Biometric authentication (selfie, fingerprint)
    - Support for push notifications

Our solutions meet or exceed European Regulatory Initiatives for Securing Internet Payments in addition to the following:


CRONTO

Scan & Sign Transaction Demo

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