Forrester Report: The State of Application Security in 2018 Download Report

Corporate Banking Security

Financial institutions conducting transactions with corporate clients over electronic channels find the most prevalent vulnerability is also the most obvious one, the heavy reliance on simple user authentication technology like one-time-password (OTP) which, in some cases, doesn’t meet all security requirements.

While many Financial Institutions still actively use and benefit from OTP authentication security, a growing number are seeking next generation technology that offers a comprehensive suite of user-friendly and more sophisticated risk-based authentication and transaction signing solutions to outpace cyber-criminals and related fraud.

Fraud prevention - hero

PROBLEM

When sensitive information is not properly secured, fraudsters have a variety of techniques in their arsenal to access it. Among the most prevalent are spear phishing (i.e. fraudulent email from “known” individual requesting a payment), pharming (i.e. directs users to a bogus, but legitimate looking website, to capture personal information), Trojan horses, (i.e. malicious programs used to hack into computers) and man-in-the-middle (i.e. hacker alters communication between two parties).

Almost all of the attacks are aimed at baiting victims into visiting spoofed websites or downloading malicious software. Hackers can then steal confidential credentials (such as one-time passwords [OTPs] and signature codes) and use this information to take over bank accounts and conduct fraudulent transactions.

The prevalence of cyber-attacks is forcing Financial Service businesses to take a fresh look at more sophisticated, “stack-able” security solutions to ensure a more holistic approach to critical risk scenarios and adaptation to evolving security needs. Specifically addressing how best to:


  • Manage and protect high value transactions that require real-time, "stepped up" security capabilities?
  • Streamline and simplify the security process for high volume transactions while minimizing manual steps?
  • Leverage flexibility that fully enable benefits of integrated hardware, software and risk-based analysis capabilities to drive more secure and user-friendly authentication and transaction signing?

CRONTO Scanning QR illustration

SOLUTION

As a global leader in authentication and risk-based security for the Financial Services industry, our proven technologies have demonstrated the ability to enhance current security measures and seamlessly integrate with existing IT systems.

Our technology has been refined by over twenty years of experience securing some of the world’s most recognized Financial Services brands in high-risk areas including:

  • ACH and wire transfers
  • Cash management
  • FX
  • Mobile applications

Solution Benefits:


CRONTO - Patented Color QR Code Authentication
  • Prevents fraud and strengthens protection against phishing attacks, Trojans, Man in the Middle (MitM) and the Man in the Browser (MitB) attacks
  • Enables fast adoption and brings both safety and simplicity to your user when signing online transactions
  • Shifts transaction authorization control from the user to the trusted device and the bank
  • Prevents hackers from acquiring OTPs/Signature codes

IDENTIKEY Risk Manager - Powerful, Real-Time Risk Analysis Engine
  • Monitors, detects and blocks fraudulent transaction
  • Improves response to evolving fraud patterns
  • Drives alignment with risk compliance strategies

DIGIPASS for Apps - Fully Integrated Application Security
  • Robust security features prevent attacks that lead to fraud
  • Unprecedented user convenience through extensive and fully integrated two-factor authentication and electronic signing options
  • Integrated risk scoring driven by user, platform and contextual elements

CRONTO

Scan & Sign Transaction Demo

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