Data protection provider, SafeNet, has introduced a new identity and transaction protection solution that addresses multiple levels of risk associated with online banking and trading transactions.
Its eToken 3500 is an electronic signing and strong authentication token-based device that aims to enable financial services organisations to successfully achieve the right balance of risk mitigation, cost-effectiveness and usability when securing eBanking applications.
It uses an optical sensor to read financial transaction data from a Web browser, generating an electronic signature that validates each transaction, reducing threats such as Man-in-the-Browser (MitB) and Man-in-the-Middle (MitM), in which hackers hijack legitimate user identities during a transaction and redirect funds.
The optical features of the device scan the transaction data automatically, eliminating the need for manual inputs.
According to the company, the issue of financial institutions having to manage heavy volumes of high-risk transactions on a daily basis led to the creation of the product.
As such, it claims that combining secure electronic transaction signing with one-time password (OTP) strong authentication lets the SafeNet eToken 3500 eliminate the risk of transaction tampering, and forgotten, stolen, or hacked passwords, mitigates the risk of identity theft and helps organisations comply with privacy and data protection regulations.
“Forward-thinking financial services institutions need to approach authentication in a way that goes beyond simply verifying the identity of the user, which can be faked. To combat fraud and manage risk, customers need transaction protection and signing solutions that ensure the transaction itself is validated,” SafeNet A/NZ regional manager, Vince Lee, said.