SafeNet Aids Fight Against eBanking Fraud with New Optical Signing Device
Added On:1/17/2012 11:53:00 AM
SafeNet, Inc has announced today the availability of a new identity and transaction protection solution that addresses multiple levels of risk associated with online banking and trading transactions. SafeNet’s new eToken 3500 is an innovative electronic signing and strong authentication token-based device that will enable financial services organizations to successfully achieve the right balance of risk mitigation, cost-effectiveness, and usability when securing eBanking applications.
The SafeNet eToken 3500 uses an optical sensor to read financial transaction data from a Web browser, generating a unique 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. Additionally, the optical features of the device scan the transaction data automatically, eliminating the need for manual inputs, which simplify the electronic signing process for the user while reducing errors.
Financial institutions have to manage heavy volumes of high-risk transactions on a daily basis. The rising tide of cyber threats, as well as increased regulatory pressures, has necessitated a new approach to online transaction protection. Additional validation, to ensure that each transaction is authorized by a legitimate customer, can contribute significantly to reducing online banking fraud. By combining secure electronic transaction signing with one-time password (OTP) strong authentication, the SafeNet eToken 3500 eliminates the risk of transaction tampering, as well as forgotten, stolen, or hacked passwords, and mitigates the risk of identity theft. It also helps organizations comply with privacy and data protection regulations.
The eToken 3500 allows customers to:
• Generate an electronic signature for transactions, ensuring their integrity
• Reduce the chances of financial fraud resulting from MitM and MitB threats
• Maintain secure remote access to networks, applications, and Web-based services
How it Works
The SafeNet eToken 3500 generates an OTP when a user presses a button on the token. It creates a unique electronic signature by reading the encrypted details of a financial transaction from a computer screen. This functionality is enabled by an optical sensor that is built into the token. The user holds the token up against the screen, the token reads the transaction details, and then generates the electronic signature. The user then keys the signature into the browser and, in so doing, confirms the transaction is valid.
By combining secure electronic transaction signing with OTP strong authentication, the SafeNet eToken 3500 eliminates the risk of transaction tampering, as well as forgotten, stolen, or hacked passwords, mitigating the risk of identity theft. It also helps organizations comply with privacy and data protection regulations.
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