ABN-Amro Singapore to Use Digipass GO3 Strong Authentication for Retail Banking
biz.yahoo.com
Tuesday July 13, 3:00 am ET
First Singaporean Bank to Use Digipass for Retail Banking; Digipass GO3 Is Becoming Worldwide Success Story in Battle Against Phishing-Fraud
OAKBROOK TERRACE, Ill., and BRUSSELS, Belgium, July 13 /PRNewswire- FirstCall/ -- VASCO Data Security International, Inc. (Nasdaq: VDSI; vasco.com ), the global number one vendor of strong user authentication products to the financial sector, today announced that ABN-Amro Singapore will provide its retail customers with VASCO's Digipass GO3 to guarantee secure online banking. ABN-Amro is the first bank in Singapore to use Digipass in a retail-banking environment.
Online banking using static passwords becomes an increasingly risky business due to fraud schemes such as "Phishing" and keystroke logging. Lately, a large number of banks in the Asia-Pacific region became victims of fraud attempts aiming at the static secret information of e-bank account holders. With VASCO's Digipass products, the use of dynamic, one-time passwords prevents that such fraud schemes are successful.
Digipass GO3 is a lightweight, low cost strong user authentication token, especially designed for the large volume banking market. GO3 is extremely easy to use. With a simple touch of a button, the end user generates a unique one-time password. The password changes every 36 seconds and can be only used once, which means that it can't be re-used by fraudsters. Digipass GO3 is VASCO's answer to banks that want to give their customers a simple though secure means to use Internet banking applications.
"We welcome ABN-Amro's decision to become the first Singaporean bank that protects its retail customers' assets with Digipass," said Jan Valcke, VASCO's President and COO. "Worldwide, banks become aware of the fact that securing their e-banking applications with static passwords is unsafe. We salute the visionary approach of ABN-Amro, making the Internet a secure e-banking place for their customers."
"Key-logging programs and phishing schemes are a reality for every responsible financial institution offering e-banking applications to its users," said Qasif Shahid, ABN-Amro's Head of Alternative Distribution and E-Channels. "A one-time password generated by Digipass can't be re-used and prevents phishing attempts." |
