One of Japan’s Largest Banks Expands Use of VASCO Authentication Solutions to Reduce Fraud and Enhance Customer Convenience
VASCO Data Security International, Inc. (NASDAQ: VDSI), a global leader in authentication, electronic signatures, and identity management, announced that Sumitomo Mitsui Banking Corporation (SMBC) will provide their online retail banking customers with a highly-secure mobile banking solution for their smartphones developed with VASCO’s DIGIPASS for Apps.
This is the bank’s third major implementation of an authentication solution. Sumitomo Mitsui Banking Corporation first introduced an OTP solution based on matrix authentication to their SMBC Direct retail internet banking services. In 2013, SMBC implemented VASCO DIGIPASS 275 hardware authenticators for additional security. SMBC has experienced a rapid increase in the number of transactions conducted via smartphones. SMBC customers are now able to select either a hardware or a phone-based software authenticator.
DIGIPASS for Apps is a comprehensive library of security solutions for mobile applications that natively integrates application security, two-factor authentication and electronic signing, among other features into a bank’s mobile applications.
“For clarity of two-factor authentication, an application had to be provided separately from the existing banking application,” stated Hirohito Yokoyama, Head of System & Operation Development Group, Retail Marketing Department, Retail Banking Unit. “It was challenging, because separating applications may affect the customer’s usability. However, because of DIGIPASS for Apps, we were able to make both applications user-friendly with attention to details, using for instance, smooth app-to-app communications.”
“Foreign hackers have been targeting Japanese bank accounts in record numbers using sophisticated phishing attacks and malware,” stated Jan Valcke, President and COO of VASCO. “With DIGIPASS for Apps, we provide a mobile solution that protects the bank’s customers against cyberthieves’ newest and most innovative attacks.”
About Sumitomo Mitsui Banking Corporation (SMBC)
Sumitomo Mitsui Banking Corporation is one of the largest financial institutes in the world. It has more than 1,924 branches in Japan and more than 39 affiliate companies worldwide. SMBC is a core company of Sumitomo Mitsui Financial Group (NYSE: SMFG) that offers retail banking, corporate banking (EB “SMAR&TS”) and investment banking, securities, consumer finance, leasing business, ITC etc. SMBC received the award of “Global Bank of the Year 2012” by PFI (Project Finance International).
About VASCO
VASCO is a world leader in providing two-factor authentication and digital signature solutions to financial institutions. Many of the top 100 global banks rely on VASCO solutions to enhance security, protect mobile applications and meet regulatory requirements. VASCO also secures access to data and applications in enterprise environments, and provides tools for application developers to easily integrate security functions into their web-based and mobile applications. VASCO enables more than 10,000 customers in 100 countries to secure access, manage identities, verify transactions, and protect assets across financial, enterprise, E-commerce, government and healthcare markets.
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