Strong and simple authentication for the finance industry

The challenge

Databases in various information systems whether in banks, insurance companies, credit companies etc. hold valuable personal, financial and business data which should be dealt with high level of security. In order to prevent the use of this data by unauthorized person, privilege systems are used, using userid and password as identifying method. Reality shows that this method is less than adequate in order to verify that the person is who he claims to be. Therefore regulators in different countries demand the use of Strong authentication (two factor) solutions in order to be able to get to this data.

Two solutions became popular in the finance industry in recent years.

The first one is adding another code to the login screen.  This solution has 2 main disadvantages:

1)      Does not comply with strong authentication requirements.

2)      The customer needs to remember 2 passwords, which eventually ends in keeping them under the keyboard or in a file.

The Second one is hardware solution: a unique hardware (token, code generator, etc.) which is used by a previously identified user and is distributed to VIP customers. 3 main disadvantages:

1)      Impose logistics administration: stock management, shipment, handle broken / malfunctioning equipment, etc.

2)      Forces the user to remember to carry it with him anywhere and anytime. What happens if a CFO wants to transfer money from one account to another and the hardware is not with him or does not work properly ?

3)      Not suitable for the mass market. Can a bank distribute few millions units to his customers?

Otenti*Access is a genuine two factor strong authentication solution.

The customer/employee receives one time password for each transaction and does not need to remember passwords.

The customer/employee does not need to remember to carry the specific hardware with him.

No logistic burden on the financial service provider

For more information about Otenti*Access, click here