Leading bank implements OneSpan’s Cronto and Mobile Security Suite to protect online and mobile banking applications while meeting PSD2 Requirements
OneSpan™, a global leader in software for trusted identities, e-signatures and secure transactions, today announced that United Bulgarian Bank (UBB) has deployed OneSpan’s Mobile Security Suite and Cronto technology to securely sign transactions and to protect the bank’s mobile banking application. This integration will help UBB meet PSD2 requirements related to strong customer authentication that come into effect September 2019.
As part of UBB’s innovations strategy, the bank launched its mobile banking app UBB Mobile. To protect this mobile application from malware, the bank integrated OneSpan’s Mobile Security Suite, a one-stop mobile software development kit for integrating application security, biometric authentication and Cronto technology. In the six months since its launch, more than 60,000 of the bank’s customers have begun using the app.
The bank implemented Cronto to meet the PSD2 dynamic linking requirements and help mitigate human risk in banking transactions. Cronto uses a graphical cryptogram made of colored dots to encrypt transaction details, which can then only be read by a trusted device. This patented visual transaction signing solution helps banks counter social engineering attacks as well as banking Trojans such as man-in-the-browser by establishing a secure connection between the device and the bank.
“Innovation is key for United Bulgarian Bank. We want to improve and expand the use of our digital channels, especially mobile,” said UBB Head of Digital Channels Development and Support, Iliyana Voynova. “A reliable partner that brings the knowledge and expertise in both security and regulations is fundamental. Thanks to OneSpan, our users can benefit from easy-to-use security, while the bank meets regulatory compliance requirements.”
“As the banking environment continues to evolve, so too do the ways customers interact with their banks,” said OneSpan Senior Vice President of Global Sales, Dan Dica. “As a result, banks are prioritizing the mobile channel, which requires a different approach to security. Using OneSpan’s Mobile Security Suite, banks can address these requirements, including meeting compliance, preventing fraud and securing the application, through a single vendor.”