SafeNet aids Fight against eBanking Fraud
SafeNet has announced 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 believed to be 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 Banking 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 claim to scan the transaction data automatically, eliminating the need for manual inputs, which simplify the electronic signing process for the user while reducing errors.
Andrew Young, VP- Authentication, SafeNet said, "Forward-thinking financial services institutions need to approach authentication in a way that goes beyond simply verifying the identity of the user, which can be faked. To combat fraud and manage risk, customers need transaction protection and signing solutions that ensure the transaction itself is validated. SafeNet's portfolio of identity and transaction solutions, including the eToken 3500, is purpose-built to address the unique risk requirements of financial services, delivering the appropriate levels of protection during the transaction lifecycle without impeding the customer experience."
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