Rabobank Selects VASCO CrontoSign Technology for Online Banking Security and Customer Convenience
OAKBROOK TERRACE, IL, September 18, 2014 - VASCO Data Security International, Inc. (NASDAQ: VDSI), a global leader in authentication, electronic signatures, and identity management, announced today that Rabobank has introduced the Rabo Scanner, a VASCO DIGIPASS Authenticator featuring CrontoSign technology that uses visual transaction signing to increase user-friendliness while providing the highest level of online banking transaction security.
Banks are implementing new technologies to improve the user friendliness of online banking while protecting the transactions and assets of their customers. The Rabo Scanner is an innovative authentication device that allows customers to conduct online banking services in an easy way and at the same time it protects against malicious attacks thanks to its innovative visual authentication and transaction signing technology.
CrontoSign technology utilizes a next generation QR code which is a color cryptographic matrix displayed on the customer's tablet, smartphone or PC screen. During an online banking transaction, the customer uses a VASCO card reader with an embedded camera and color display to capture the QR code from the screen of their device. This allows the customer to see the details of what the bank believes the customer has requested, specifically the amount of the transaction and the payee. This information is encrypted in the high definition QR-code and cannot be altered or replicated by a hacker.
CrontoSign mitigates the increasing risk of banking malware and Man-in-the-Middle attacks, and provides the customer and the bank an assurance that the payment instructions have not been altered. This innovative process enables a simple way of providing high-level security that is necessary to protect online and mobile banking against the most sophisticated new attacks.
Recently, Trend Micro released a report that profiled the Emmental banking attack. In the report, Trend Micro identified VASCO’s CrontoSign technology as a method of protection against this new and highly sophisticated banking attack.
“We are constantly looking for new methods to provide our customers with the convenience of conducting online banking transactions with simplicity and safety,” said Marielle Lichtenberg, Head of Marketing Personal & Private Banking at Rabobank.
“Rabobank and VASCO have enjoyed a wonderful history together,” said Jan Valcke, President and COO of VASCO Data Security. “We know that Rabobank has a remarkable reputation for providing customers with a safe banking environment and the ultimate in convenience, so we are delighted that they selected VASCO for this project.”
About Rabobank Group
Rabobank Group is a Netherlands based, international financial services provider operating on the basis of cooperative principles with a predominant focus on providing all finance services in the domestic market. Internationally the Group's focus is on food and agriculture. In line with its cooperative roots, Rabobank Group is a cooperative bank, comprised of independent local Rabobanks, plus their central organization Rabobank Nederland and its (international) subsidiaries. The organization has approximately 55.055 employees (fte) worldwide and operates in 41 countries. Rabobank Group has high credit ratings, awarded by international rating agencies Standard & Poor's, Moody's and Fitch. In terms of Tier I capital, the organization is among the top 30 largest financial institutions in the world.
For more information about the Rabobank Group go to www.rabobank.com.
VASCO is the world leader in providing two-factor authentication and digital signature solutions to financial institutions. More than half 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 the cloud, 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.