Raiffeisen Selects VASCO for Secure Online Banking Login and Transaction Signing
OAKBROOK TERRACE, IL and ST. GALLEN, Switzerland -- December 12, 2016 -- VASCO Data Security International, Inc. (NASDAQ: VDSI), a global leader in digital solutions including identity, security and business productivity, announced today that Raiffeisen Switzerland has implemented VASCO’s CRONTO® technology to secure its e-banking customer transactions. CRONTO technology is often referred to as PhotoTAN in Switzerland and Germany.
Raiffeisen, the third largest banking group in Switzerland and largest retail bank, is deploying VASCO® solutions to secure online banking among its 3.7 million customer base. Every year, Raiffeisen processes more than 100 million payment transactions via e-banking. The bank is replacing the matrix card it previously relied on for security.
VASCO’s CRONTO solution is an innovative authentication and transaction signing solution that enables banks to effectively defend against sophisticated hacking attacks. An encrypted bar code consisting of colored dots is displayed on the customer's PC screen. The customer uses the camera in their mobile phone or VASCO-built handheld device to capture this bar code which is instantly decoded to display the transaction details for user verification.
Users can choose whether they use a mobile app installed on their smartphone, or a hardware DIGIPASS® device with CRONTO technology that has a built-in camera to scan the colored bar code.
“Thanks to PhotoTAN technology, no customer has ever had a manipulated payment,” stated Thomas Etter, Head of E-banking at Raiffeisen Switzerland. “Also, customer feedback has been very positive which is of the utmost importance for us, because we always want to balance between user convenience and security.”
“The frequency and sophistication of attacks against online banking continues to increase, which has caused problems for banks and their customers,” stated Scott Clements, President and COO of VASCO Data Security. “CRONTO technology delivers the best of both worlds - the highest level of security and the ultimate in user convenience.”
About Raiffeisen Switzerland:
The Raiffeisen Group is the leading Swiss retail bank. The third largest bank in the Swiss banking sector has 1.9 million cooperative members and 3.7 million clients. The Raiffeisen Group is represented at 977 locations throughout Switzerland. The 270 legally autonomous Raiffeisen cooperative banks are amalgamated into the Raiffeisen Switzerland Cooperative, which is the strategic leader of the entire Raiffeisen Group. Raiffeisen offers private individuals and companies a wide range of products and services through Group companies, joint ventures and enterprises in which it holds an equity investment. As at 30 June 2016, the Raiffeisen Group had CHF 212 billion in assets under management and CHF 170 billion in loans to clients. The market share is 17.1% in the mortgage business. Total assets amount to CHF 214 billion. www.raiffeisen.ch
VASCO is a global leader in delivering trust and business productivity solutions to the digital market. VASCO develops next generation technologies that enable more than 10,000 customers in 100 countries in financial, enterprise, government, health care and other segments to achieve their digital agenda, deliver an enhanced customer experience and meet regulatory requirements. More than half of the top 100 global banks rely on VASCO® solutions to protect their online, mobile and ATM channels. VASCO’s solutions combine to form a powerful trust platform that empower businesses by incorporating identity, fraud prevention, electronic signatures, mobile application protection and risk analysis. Learn more about VASCO at VASCO.com and on Twitter and LinkedIn.
Copyright © 2016 VASCO Data Security, Inc., VASCO Data Security International GmbH. All rights reserved. VASCO®, CRONTO® and DIGIPASS® are registered trademarks of VASCO Data Security, Inc. and/or VASCO Data Security International GmbH in the U.S. and other countries.
VASCO Data Security Contact:
+32 (2) 609 9917