Societe Generale India operates under the license of a Scheduled Commercial Bank and provides a wide range of banking facilities and services. Recently, the bank launched its online corporate banking services, using the Finacle eBanking system from Infosys, which offers its corporate customers an online login to do their financial transactions. Societe Generale felt it was imperative to invest in a strong authentication solution to ensure complete safety.
“We acknowledged the need for enhanced security on two levels,” said Eric Hautefeuille, Chief Operating Officer of Societe Generale India. “The login level needed to be secured to counter any phishing attack and at the transaction level it needed an extra layer of security to protect against more sophisticated attacks, such as Man-in-the-Middle attacks. VASCO’s DIGIPASS 270 offers one-time passwords and e-signatures to authenticate and secure the online banking transactions.”
DIGIPASS 270 is an ideal and convenient personal authentication device. In order to gain access to the online banking application, the end user needs to generate a dynamic password/one-time password (OTP) on the device. This OTP can only be used once in a limited period of time and enables secure authorized access to the Banking application.
In addition to that, the DIGIPASS 270 offers an electronic signature functionality to secure more complex transactions. With an electronic signature, part of the transaction amount or the account number is implemented in the calculation of the generated OTP. As a result, changes in account number or in the transaction amount cannot be enforced during the transaction and thus man-in-the-Middle attacks are useless. This too has been deployed by the Bank, keeping the customers’ security in perspective.
Jan Valcke, President and COO, VASCO Data Security, adds: “A secure authentication method is indispensable as part of a full security service. By integrating a secure login and transaction process that use respectively dynamic passwords and e-signatures, the security gap can be bridged. Moreover, it also boosts customer confidence and enhances the company’s good brand name. We are very proud that Societe Generale India decided to implement a VASCO solution to tackle security issues.”
Société Générale Group is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.
Around 160,000 employees, based in 77 countries, accompany more than 33 million clients throughout the world on a daily basis. Société Générale’ teams offer advice and services to individual, corporate and institutional customers in three core businesses:
- Retail banking in France with two branch networks (Société Générale and Crédit du Nord), as well as an online bank, Boursorama.
- International retail banking, with a presence in Central and Eastern Europe and Russia, in the Mediterranean basin, in Sub-Saharan Africa, in Asia and in the French Overseas Territories.
- Corporate and investment banking with a global expertise in investment banking, financing and global markets.
Société Générale is also a significant player in specialised financing and insurance, private banking, asset management and securities services.
Société Générale is included in the main international socially-responsible investment indices: FTSE4Good, ASPI, DJSI World and DJSI Europe.
Forward Looking Statements:
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. These forward-looking statements (1) are identified by use of terms and phrases such as “expect”, “believe”, “will”, “anticipate”, “emerging”, “intend”, “plan”, “could”, “may”, “estimate”, “should”, “objective” and “goal”, “possible”, “potential”, and similar words and expressions, but such words and phrases are not the exclusive means of identifying them, and (2) are subject to risks and uncertainties and represent our present expectations or beliefs concerning future events. VASCO cautions that the forward-looking statements are qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These risks, uncertainties and other factors have been described in greater detail in the Annual Report on Form 10-K for the fiscal year ended December 31, 2010 filed with the Securities and Exchange Commission and include, but are not limited to, (a) risks of general market conditions, including currency fluctuations and the uncertainties in world economic and financial markets, (b) risks inherent to the computer and network security industry, including rapidly changing technology, evolving industry standards, increasing numbers of patent infringement claims, changes in customer requirements, price competitive bidding, and changing government regulations, and (c) risks specific to VASCO, including, demand for our products and services, competition from more established firms and others, pressures on price levels and our historical dependence on relatively few products, certain suppliers and certain key customers. Reference is made to VASCO's public filings with the U.S. Securities and Exchange Commission for further information regarding VASCO and its operations.
This document may contain trademarks of VASCO Data Security International, Inc. and its subsidiaries, including VASCO, the VASCO “V” design, DIGIPASS, VACMAN, aXsGUARD and IDENTIKEY.
For more information:
Jochem Binst, +32 2 609 97 00, [email protected]