Governance, legal and regulatory pressures are solid business cases for transparency and accountability. Therefore Banks and Insurance firms are required to "Get Control" over these specific pressures. Competition among banks and new entrants, as well as continued technology innovation, has allowed for a much wider array of banking products and services to become accessible and delivered to customers through electronic distribution channels, collectively referred to as e-banking. However, the rapid development of e-banking capabilities carries both benefits and huge risks.
The Internet is ubiquitous and global by nature. It is an open network accessible from anywhere in the world by unknown parties, with routing of messages through unknown locations and via fast-evolving wireless devices. Because of this openness digital attacks are becoming a major concern for banks, not only because of financial losses to the tune of billions per year, but increasingly from a duty of care, compliance and reputational damage point of view.
Therefore there is a strong, compelling move to standardize security controls, customer authentication techniques, data protection, and customer privacy standards. A unified identity is essential in order to achieve this.
How does the TrustAlert Secure E-Banking solution help the Financial Services industry with these challenges?
• By helping Banks to combat hazardous phishing and Man-in-the-Middle attacks, thus lowering reputational risk and financial losses whilst increasing the duty of care responsibility towards their customers. • By having the highest security for all payment, ATM and (mobile) banking transactions where a unified identity and non-repudiation of online transactions are a necessity. • By increasing the support to fulfill MiFID, SOX and Basel II compliance without compromising on security and to enable compliance policy enforcement. • By introducing unified federated identity management resulting in the prevention of identity theft and enabling identity-based access and control. • By using industry standards (X.509) and being a multi-platform solution for any operating system.
