European banks, which are said to have implemented far more advanced security mechanisms to protect their customers than the ones from the US, are trying to live up to their reputation. Swiss bank Raiffeisen has introduced a new security feature that relies on Cronto's Visual Transaction Signing Solution.
Available for customers in Switzerland starting today, the CrontoSign is designed to protect online transactions against cyberattacks that rely on clever information-stealing Trojans such as ZeuS.
The new security solution, dubbed PhotoTAN, is recommended not only for payment authorization, but also for secure logins.
The system relies on a CrontoSign image that will be displayed on the webpage when users want to perform online transactions.
Customers must scan the PhotoTAN image with their mobile phones by using a specialized app. If the information encoded into the image is valid, a unique password – utilized to complete the login – is provided.
Besides the confirmation code, the app will also decode and display the payment information (such as amount and recipient) embedded into the image.
In order to make sure that all the transmitted information is secure, the CrontoSign images are unique for every customer and every transaction.
"We have been looking for a solution that can offer both the security of transaction signing and the user experience that meets the expectations of our 840,000 e-banking customers. We chose CrontoSign for our customers because it offers strong security, yet is extremely simple to use,” said Pascal Dürr, head of electronic channels at Raiffeisen, Switzerland.
“There are over 3 million logins and over 5 million payments per month initiated by Raiffeisen`s e-banking customers and we are proud to be working with Raiffeisen to enhance the security of these transactions,” Igor Drokov, CEO of Cronto, added.
The PhotoTAN Raiffeisen Switzerland App is available for both iOS and Android devices.