With the boom in online banking, Banks around the world are moving rapidly to expand their use of digital security devices – something you have – for eBanking and eCommerce.
For eBankers, it is essential to protect customers and their assets. For bank customers increasingly knowledgeable of, and concerned by, Internet security, their perceived trust is essential to continuing to use the online channel for even more banking and payment activity.
The move to a safer online experience using digital security devices in place of antiquated static passwords is universal and in the first of our series of 4 posts we’re looking at Asia.
In Asia, eBanking is experiencing a lot of growth. In March 2011, the results of the survey of six Southeast Asia countries conducted by comScore showed the total number of customers accessing banks websites posted a two-digit rise since January 2010. Of these, Indonesia saw the highest rise — up to 72 percent.
Joe Nguyen, comScore’s vice chair in Southeast Asia, said, “Vietnam, Indonesia and Philippines have seen the highest annual growth rate of using the e-banking services when most banks now offer better online services.”
In another Southeast Asian country, Cambodia, the Advanced Bank of Asia (ABA) is at the forefront of eBanking security. The bank is using the latest industry standards – MasterCard CAP* and Visa DPA** – to add strong authentication solutions to their EMV banking cards.
ABA customers can use the EMV credit card to securely access their online banking services by inserting it into a small, personal security device from Gemalto called the Ezio reader. Pressing a button generates a one-time-password, which is unique and different every time, to authenticate the cardholder. This combination of ‘something you have’ (the card) and ‘something you know’ (the one-time PIN) provides a high-level of security compared to simple username and password security.
In announcing the program, Mr. Temirov Galymzhan, chief technology officer for ABA, pointed to a theme that runs through all eBanking programs worldwide, the importance of customer trust.
“It is imperative to ensure that a high level of security is maintained for consumers to feel confident and comfortable when using online banking services. We constantly strive to enhance the customers’ banking experience, providing greater convenience with the introduction of new services or technologies,” said Galymzhan.
*MasterCard CAP: Chip Authentication Program, a standard for implementing online banking and payment security in EMV bankcards
**Visa DPA: Dynamic Passcode Authentication, , a standard for implementing online banking and payment security in EMV bankcards