Technology
Thursday, 22 January 2009 18:16

METROBANK has IBM to supply an advanced security solution for its Metrobankdirect Internet banking facility.

The agreement between Metrobank and IBM was signed in November 2008 and involves the deployment of a Two-Factor Authentication (2FA) security solution by IBM’s Internet Security Systems team. Through this solution, the user provides a second means of identification to obtain access to Metrobank’s online banking facility.

New and changing risks in cyberspace, such as identity theft, phishing, pharming and increasing incidents of fraud, have caused serious concern for companies doing business over the Internet. Banks and financial institutions are common targets for such cyber-attacks and are challenged with the need to continuously look for effective measures to safeguard customers’ information and secure their electronic transactions.

“Our objective is to have the strongest level of security for online banking without having to complicate the sign-in and user authentication procedures that might drive online users away,” Metrobank executive vice president Dennis Suico said. “As Metrobankdirect Internet banking facility has been gaining popularity, we want to maintain this leadership by ensuring a secure Internet online facility to increase the level of protection for our clients.”

With the 2FA solution, Metrobank will be able to strengthen its compliance with the Bangko Sentral ng Pilipinas’s Circular 542 on Consumer Protection for Electronic Banking.

Before the security upgrade, Metrobankdirect used only a single factor-authentication, whereby a user is required to enter a customer ID and password. The 2FA solution will enhance the authentication process by requiring a second means of identification through a security token. Through this added layer of security, Metrobank’s online clients are protected against evolving online banking threats.

“IBM has long been a leader in access and identity management and we’re expanding that lead with complementary services around the world,” IBM Philippines country general manager James Velasquez said. “Account fraud and identity theft are frequently the result of exploitation of single-factor authentication. With the 2FA security process, we’re securing the bank’s assets, minimizing fraudulent transactions and reducing the exposure to online fraud caused by offline phishing attacks and other credential-stealing threats.”

* Published by BusinessMirror