CryptoCard, a leading developer of two-factor authentication (2FA) technology today announced that Raiffeisen Online, a leading internet banking service in Romania, is to use its 2FA products to increase security for the bank's 3,500 SMB customers.
Raiffeisen Online, a division of Raiffeisen Bank, wanted to introduce new features and functions which would increase its appeal to the business market. One such feature was an identity authentication solution which would assure superior security by using one-time-passwords.
Alexandru Ciobanu, SMB Division Director, Raiffeisen Bank, said; "The success of Raiffeisen Online banking for the small and medium business sector is due to it being based on a realistic evaluation of customers' requirements. Providing a secure online experience is fundamental to this, and the CRYPTOCard solution has helped us to significantly reduce the security risks associated with internet banking. I am confident that, as a result, Raiffeisen Online will quickly become the best performing, most user friendly and easily accessible internet banking service on the market."
As well as the need to find a solution that provided cost-effective, high quality devices for the bank's clients, it was important that the system was simple to deploy, manage and maintain.
After evaluating a broad range of identity authentication solutions available on the market, Raiffeisen Bank chose a solution from CRYPTOCard that is provided through local integrator Datanet Systems.
Datanet Systems worked closely with the bank's IT team to implement CRYPTOCard's identity authentication system, CRYPTO-Shield, which comprises of a software application delivered on a server and a range of easy-to-use tokens for end-users. The solution uses two-factor authentication to replace the static, weak and easily cracked passwords commonly used with online banking applications, providing a very high degree of confidence to customers that only authorised users would get access to their information.
Gabriel Musat, CEO at Datanet systems, commented; "The CRYPTOCard system we have implemented at Raiffeisen provides robust levels of security, as well as scalability and availability. It also offeffered the best value for money, and was the only solution that could be easily and quickly integrated with Raiffeisen's existing systems and strict security requirements."
"We are really pleased to be working with Raiffeisen Online to secure access to their online banking systems. It is yet another example of how important the internet is to trading and how 2FA reduces the risks for both the bank and its customers," said Jason Hart, senior VP Europe for CRYPTOCard. "Not only does this relationship increase our footprint in Eastern Europe, but it once again proves that our flexibility and the quality of our product provide the best solution for banks looking for the highest levels of security and best possible total cost of ownership."