26 April 2017

Launching Out-of-Band Push Authorization to prevent transaction frauds

In its UT 5 platform, Software Group implemented Out-of-Band Push Authorization to prevent transaction frauds. The feature is often used in financial institutions and other organisations with high security requirements. This makes hacking an account more difficult because two separate and unconnected authentication channels would have to be compromised for an attacker to gain access. Hence, the customers will be able to transact more safely.

The feature, part of the newest release of the platform, is applicable for transactions performed via mobile and online banking. It ensures more secure authorization and authentication solution by combining the following multifactor elements: user name, passwords, PIN, device installation ID and cryptographic key where identity verification is to confirm and establish a linkage between the claimed identity and the real-life existence of the person executing the transaction. The platform allows users to leverage their mobile device as a secondary authentication factor by using time-based one-time password algorithm and the push notification. These enable customers to greatly increase the security of their transactions.

Currently, the new feature is in implementation for Software Group’s customer in Africa and will be in production in the next few months.

Views: 930

Leave a Reply