22 August 2017
Find out more

Commerzbank to deploy Cronto mobile phone-based authentication technology

13 November 2008  |  12929 views  |  0 Tablet Computer Screen

Germany's Commerzbank has deployed technology from UK vendor Cronto that enables online banking customers to authenticate transactions by taking a photo of their PC screens with their mobile phones.

Commerzbank is offering the Cronto Visual Transaction Signing system to selected customers to secure verification of funds transfer instructions. It will the first bank to deploy the technology, which was originally developed at the University of Cambridge.

When a customer signs in to bank online or make a transaction, they are presented with a unique graphical cryptogram consisting of a matrix of coloured dots displayed on their PC screen.

The customer then takes a photo of the image on the screen using their mobile phone. Cronto's photoTAN software - downloaded into the customer's phone - is then used to authenticate the transaction.

Critical transaction information, like payment details, are displayed on the phone's screen to confirm it has not been tampered with. An authentication code is then generated and passed back to the bank's server to complete the transaction.




Cronto says its technology eliminates the inconvenience of entering transaction details manually into separate authentication devices.

In addition, by removing the need to re-key information it offers a far higher level of security than traditional external authenticator-based offerings which are open to man-in-the-middle attacks where criminals can potentially trick customers into entering the wrong information into their devices.

Kai Buchholz-Stepputtis, head, security consulting and research, Commerzbank, says: "Cronto's innovative solution based on the unique Visual Cryptogram offers protection against the most sophisticated fraud techniques such as "Man-in-the-Browser" Trojans."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Commerzbank and G&D sign three year card deal

Commerzbank and G&D sign three year card deal

13 November 2008  |  8211 views  |  0 comments
SocGen swaps hardware tokens for Entrust authentication technology

SocGen swaps hardware tokens for Entrust authentication technology

05 November 2008  |  7801 views  |  0 comments
Gemalto releases mini online banking authentication device

Gemalto releases mini online banking authentication device

30 October 2008  |  10778 views  |  0 comments
IBM unveils USB stick to fight online banking fraud

IBM unveils USB stick to fight online banking fraud

29 October 2008  |  12099 views  |  0 comments
Apacs talks up take-up of online card security schemes

Apacs talks up take-up of online card security schemes

22 September 2008  |  9067 views  |  0 comments
Man-in-the-middle phishing kits circulating freely on the Web

Man-in-the-middle phishing kits circulating freely on the Web

10 August 2007  |  13465 views  |  0 comments
ABN Amro compensates victims of 'man-in-the-middle' attack

ABN Amro compensates victims of 'man-in-the-middle' attack

02 April 2007  |  23473 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.niceactimize.comvisit www.dorsum.eu

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12117 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10570 views comments | 22 tweets | 32 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10000 views 0 | 5 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9815 views comments | 10 tweets | 8 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9710 views comments | 19 tweets | 23 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job