22 February 2017
visit nextgenbanking.co.uk

Commerzbank to deploy Cronto mobile phone-based authentication technology

13 November 2008  |  12409 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  |  8030 views  |  0 comments
SocGen swaps hardware tokens for Entrust authentication technology

SocGen swaps hardware tokens for Entrust authentication technology

05 November 2008  |  7650 views  |  0 comments
Gemalto releases mini online banking authentication device

Gemalto releases mini online banking authentication device

30 October 2008  |  10460 views  |  0 comments
IBM unveils USB stick to fight online banking fraud

IBM unveils USB stick to fight online banking fraud

29 October 2008  |  11927 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  |  8916 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  |  13260 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  |  22975 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18120 views 11 comments | 54 tweets | 89 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
10438 views comments | 49 tweets | 59 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10411 views comments | 21 tweets | 19 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8555 views comments | 17 tweets | 15 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
6863 views comments | 35 tweets | 32 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job