Dutch banking group ING has contracted with Vasco Data Security for the supply of 10,000 of the vendor's Digipass GO3 authentication tokens which it will distribute to its online banking customers in Luxembourg.
The Digipass GO3 authentication token generates a single-use password for accessing online applications.
Vasco says online banking using static passwords becomes risky due to phishing and keystroke logging. Its Digipass GO3 system changes the password every 36 seconds and each password can only be used once.
Commenting on the contract win, Jan Valcke, president and COO, Vasco, says Luxemburg is a very important banking market: "The Internet will prove to be a crucial channel for retail investors having assets in Luxemburg, since they often live abroad. Digipass and ING Luxemburg's e-banking application open the road to secure retail e-banking."
The bank is the first in Luxemburg to use Vasco authentication in a retail environment.