Philippines-based Metrobank has contracted with IBM for the implementation of a two-factor authentication system, using Vasco security tokens, for its online customers.
Online customers are currently only required to enter an ID and password to access their accounts through Metrobankdirect.
To strengthen this, IBM Internet Security Systems will roll out a two-factor system that will see customers provided with Vasco security tokens. Authentication and token management technology will be provided by Data Security Systems Solutions.
IBM says the technology will help protect customers from ID theft, phishing and pharming. In addition, compliance with BSP Circular 542 on Consumer Protection for Electronic Banking will be strengthened.
Dennis Suico, EVP, Metrobank, says: "Our objective is to have the strongest level of security for online banking without having to complicate the sign-in and user authentication procedures that might drive online users away."