Rabobank introduces QR code-based online banking authentication

Rabobank introduces QR code-based online banking authentication

Rabobank is tapping Vasco Data Security technology for a new security system that authenticates online customers through high definition QR codes.

The Rabo Scanner is a piece of hardware that uses an embedded camera and colour display to capture a QR code that appears on the customer's tablet, smartphone or computer screen.

This allows the customer to see the details of what the bank believes has been requested - specifically the amount of the transaction and the payee. The information, says Vasco, is encrypted in the QR-code and cannot be altered or replicated by a hacker.

The Rabo Scanner is a Vasco Digipass Authenticator that uses CrontoSign technology, which was developed by Cronto, the UK-based outfit acquired by Vasco last year.

CrontoSign mitigates the increasing risk of banking malware and man-in-the-middle attacks, and provides the customer and the bank with the assurance that the payment instructions have not been altered, claims Vasco,

Marielle Lichtenberg, head, marketing personal and private banking, Rabobank, says: "We are constantly looking for new methods to provide our customers with the convenience of conducting online banking transactions with simplicity and safety."

Comments: (1)

A Finextra member
A Finextra member 22 September, 2014, 11:07Be the first to give this comment the thumbs up 0 likes

Steve Gibson is developing a whole new security model based on QR codes. Details here