EFonds Financial Services chooses TynTec for mobile one-time passwords

Source: TynTec

Mobile messaging operator TynTec today announces a deal to provide eFonds Financial Services' IFAs, with secure One Time Passwords via SMS.

The deal will see TynTec providing single-use SMS identification codes within 15 seconds, allowing financial advisors to execute financial transactions for their clients, wherever they are at the time.

This new solution will provide eFonds IFAs with the highest level of flexibility for on-the-move IFAs. Every time an eFonds advisor wants to login their innovative web-based trading platform they can request a one-time password to be sent via SMS, which will arrive within 15 seconds and can only be used once. The use of TynTec's OTP service in this way provides security against cyber fraud when using these online financial tools to carry out transactions for clients.

Using their unique deep level (SS7) access into the global mobile phone infrastructure and a custom-built SMS-C TynTec will ensure this SMS password arrives at the intended IFA. Every message sent is also tracked to ensure it arrives at the recipient handset, providing a full audit trail and complete accountability.

Michael Legnaro, Managing Director of eFonds Financial Services AG: "Our business is based on confidence and because of this , TynTec is our preferred business partner as they can guarantee the highest level of quality for delivering SMS quickly, secure and reliably. Thanks to the TynTec mobile service via SMS, our financial advisors are enabled to execute all financial transactions anywhere and anytime. This is the flexibility our sales partners need for their daily business."

Markus Kramer, Director Enterprise Messaging, said: "By guaranteeing the delivery of these crucial SMS we are effectively allowing eFonds IFAs the ability to work with complete confidence whilst they are mobile. One Time Passwords will negate the risk presented by cybercriminals by allowing a safe and secure login, as only TynTec's unique messaging technology can assure the delivery of these to such high standards.

"As these passwords are used for such a crucial part of eFonds's' business it is very important that the swift delivery of these was guaranteed. Only a combination of TynTec's strict SLAs and unique technology can achieve this."

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