Polaris Software Lab Limited (POLS.BO), a leading Financial Technology Company, launched Intellect PRIVACY based on state-of-the-art technology and four patents filed by the Indian Institute of Technology Madras.
IndusInd Bank has become the first bank in India to implement Intellect(TM) PRIVACY, an online and internet banking security card, for its internet banking customers.
Experts estimate worldwide losses incurred by banks annually due to phishing at more than 10 billion US Dollars . The technology will protect customers and banks from practically all kinds of phishing attacks, viz. deceptive e-mail, key/screen logger, brute force/dictionary attacks and Trojans, etc.
Developed using the patents filed by K. Balaraju, a student of the MS (Entrepreneurship) programme of IIT Madras, Intellect PRIVACY uses multi factor, dynamic authentication technology providing for authorizing online banking transactions, in a completely secure platform. Commenting on the innovation, Professor L S Ganesh, Coordinator of the programme, said, "At IIT Madras, the Department of Computer Science and Engineering and the Department of Management Studies got particularly interested in designing an internet security technology that is cost efficient and easy to use in a rapidly growing e-commerce scenario, and transferring it commercially. We chose the Cost-Usability-Security (CUS) approach to arrive at a solution and Polaris Software created an eminently usable application for the banking industry. IndusInd Bank, which was looking for providing greater security for web based transactions, became the first organization to adopt it."
IndusInd Bank engaged Polaris Software to deliver a Portal for its Corporate Clients with specialized solutions viz, Account Services, Cash Management, Trade Finance and Supply Chain Finance. Commenting on the launch of Intellect PRIVACY, Ramesh Ganesan, Executive Vice President and Head of Transaction Banking, IndusInd Bank said, "Our Bank has utilized technology very effectively to gain a competitive edge. We wanted to ensure that our internet banking customers can transact with the Bank in a completely secured manner and at the same time wanted a customer friendly solution that is hardware independent. To this end, we found Polaris' Intellect PRIVACY to be vastly superior in anti phishing capabilities. The Bank received 'Technology Bank of the Year-2009' award in the private and foreign bank category from IBA, early this month. We are happy to innovate with another first in technology in the banking space which reiterates our vision to be one of the leading banks in use of technology for delivering solutions to our customers."
Intellect PRIVACY is a simple plastic card that customers can use to generate a one-time password (OTP) for carrying out any kind of online banking transaction including the sign on. Banks can issue booklets containing a desired number of cards that would last many transactions. The card has no pilferage value by itself and customers can easily manage its life cycle, including making a request for a new booklet and reporting loss of cards through online banking. Intellect PRIVACY is the latest addition to Polaris' Global Financial Enterprise Security suite and is tightly integrated with the Online Banking and Portal solutions.
Commenting on the product launch, Govind Singhal, President and COO, Polaris Software Lab said, "Security of online users in the banking industry is an area of growing significance. With rising instances of phishing attacks and considering the need for a secure alternative, we innovated in this area. With Intellect PRIVACY Banking Security Card, banks will be able to build and enhance online banking customer's confidence."