HSBC deploys Vasco Digipass tech in Brazil

Source: VASCO

Vasco Data Security International, Inc., a leading software security company specializing in authentication products, announces that HSBC Bank Brazil, a subsidiary of HSBC Holdings, one of the largest financial conglomerates in the world, deployed the Digipass for Mobile technology for an enhanced group of retail and corporate customers, while expanding the offered online and mobile services.

Currently, more than 90,000 account holders use their mobile device to access all self-service channels to execute financial transactions. With this enhancement, HSBC Brazil is the first and only financial institution worldwide to fully integrate access to internet banking, mobile services, contact center, ATMs and e-commerce.

By further integrating Digipass for Mobile, HSBC offers its customers a secure and convenient way to secure their online transactions. The customer downloads the Digipass for Mobile app on his mobile device to generate one-time passwords (OTPs). Every time he logs on, a unique dynamic password is created that, as a consequence, can only be used once. The client doesn't need to remember multiple passwords with different shapes and sizes anymore to confirm and operate the various channels.

Digipass for Mobile is a cost efficient solution and is deployed on a large scale. Installing an application on a mobile device is part of a daily routine for the consumer, so the solution is easily accepted. It clearly facilitates the access and use of the HSBC banking services, resulting in a higher customer satisfaction and retention.

An HSBC Brazil client that download the Digipass for Mobile app can withdraw money at an ATM without the use of their bank card, but by only using his mobile phone and the OTP password. Moreover, the customer can call the HSBC Contact Center just by clicking an application button. Automatically, this application verifies the client's credentials, makes the phone call and executes the security procedures (identification and password verification) without human interaction. After verification, the client can execute financial operations directly.

Vasco's technology also offers synchronization between server and platform time considering "daylight savings time". This means that Digipass for Mobile remains fully operational, even when the customer travels to different time zones. This mobile solution can thus be used anytime and anywhere.

Marcello Veronese, Director of Digital Channels at HSBC, says, "The enhancement of this broader Digipass for Mobile deployment is the result of more than five years of research and development. We wanted to ensure that our customers would profit from an innovative and easy-to-use authentication solution, not only in Brazil, but also worldwide. Thanks to the partnership with Vasco, we created a state-of-the-art solution. It's a significant advantage for the Brazilian market where cards with static passwords are still widely in use."

According to a survey conducted by the Brazilian Federation of Banks (Febraban) in 2011, the damage caused by attacks in electronic customer service channels (phone, internet, mobile banking, ATMs, credit and debit cards) reached R$ 1.5 billion of loss for Brazilian banks. In Brazil, more than 90% of banking transactions are conducted through self-service channels. As a logic consequence, increasing the level of security in this environment has been a priority for all banks. Simplicity in access without giving in on security is the basis of this new model of customer relationship. The multichannel concept HSBC introduced before and expands now implies a maximum level of technology integration and building people relationship through as many channels as possible.

"Vasco's Digipass for Mobile enables HSBC Bank Brazil to position itself as a highly innovative bank in one of the most competitive markets in the world of technology solutions, playing a pioneer role worldwide," complements Veronese.

Jan Valcke, COO and President Vasco Data Security, adds: "We are very proud to cooperate with HSBC Brazil to facilitate its customers to secure access to the banking services. This will result in satisfied customers and a safer environment." 

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