XIRING today announces the launch of a new modular approach aimed at banks seeking to implement an authentication solution to reduce fraud in online banking transactions.
Banks & financial institutions are faced with growing fraud and are seeking help in the difficult task of combating phishing. Online fraud in UK cost the industry £12 million (est. Apacs), however all institutions, Apacs in UK, FDIC in US etc., recommend improving user authentication in order to prevent future massive attacks. There exist complete closed solutions on the market however banks are reluctant to buy a closed proprietary system. So XIRING is launching O2S Banking Authentication to accompany banks throughout the process from helping to evaluate the best authentication solution, to managing the deployment and integration of devices and servers.
O2S (Open, Simple, Secure) Banking Authentication is based on the globally
recognised open EMV standard, is simple to put in place, and is secure since it is based on the smart card security.
The solution is modular, from guidance on evaluating the right authentication solution, through to managing the deployment and integration of devices and servers. O2S Banking Authentication is built on 3 pillars: Services, Devices and Servers.
Multi-Services: The service modules provided by XIRING's O2S Banking Authentication solution include training packages, consultancy, guidelines to assist the choice of authentication and checklists for the complete roll out of the process, from concept through to complete deployment across all segments of users and banking channels.
Multi-Devices: XIRING works with individual clients to determine and deploy the most appropriate EMV based devices for their user segments. XIRING offers a range of devices which are compliant to MasterCard's Chip Authentication Programme (CAP).
Multi-Servers: Through a vast network of industry partners, XIRING can ensure finding the right partner to supply and integrate a suitable server to support clients' deployments and future evolution. The selected servers are given XIRING "O2S ready" certification.
Nigel Reavley, Director of Sales & Marketing, Banking at XIRING, comments: "An
increasing number of banks are seeking to implement an EMV compliant authentication solution for online banking, due to the growth in the number of consumers turning to the internet to conduct their basic banking transactions. However, due to the many authentication solutions available in today's market, knowing where to start can be extremely challenging.
"O2S enables XIRING to accompany individual banks via strong partnerships to help understanding the options available to them and ultimately get the solutions suited to their requirements.
"The launch ofO2S Banking Authentication consolidates XIRING's position as a leading provider of smart card based authentication solutions to the banking industry. It also reinforces the fact that we are long term partner, able to supply guidance, support and infrastructure at every stage of the process involved in implementing an authentication solution."