Mashreq Bank issues secure wallets from CRYPTOCard
Mashreq Bank has just rolled out a new online security system from CRYPTOCard
United Arab Emirates financial heavyweight, Mashreq Bank, has just rolled out an internet banking security solution from CRYPTOCard.
As part of the system, each customer is assigned a hardware token containing a unique ID and barcode and the bank then uses this to assign a financial limit for transactions. The delivery of the hardware tokens has a chain-of-custody process involving person-to-person delivery and identification-checking and signing. Mashreq checks the delivery signature and customer IDs before activating the online banking service.
“The Middle Eastern population has historically had a distrust of online security methods, such as keying in passwords into a web browser. However there has been a growing demand for online banking functionality that has brought a need to overcome this security hurdle. In the Middle East the banking sector is flourishing and highly competitive, and Mashreq’s corporate clients expect the latest innovations. Mashreq needed to provide a trustworthy ebanking security solution,” said Yasmeen Javaid, divisional manager for transactional banking at Mashreq Bank.
Mashreq issues the corporate-branded hardware tokens in a leather wallet, designed to make users more accepting of the burden of carrying it around.
“The bank had trialed 2FA for a year, but customers experienced problems with synchronization and timing-out. Additionally, the administration burden had been greater than anticipated. We required a more reliable solution that would easily integrate into our internal processes and most importantly, meet our customer satisfaction goals. CRYPTOCard technology filled this need perfectly,” added Javaid.
The 2 Factor Authentication solution used was the CRYPTO-Shield 2 FA and the implementation was handled by Bulwark Technologies. According to a statement released by Bulwark, the technology is intended to increase security levels for online access while maintaining a simple user experience. The service is intended for use by Mashreq Bank’s corporate customers.