The Problem

With cybercrime in Australia now costing more than $1 billion per year, financial institutions are facing increasing challenges to continually improve security and prevent unauthorised access to high risk or sensitive information and services.

Transactional websites in the financial services industry often only require a customer ID and password – or a customer ID, password and PIN. All of these are vulnerable to capture. Where two-factor authentication is provided – it is often cumbersome, expensive to manage and not secure.

At the same time, customers are demanding security of their identity and funds but expect a convenient, secure and easy-to-use service. As a result, financial institutions have to balance consumer demands while meeting their security and compliance requirements.

The Solution

TokenOne is an Identity Assurance Platform provider, strengthening authentication by replacing passwords and other security technologies with a single, simple solution which links to the financial institutions risk and identity management systems to provide complete control and non-repudiated secure access.

The TokenOne Identity Assurance Platform enables financial institutions to exceed internal and external customer expectations with a secure, convenient and cost-effective solution that enables customers to self manage their identity and account.

TokenOne will redefine Identity Assurance expectations by enabling financial organisations to not just ‘know your customer’ but to prove ‘it was your customer’. This is achieved with TokenOne patented technology delivering strong two-factor authentication, which ensures the users’ secret PIN is never entered, transmitted or stored and therefore genuinely kept secret.

Benefits

BENEFITS FOR FINANCIAL INSTITUTIONS

  • Meets compliance and governance requirements
  • Rapidly and easily deployed to large or public networks
  • Low cost to deploy and manage – rapid Return on Investment and low Total Cost of Ownership
  • Highly scalable, including when users are distributed
  • Rapid Identity Management (IDM) integration
  • Password management costs a thing of the past

BENEFITS FOR CUSTOMERS

  • Highly secure, simple and convenient - one phone, one solution, multiple services
  • Self-registration and management with no additional hardware
  • Users securely self-manage and self-replace their PIN, even if forgotten
  • Increased user confidence as their identity is being protected - their PIN is never entered, transmitted or stored

Hard Token Replacement

Hard tokens are expensive, inconvenient to carry, complex to manage and do not allow financial institutions to prove user presence. TokenOne enables hard token replacement with a simple to deploy mass scale solution that is interoperable and will integrate with existing systems rapidly and cost effectively.

Soft Token Replacement

Soft tokens require yet more passwords and do not prove user presence – only that someone accessed the user’s phone. TokenOne provides secure, strong two-factor authentication and crucially, a customer PIN is never entered, never transmitted and never stored.

Password Replacement

Demands for multiple complex passwords are becoming a burden for customers and are also insecure and can be easily hacked. TokenOne provides strong two-factor authentication that is simple and convenient for customers and provides security for both financial institutions and customer identity protection.

SMS Replacement

The increasing cost of SMS authentication is driving many financial institutions to consider alternatives. TokenOne removes the need for SMS authorisations and enables organisations to prove user presence. Customers are self-supporting during set-up and low administration requirements ensure reduced IT management costs.