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.
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 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