Askari Bank Limited, one of the leading banks in Pakistan with a nationwide presence of more than 200 branches/units, and the first bank in Pakistan to introduce online Internet banking, has signed a deal with TPS to deploy the Two-Factor Authentication (2FA) security solution for its Internet banking facility. TPS, being a reseller of DSSS, has the technical expertise to provide support for two-factor authentication solutions to financial institutions.
The technology partnership between Askari & TPS was established in 1997, when Askari decided to acquire TPS technologies to empower their self service banking motion. There has been a proven and an ever-strengthening relationship over the years with numerous success stories of Askari Bank’s e-Banking initiatives and a dedicated collaboration between TPS & Askari Bank’s teams.
The current Internet Banking website of Askari Bank provides services to their retail as well as corporate customers. It incorporates a combination of industry-approved security technologies and practices to secure the website and protect the data of the bank and their customers. Askari Bank will offer web based remote banking facility for its corporate customers to enable them the flexibility, convenience and efficiency of banking online. New and challenging risks in cyberspace such as identity theft, phishing, pharming, and increasing incidents of fraud has forced a lot of corporates to stay away from this channel. Banks and other financial institutions, in particular, are common targets and face the challenge of implementing effective security measures to safeguard its customers’ information and electronic transactions. Hence secure management of banking products and services becomes fundamental in maintaining a high level of public confidence not only in the individual bank and its brand name but also on the banking system as a whole.
To combat such threats and ensure that e-business transactions are not compromised, Askari Bank will strengthen its Internet banking security for its corporate customers with Two-Factor Authentication (2FA) – a technology that requires an online user to provide a second means of identification in order to obtain access to Askari’s online banking facility. The 2FA is expected to enhance the authentication process by initially requiring the users to enter username and password and then a hardware token generated PIN as a second means of identification which changes periodically.
The DSSS Two-Factor Authentication (2FA) solution will enable Askari Bank to eradicate the risk posed by the ever increasing network sniffing utilities or phishing tools from the internet. The bank’s corporate customers will be able to enjoy greater security and a higher level of confidence of transacting securely over the internet. TPS is also a reseller of DSSS.
“Two-Factor Authentication will enable Askari Bank to provide the strongest level of security for online banking without complicating the sign-in and user authentication process. As Askari Bank’s Internet banking facility has been gaining momentum, we want to maintain this leadership by ensuring a secure Internet Banking facility to increase the level of confidence and satisfaction for our Retail as well as Corporate customers.”
Mohammad Munir Ahmad
Country Head, ETD, Askari Bank Limited.
