VASCO Data Security International, Inc. recently announced that Sumitomo Mitsui Banking Corporation will provide their online retail banking security protection to its customers.
VASCO officials said it chose Sumitomo Mitsui because of its reputation for being able to provide a highly secure mobile banking solution for smartphones developed with VASCO's DIGIPASS for Apps.
"Foreign hackers have been targeting Japanese bank accounts in record numbers using sophisticated phishing attacks and malware," Jan Valcke, president and COO of VASCO, said. "With DIGIPASS for Apps, we provide a mobile solution that protects the bank's customers against cyberthieves' newest and most innovative attacks."
This is the bank's third major implementation of an authentication solution. Sumitomo Mitsui Banking Corporation first introduced an OTP solution based on matrix authentication to their SMBC Direct retail internet banking services. In 2013, SMBC implemented VASCO DIGIPASS 275 hardware authenticators for additional security. SMBC has experienced a rapid increase in the number of transactions conducted via smartphones. SMBC customers are now able to select either a hardware or a phone-based software authenticator.
"For clarity of two-factor authentication, an application had to be provided separately from the existing banking application," Hirohito Yokoyama, head of system and operation development group, retail marketing department, retail banking unit, said. "It was challenging, because separating applications may affect the customer's usability. However, because of DIGIPASS for Apps, we were able to make both applications user-friendly with attention to details, using for instance, smooth app-to-app communications."
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