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Polaris Software Lab, a financial technology company, has launched Intellect PRIVACY based on state-of-the-art technology and four patents filed by the Indian Institute of Technology Madras. IndusInd Bank has become the first bank in India to implement Intellect PRIVACY, an online and Internet banking security card, for its Internet banking customers.
Intellect PRIVACY will protect customers and banks from practically all kinds of phishing attacks, viz. deceptive e-mail, key/ screen logger, brute force/ dictionary attacks and Trojans, etc.
Developed using the patents filed by K Balaraju, a student of the MS (Entrepreneurship) programme of IIT Madras, Intellect PRIVACY uses multi-factor, dynamic authentication technology providing for authorising online banking transactions, in a completely secure platform. Professor L S Ganesh, Coordinator of the programme, said, “At IIT Madras, the Department of Computer Science and Engineering and the Department of Management Studies got particularly interested in designing an Internet security technology that is cost efficient and easy to use in a rapidly growing e-commerce scenario, and transferring it commercially. We chose the Cost-Usability-Security (CUS) approach to arrive at a solution and Polaris Software created an eminently usable application for the banking industry. IndusInd Bank, which was looking for providing greater security for Web-based transactions, became the first organisation to adopt it.”
IndusInd Bank engaged Polaris Software to deliver a portal for its corporate clients with specialised solutions viz, Account Services, Cash Management, Trade Finance and Supply Chain Finance.
Ramesh Ganesan, Executive Vice President and Head of Transaction Banking, IndusInd Bank said, “Our Bank has utilised technology very effectively to gain a competitive edge. We wanted to ensure that our Internet banking customers can transact with the bank in a completely secured manner and at the same time wanted a customer-friendly solution that is hardware independent. To this end, we found Polaris’ Intellect PRIVACY to be vastly superior in anti-phishing capabilities.”
Intellect PRIVACY is a simple plastic card that customers can use to generate a one-time password (OTP) for carrying out any kind of online banking transaction including the sign-on. Banks can issue booklets containing a desired number of cards that would last many transactions. The card has no pilferage value by itself and customers can easily manage its lifecycle, including making a request for a new booklet and reporting loss of cards through online banking. Intellect PRIVACY is the latest addition to Polaris’ Global Financial Enterprise Security suite and is tightly integrated with the Online Banking and Portal solutions.
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