Societe Generale India Secures Corporate Banking Customers With VASCO

VASCO Data Security International, Inc., the software security company specialising in authentication, and Societe Generale India, a commercial bank engaged in offering its Corporate Clients various banking services, announce that Societe Generale uses DIGIPASS 270 to secure its corporate banking customers. The bank recently launched its online corporate banking solution and ensures safe transactions with VASCO’s strong authentication solution.

Societe Generale India operates under the license of a Scheduled Commercial Bank and provides a wide range of banking facilities and services. Recently, the bank launched its online corporate banking services, using the Finaclee Banking system from Infosys, which offers its corporate customers an online login to do their financial transactions. Societe Generale felt it was imperative to invest in a strong authentication solution to ensure complete safety.

“We acknowledged the need for enhanced security on two levels,” said Eric Hautefeuille, Chief Operating Officer of Societe Generale India. “The login level needed to be secured to counter any phishing attack and at the transaction level it needed an extra layer of security to protect against more sophisticated attacks, such as Man-in-the-Middle attacks. VASCO’s DIGIPASS 270offers one-time passwords and e-signatures to authenticate and secure the online banking transactions.”

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DIGIPASS 270 is an ideal and convenient personal authentication device. In order to gain access to the online banking application, the end user needs to generate a dynamic password/one-time password (OTP) on the device. This OTP can only be used once in a limited period of time and enables secure authorised access to the Banking application.

In addition to that, the DIGIPASS 270 offers an electronic signature functionality to secure more complex transactions. With an electronic signature, part of the transaction amount or the account number is implemented in the calculation of the generated OTP. As a result, changes in account number or in the transaction amount cannot be enforced during the transaction and thus man-in-the-Middle attacks are useless. This too has been deployed by the Bank, keeping the customers’ security in perspective.

Jan Valcke, President and COO, VASCO Data Security, adds: “A secure authentication method is indispensable as part of a full security service. By integrating a secure login and transaction process that use respectively dynamic passwords and e-signatures, the security gap can be bridged. Moreover, it also boosts customer confidence and enhances the company’s good brand name. We are very proud that Societe Generale India decided to implement a VASCO solution to tackle security issues.”