SafeNet introduces optical signing device to fight e-banking frauds

eBanking is fast becoming a very common activity, which most of us indulge in given that our busy lifestyles leave us with little time to do them physically. Instances of rogues trying to chance in on this dependence, unfortunately, has become a common occurrence, too. Financial institutions carry high-risk, high volume transactions on a daily basis, and constantly live under the fear of facing a hack. SafeNet Inc., a brand better known for data protection solutions have in an official statement announced the launch of, what they refer to as an innovative electronic signing and strong authentication token-based device, called eToken 3500. The device, according to SafeNet aims at dealing with varied risks that are associated with online banking, these days, which include both dangers to the user’s identity and transaction details.

SafeNet eToken 3500

SafeNet eToken 3500 device, according to SafeNet uses an optical sensor, which will read the details of the financial transaction from the web browser. The device will then generate, what it calls a unique electronic signature, which will validate every transaction that goes through. The optical sensor in the device, not only helps in keeping a detailed note of the transaction, but also to negate the need of manually putting in details. This simplifies the entire process of electronic sign-in, since the chances of making an error reduce, significantly, adds SafeNet. 

More from News & Analysis

What is the US HIRE Bill and why is India’s $250-billion IT sector worried? Is the internet dead? What's this theory that OpenAI's Sam Altman says might be true?

Justifying the need of a technology, like this one, SafeNet adds, “The rising tide of cyber threats, as well as increased regulatory pressures, has necessitated a new approach to online transaction protection. Additional validation, to ensure that each transaction is authorized by a legitimate customer, can contribute significantly to reducing online banking fraud. By combining secure electronic transaction signing with one-time password (OTP) strong authentication, the SafeNet eToken 3500 eliminates the risk of transaction tampering, as well as forgotten, stolen, or hacked passwords, and mitigates the risk of identity theft. It also helps organizations comply with privacy and data protection regulations.”

To know how the eToken 3500 works, click here.