Rolls out CRYPTOCard’s 2FA Authentication technology with help of Bulwark Technologies
Mashreq Bank, one of the largest banks in the United Arab Emirates (UAE), has implemented a 2 Factor Authentication solution called CRYPTO-Shield 2 FA from CRYPTOCard for its corporate customers, which provides high levels of security for online access with a simple user experience. Bulwark Technologies, IT Security specialist and regional distributor of CRYPTOCard facilitated the deployment of CRYPTOCard tokens at Mashreq Bank.
Commenting on the implementation, Ms. Yasmeen Javaid, Divisional Manager for Transactional Banking, Mashreq Bank said, “The Middle Eastern population has historically had a distrust of online security methods, such as keying in passwords into a web browser. However there has been a growing demand for online banking functionality that has brought a need to overcome this security hurdle. In the Middle East the banking sector is flourishing and highly competitive, and Mashreq’s corporate clients expect the latest innovations. Mashreq needed to provide a trustworthy ebanking security solution. The bank had trialed 2FA for a year, but customers experienced problems with synchronization and timing-out. Additionally, the administration burden had been greater than anticipated. We required a more reliable solution that would easily integrate into our internal processes and most importantly, meet our customer satisfaction goals. CRYPTOCard technology filled this need perfectly”.
Mashreq opted for the server-based CRYPTO-Shield 2FA with long-life hardware tokens, which did not expire and have a long battery life. Each customer is assigned a hardware token, which has a unique ID and barcode, against which the bank uses its software to set financial limits for these customers. The tokens are dispatched from Mashreq by person-to-person delivery in tamper-proof packages. Each customer presents valid identification and signs for the package, verifying it has not been compromised, Mashreq then checks the delivery signature and customer ID before activating the online banking service. Mashreq’s customers have faith in the system since the unique password that the token algorithm creates is highly secure and the hardware is both robust and reliable.
The CRYPTOCard hardware tokens carry Mashreq’s corporate branding. The technology is – and is perceived to be – a high tech and functional tool by Mashreq’s customers. Mashreq has taken this a step further by issuing the tokens in branded leather wallets, which makes them a suitable item for even the highest level customers to carry.
CRYPTO-Shield is a complete authentication solution that consists of a suite of applications designed for implementing and operating strong passwords using two factor authentication enabling efficient password validation. CRYPTO-Shield provides everything that is required for securing Remote Access, Domain and Desktop Logon or Web Portal access with two-factor authentication. It offers a low total cost of ownership, simplicity, flexibility, higher security and excellent levels of user satisfaction.
CRYPTOCard’s continual innovation has allowed Mashreq to keep ahead of customer service requirements. These requirements include internal financial requirements, such as auditing, reporting and workflow automation, allowing the bank to scale its online solutions in line with frequently changing requirements, and in a secure manner. “By the time we have identified a new requirement from our 2FA solution, CRYPTOCard has already plugged it”, added Ms. Javaid.
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