Rabobank is using Vasco Data Security technology to create a new QR code security system for online banking transactions.
The Rabo Scanner utilizes a next generation QR code which is a color cryptographic matrix displayed on the customer’s tablet, smartphone or PC screen. During an online banking transaction, the customer uses a VASCO card reader with an embedded camera and colour display to capture the QR code from the screen of their device.
The allows the customer to see the details of what the bank believes the customer has requested, specifically the amount of the transaction and the payee.
This information is encrypted in the high definition QR-code and cannot be altered or replicated by a hacker. Rabobank intends the CrontoSigh technology to mediate the increasing risk of banking malware and Man-in-the-Middle attacks, and provides the customer and the bank an assurance that the payment instructions have not been altered.
“We are constantly looking for new methods to provide our customers with the convenience of conducting online banking transactions with simplicity and safety,” said Marielle Lichtenberg, Head of Marketing Personal & Private Banking at Rabobank.
Vasco acquired Cronto last year, implementing the CrontoSign technology in their Vasco Digipass Authenticator.
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