HID Global, a leading provider of secure identity solutions, today announced with support from its partner Temenos, to drive adoption of next generation banking solutions in the Middle East. HID Global and Temenos are hosting an insightful event for financial institutions investing in banking system modernization to enable secure online and mobile financial services with confidence. It will be held in Dubai on 20th January 2014, at the World Trade Centre, Sheikh Zayed Road.
Financial institutions in the Middle East are experiencing an outbreak of sophisticated online attacks from international cyber criminals targeting banking transactions, in more recent cases using a surveillance virus, such as Gauss that eavesdrops on financial transactions.
These attacks have resulted in millions of dollars being stolen from banks in the region and even greater negative impact on the reputation of the affected banks. Cyber criminals are now specifically targeting Middle Eastern financial institutions because of the perceived combination of high liquidity and a relatively underdeveloped IT security environment that exposes banks to increasing unforeseen cyber vulnerabilities.
The event will focus on the following:
- Deploying innovative, cost-effective banking solutions to support a multi-channel security strategy
- Launching mobile and internet banking financial services with trust and confidence
- Learning about the latest advances to mitigate against malware and other advanced attacks including spear phishing, pharming, DNS poisoning, Man-In-The-Middle (MITM), Man-In-The-Browser (MITB), SMS and mobile malware
- Complying with increased bank security guidelines responding to evolving threat landscape
“HID Global, along with Temenos, is contributing to the concerted cybercrime response needed by today’s financial institutions in the Middle East”, said Christy Serrato, solutions marketing, financial services, at HID Global. “We are fuelling the tide of change with our next generation secure online and mobile banking solutions.”
Through its forward-looking Identity Assurance portfolio, HID Global is driving adoption of layered authentication as part of a cost-effective security strategy for protecting online and mobile transactions from anywhere, and from any device, more frequently than ever before. Attendees will get introduced to ‘the Most Innovative Security Product’ for Retail Banking, as recognised by the European Banking Forum, based on HID Global’s ActivID® Online Banking Solution.
HID Global’s ActivID authentication offering for Secure Online and Mobile Banking promotes five critical layers for true, multi-factor authentication to enable trusted online transactions:
- strong two or three-factor user authentication;
- advanced device authentication;
- browser malware protection;
- transaction-level verification/digital signing; and
- mutual authentication with the bank application.
This multi-layered approach enables institutions to conveniently layer online fraud protection with secure access to online services and cloud-based applications. HID Global’s unified approach is delivered via an integrated authentication platform so organizations can easily manage credentials across a broad range of users and device types, while delivering consistent yet convenient protection to combat the latest fraud concerns that financial institutions are facing worldwide.
ActivID Authentication Appliance is designed to offer a unified, integrated authentication platform that delivers operational cost-efficiencies including centralized security control for multi-channel banking environments. It allows for intuitive management of credentials across a broad range of users and device types, while delivering risk-appropriate protection.
Financial institutions can mitigate fraudulent activity effectively across all channels, in real-time, with HID Global’s ActivID Threat Detection Service that is integrated into ActivID Authentication Appliance. The solution is recognized for both foundationally sound and forward-looking capabilities that support external authentication credentials and flexibility for banks with different implementation needs or multiple legacy systems.
