BankID is upgrading its app security through a new partnership with OneSpan. The latter will be supplying BankID with its Mobile Security Suite, which monitors financial transactions to help spot potentially fraudulent activity.
The BankID mobile app is a digital ID that is widely used throughout Norway. The platform has the backing of the Norwegian government and all of the country’s major banks, which means that the digital ID can be used as proof of identity when gaining access to government services, and to authorize financial transactions in a range of different settings. It can also be used to access financial apps, and to generate legally binding e-signatures on official documents.
OneSpan’s Security Suite will analyze those transactions to make sure that the business being conducted is legitimate. The Suite comes with OneSpan’s Application Shielding tech, and will be supplemented with the company’s Cloud Authentication solution, which offers additional support for face and fingerprint biometrics. BankID is hoping that the features will enable a better user experience as it looks to expand into other regions.
“Innovation, flexibility and user convenience are part of Norway’s DNA as one of the most digitized countries in the world,” said BankID Business Development Manager Jan Bjerved. “OneSpan’s strong expertise in the financial sector and its extensive mobile security capabilities have been important in this large modernization project.”
“We support their vision and execution of a secure digital identity,” added OneSpan Interim President and CEO Steven Worth. “OneSpan’s digital identity and anti-fraud solutions enable financial services providers to deliver secure and trusted experiences while minimizing friction, mitigating fraud, and reducing operational costs.”
The news comes shortly after Entersekt announced that it would be offering support for the BankID platform to allow people to use their IDs to verify their identities in web browsers and mobile apps. OneSpan, meanwhile, has previously delivered its Mobile Security Suite to multiple financial institutions. Belfius Bank, Sony Bank, and Avaloq are some of the customers that the company has signed in the past few years.