OneSpan has found a new client for its mobile security services. The company has announced that the United Bulgarian Bank is now using both Cronto and its Mobile Security Suite to safeguard its six-month-old mobile banking app.
“We want to improve and expand the use of our digital channels, especially mobile,” said Iliyana Voynova, the Head of Digital Channels Development and Support for UBB. “Thanks to OneSpan, our users can benefit from easy-to-use security, while the bank meets regulatory compliance requirements.”
The regulatory requirements in question are the PSD2 standards that are set to take effect in September. PSD2 will demand strong customer authentication and a secure link between the bank and a customer’s mobile device. The former will be provided courtesy of the biometric features in OneSpan’s Mobile Security Suite, while the latter will come via the graphical cryptogram tech in Cronto.
“As the banking environment continues to evolve, so too do the ways customers interact with their banks,” added Dan Dica, OneSpan’s Senior VP of Global Sales. “As a result, banks are prioritizing the mobile channel, which requires a different approach to security.”
OneSpan has been vocal about the need for better security in the financial sector in recent months. A new report highlighted the industry’s overreliance on passwords, while OneSpan’s mobile biometric solutions were named Best in Class at Javelin’s 2018 Mobile Biometrics Platform Awards.