Taiwan’s Cathay United Bank (CUB) has a new digital authentication solution, thanks to Gemalto. The latter has provided the bank with its Ezio Mobile Suite, allowing users to access their accounts through any device via mobile authentication.
The system essentially turns users’ phones into a second factor of authentication, using one-time passwords and authentication signatures via a user’s smartphone to enable authentication via laptop, tablet, or, of course, the smartphone itself. In a nation that saw smartphone penetration of 88 percent last year, it’s a solution that should help to make authentication more secure and easier for CUB’s digital banking customers, and it also helps to bring the bank into compliance with new regulations requiring two-factor authentication.
As Gemalto’s President for Greater China and Korea, Suzanne Tong-Li, explained in a statement announcing the move, “Consumers are increasingly moving towards mobile banking, with smartphone as the key device in their possession.” Indeed, other banks around the world are allowing increasingly sensitive transactions to be performed via their mobile apps thanks to more secure authentication mechanisms such as fingerprint-based authentication. Gemalto’s solution, while not biometric, leverages the 2FA concept to enable login across the full breadth of digital banking devices, a functionality that many CUB customers will likely appreciate.