Transaction security solutions provider ValidSoft has announced that another financial institution has adopted the company’s Device Trust solution. The bank must go unnamed for security reasons, but the company says it’s a “major” UK bank.
ValidSoft offers authentication solutions for financial institutions, the enterprise sector, and governments, employing a range of security measures including voice biometrics. In the case of Device Trust, the system is designed primarily to thwart fraudsters’ attempts to redirect mobile communications in order to get around Out-of-Band security systems. The company says the system can also be used to protect communications channels from SIM swap, account takeover, and fraud related to international roaming.
As more sensitive data goes online, and more banking is done via mobile devices, financial institutions have increasingly found it necessary to step up their security apparatuses. Just last week, for example, the Royal Bank of Scotland announced it would embrace the fingerprint-scanning security of the TouchID systems found on Apple’s popular mobile devices. Meanwhile, many other banks have looked to voice recognition technology to secure the day-to-day transactions that are done over the phone.
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