Volkswagen Bank chooses OneSpan for cybersecurity
US-based cybersecurity company OneSpan has formed a deal with Volkswagen Bank, a subsidiary of car manufacture Volkswagen AG.
The partnership will see Volkswagen use OneSpan’s mobile application security to protect its financial transactions and secure compliance with the Second Payments Services Directive (PSD2).
OneSpan, which works with half of the top 100 global banks, has created a bespoke mobile authentication app for Volkswagen called PhotoTAN-App, which is used to sign transactions initiated either online or via a mobile device.
The well-established cybersecurity company is also offering its Cronto technology to the bank, which will enable them to comply with the PSD2 authentication and dynamic linking requirements.
“With PSD2 coming into effect in September, our customers have been turning to us for expertise and innovative solutions,” says OneSpan’s senior vice-president of global sales, Dan Dica.
He adds: “Cronto is a unique technology available in the market in that it combines security and support for regulatory compliance with a seamless customer experience. This combination is important.”
OneSpan’s Cronto solution is a visual transaction signing solution. It uses a graphical cryptogram made up of coloured dots to encrypt transaction details, which can only be read by a trusted device.
By establishing a secure connection between the device and the bank, the solution prevents counter account takeovers and banking Trojans such as man-in-the-browser attacks.
Volkswagen Bank, who boasted a balance sheet in December 2018 of €83 billion, acknowledge the “rapidly changing” financial landscape which has prompted the bank to address higher customer demands, the move to mobile and new regulations.