The software operates via the customer’s own mobile phone using a challenge and response mechanism in which the customer will have to confirm both the account number and transaction amount before proceeding.

Jukka Riivari, CEO of Meridea explained, Our 2FA security solution gives real added-value to both banks and their customers. For banks, it combines the manageability of out-of-band or offline authentication mechanisms with the security normally associated with a hardware token.

For the customer, it is simple, intuitive and provides real peace of mind as they can be sure that what they believe they have authorized is exactly what’s going to happen, added Mr Riivari. We call this ‘Intelligent Authentication’.