US-based ActivIdentity, a provider of authentication and credential management services, has signed a contract with the Co-operative Financial Services, part of The Co-operative Group, based in the UK, to secure authenticated online transactions.
By deploying the latest version of ActivIdentity 4TRESS Authentication Server, an authentication platform, Co-operative Financial Services (CFS) is securing for its online banking customers a higher level of security to conduct transactions, said ActivIdentity.
According to ActivIdentity, its authentication server secures money transfers, account updates and the addition of new payees. CFS’s retail customers use their bank issued debit or credit cards to generate one-time-passwords for authentication and transaction signing.
By replacing static passwords with 4TRESS strong authentication the bank is further protecting customer data with industry standard Europay, MasterCard, Visa (EMV) security embedded on every debit and credit card issued by the bank, according to ActivIdentity.
Tony Britten, director of financial crime management at CFS, said: ActivIdentity’s expertise, efficient support for EMV CAP (chip authentication program) authentication and the ability to use the same authentication infrastructure for multiple business units were key reasons behind our decision to appoint them.
ActivIdentity Corporation is engaged in authentication and credential management, providing services to establish a person’s identity when interacting digitally. The company’s experience has been leveraged by security-minded organizations such as the U.S. Department of Defense, Nissan, and Saudi Aramco, claims the company.