Tag: mobile payments security

Visual tool by Cronto to be used to help to protect consumers against Trojan malware infections.

Commerzbank has announced that it is using a new visual mobile security transaction signature tool from Cronto, a firm from the United Kingdom, in order to provide greater protection to its consumers banking online and through smartphones and tablets.

The protection is specifically geared toward preventing infections Trojan viruses.

The mobile security solution applies what is called CrontoSign technology, which is being implemented under the brand name photoTan. This will replace the current iTAN solution that is currently in place and which requires a unique number for the authorization of each transaction. By using photoTAN, instead, users are capable of performing verification of payments through the use of an app or a standalone gadget that uses a TAN authorization code to provide a digital signature for the transaction.

Commerzbank and Cronto have been working together for online and mobile security since 2008.

According to the Cronto chief executive, Igor Drokov, “We have worked closely with Commerzbank who helped to develop the CrontoSign visiual transaction signing technology from innovative ideas to the product ready to serve the needs of millions of banking customers.”

Last month, Juniper Research, the telecoms research firm, released a prediction that the adoption of smartphone banking services would break the one billion mark by 2017. That said, there were also a number of different hurdles to this uptake that were identified. Among them were concerns regarding mobile security following a number of reported events in terms of financial crimes that occurred involving consumers using smartphones and tablets.

This type of mobile security breach has created a lingering threat to the confidence consumers hold in the entire industry. For instance Check Point and Verisafe security venors reported the “Eurograbber” attack in November 2012 which utilized malware in order to break through PC and mobile security in order to target users and carry out transfers that were sent automatically and that ranged from €500 to €250,000.

That malware involved a Zeus Trojan bot attack called Zitmo, which infected smartphones and computers to compromise their mobile security, enabling hackers to receive and steal bank SMS messages to customers.

However, this new mobile security agreement between Commerzbank and Cronto is designed to overcome that type of attack so that it need not concern consumers who bank online.

The British authority will enable smartphone and tablet funds transfers among all bank accounts.

The Payments Council in the United Kingdom has announced that the launch of its mobile payments service in 2014 will enable funds transfers among all bank accounts in the country.

Support has already been expressed by Barclays Bank, which will be taking part in the movement.

Barclays Bank has stated that it is in favor of mobile payments, but it will not be alone in providing the service. According to the Payments Council, by the spring of 2014, it will have made it possible for 90 percent of British banks to offer this type of smartphone friendly service.

Customers at Barclays are already using mobile payments through the Pingit app.

This application allows smartphone users to be able to make payments to any bank account in the United Kingdom, provided that the smartphone number of the recipient is on the contact list of the sender.

There are currently eight financial institutions – comprising 90 percent of the current bank accounts in the United Kingdom – which have already made their commitment to offering the new mobile payments service as of the spring of next year. It is expected that they will soon be joined by additional banking institutions, as well. Among those that have already signed up are Barclays, Danske Bank, RBS, HSBC, Cumberland Building Society, Lloyds Banking Group, Metro Bank, and Santander.

There has already been a tremendous adoption of the Pingit app, as the first five days following its release saw over 120,000 downloads. Responding to the considerable demand for using mobile payments, Barclays found itself lowering the minimum age of use from 18 years old, to 16 years old. At the same time, it also increased the transaction value limit.

The Payments Council CEO, Adrian Kamellard, said that “The mobile payments project is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers.” He went on to explain that the newly offered service will provide consumers with a convenient and secure way for sending money to a friend, splitting the bill at a restaurant, or paying a contractor without having to share any bank account details other than a telephone number.