Member Article

Sumitomo Mitsui Banking Corporation Selects VASCO DIGIPASS for Apps

~~One of Japan’s largest banks has expanded its use of VASCO Authentication Solutions to reduce fraud and enhance customer convenience. Mitsui Banking Corporation (SMBC) will provide its online retail banking customers with a highly-secure mobile banking solution for their smartphones developed with VASCO’s DIGIPASS for Apps. VASCO Data Security International is recognized as a global leader in authentication, electronic signatures, and identity management.

This announcement marks the bank’s third major implementation of an authentication solution. Initially, Sumitomo Mitsui Banking Corporation introduced a One Time Password (OTP) solution based on matrix authentication to their SMBC Direct retail internet banking services. Later, in 2013, SMBC implemented VASCO DIGIPASS 275 hardware authenticators for additional security. To date, SMBC has experienced a rapid increase in the number of transactions conducted via smartphones and now SMBC customers are now able to select either a hardware or a phone-based software authenticator.

VASCO’s DIGIPASS for Apps is a comprehensive library of security solutions for mobile applications that natively integrates application security, two-factor authentication and electronic signing - among other features - into a bank’s mobile applications.

Hirohito Yokoyama, Head of System & Operation Development Group, Retail Marketing Department, Retail Banking Unit, stated that: “For clarity of two-factor authentication, an application had to be provided separately from the existing banking application.” He added: “It was challenging, because separating applications may affect the customer’s usability. However, because of DIGIPASS for Apps, we were able to make both applications user-friendly with attention to details, using for instance, smooth app-to-app communications.”

“Foreign hackers have been targeting Japanese bank accounts in record numbers using sophisticated phishing attacks and malware,” stated Jan Valcke, President and COO of VASCO. “With DIGIPASS for Apps, we provide a mobile solution that protects the bank’s customers against cyberthieves’ newest and most innovative attacks.”

Today, Sumitomo Mitsui Banking Corporation is one of the largest financial institutes in the world. It has more than 1,924 branches in Japan and more than 39 affiliate companies worldwide. SMBC is a core company of Sumitomo Mitsui Financial Group that offers retail banking, corporate banking (EB “SMAR&TS”) and investment banking, securities, consumer finance, leasing business, ITC etc. SMBC received the award of “Global Bank of the Year 2012” by PFI (Project Finance International).

VASCO is an established leader too in providing two-factor authentication and digital signature solutions to financial institutions. Many of the top 100 global banks rely on VASCO solutions to enhance security, protect mobile applications and meet regulatory requirements, while VASCO also secures access to data and applications in enterprise environments. It also provides tools for application developers to easily integrate security functions into their web-based and mobile applications.

This was posted in Bdaily's Members' News section by Pete Jackson .