BM Bank and CS Company (Kharkov) implemented the OTP-token (One Time Password) – a device for an additional payments security – in the iFOBS internet-banking system for corporate clients.
The main task of the modern bank is to provide maximum protection to its client and his money. And this task should be solved by means of the high-end remote banking system. The number one remote banking system of today is the iFOBS internet-banking system. For better clients’ money protection JSC “BM Bank” jointly with the CS Company implemented the Ezio Lava – one-time passwords generator developed by Gemalto – the leading Swiss developer in the sphere of data security.
One-time password generator (OTP-token) – is a secure factor of the additional authentication. Together with a general digital signature it generates an additional security factor from the unauthorized payment operations performing under the authority of corporate bodies. Even if the intruder somehow seized keys and passwords from the digital signature the iFOBS system would require additional payment confirmation by means of one-time code. OTP-token that provides such one-time codes is a small device performed in the form of the trinket or calculator is always carried by the user and needs no Internet-access. So intruders won’t be able to read off data from the digital signature. Password generated by such device is valid only once during 30 seconds, so it is absolutely impossible to tap it and use twice. There are also tokens that generate passwords for the concrete payment by using its key details.
Bank clients who were connected to the new authentication device didn’t have any discomfort because they were provided with ready for use devices.
The joint work of the CS Company, JSC “BM Bank” and the NGT Group enabled bank’s clients to perform financial operations by means of the iFOBS internet-banking system with comfort and security.
Viktor Razhev, IT-director of the BM Bank:
It is extremely important to work with reliable professional partners in projects that require heightened attention to the security. The CS Company together with representatives of the Gemalto met all obligations efficiently and within the time limit.
About BM Bank
BM Bank Ltd. (NBU License #223 dtd 03.02.2006) is Ukrainian subsidiary of one of the big-gest Russian banks – “Bank of Moscow”. BM Bank provides a wide list of services: good de-posit programs, payment transactions, transfer of money, etc. Now BM Bank services more than 54 thousands of clients.
