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Commerzbank, Cronto to launch photoTAN for online banking transactions

Wednesday 6 February 2013 08:44 CET | News

German financial institution Commerzbank and UK-based secure visual transaction authentication services provider Cronto have teamed up for photoTAN, the visual transaction signing solution for online banking transactions.

The CrontoSign solution is aimed at protecting customers from attacks poised by Trojan malware specifically targeting online banking. The CrontoSign solution is offered to the Commerzbank customers under the photoTAN brand taking over from iTAN, the previous security solution, where a unique number is used to authorise each banking operation. With photoTAN, the customers will be able to verify the payment with a mobile App or a standalone device before using a unique authorisation code (TAN) to sign the transaction.

According to Frank Annuscheit, Member of the Commerzbank Board of Managing Directors and Chief Operating Officer, cited by online media outlet BusinessWire, the photoTAN deployment was an important security project in the bank delivering technology to 11 million retail banking customers. Cronto and Commerzbank have been collaborating since 2008 for the CrontoSign solution.

In recent news, Cronto has introduced the CrontoSign optical device for online banking, which uses a large 1.7” colour TFT display allowing banking customers to review all transaction details on the same screen.
 


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Keywords: Commerzbank, Cronto, online fraud, online banking, photoTAN, CrontoSign solution, UK, Germany
Categories: Fraud & Financial Crime
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Countries: World
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Fraud & Financial Crime






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