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Online & Mobile Banking

Raiffeisen, VASCO team up to boost online banking security

Tuesday 13 December 2016 | 12:05 PM CET

VASCO Data Security International has announced that Raiffeisen Switzerland has implemented VASCO’s CRONTO technology to secure its e-banking customer transactions.

CRONTO technology is often referred to as PhotoTAN in Switzerland and Germany.

Raiffeisen is deploying VASCO solutions to secure online banking among its 3.7 million customer base. Every year, Raiffeisen processes more than 100 million payment transactions via e-banking. The bank is replacing the matrix card it previously relied on for security.

VASCO’s CRONTO solution is an authentication and transaction signing solution that enables banks to effectively defend against hacking attacks. An encrypted bar code consisting of colored dots is displayed on the customer's PC screen. The customer uses the camera in their mobile phone or VASCO-built handheld device to capture this bar code which is instantly decoded to display the transaction details for user verification.

Users can choose whether they use a mobile app installed on their smartphone, or a hardware DIGIPASS device with CRONTO technology that has a built-in camera to scan the colored bar code.

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