Pune, June 3 (ANI-Business wire India): Uniken India's innovation centre here is in the process of implementing a secure internet banking solution, powered by its patented and cutting-edge Rel-ID? technology, for Bank of India's online retail banking customers.
Sameer J. Ratolikar, Chief Information Security Officer, Risk Management Department, Bank of India, said:"Cyber attacks are getting more sophisticated by the day and frauds related to internet banking and online payment transactions are on the rise across the world."
"While we continue to educate our customers about what precautions to take, Bank of India wanted to implement an IT solution that could empower our customers to protect their own identity online and be able to do banking safely from any computing device without worrying about security," he added.
"Today, two-factor authentication is not enough - the customer should also be given some means to authenticate their bank's website in order to stop the phishing attacks. In fact, the ideal security solution should protect the customer from all known threats and allow him/her to bank even from an unsecure PC", said Nanjundeashwar Ganapathy, Chief Technology Officer, Uniken.
He added: "Rel-ID? protects customers from internet fraud and identity theft by setting up a secure communication channel between the users' PC and the banks' servers, and provides a secure browser with secure desktop, that can protect the customers against phishing, pharming, Man-in-the-Middle, Man-in-the-Browser attacks, spyware, malware, key-loggers, screen-scrapers, Trojans and so on".
Uniken's secure banking solution - TruBank?, based on two-factor, mutual authentication at the network level, was subsequently deployed by Bank of India and system-integrated by HP.
Dr. Pat Shankar, Chief Scientist, Uniken and advisor to US Dept. of Defense elaborates on this disruptive technology.
He said: "We do protocol-level authentication of both the customer and his access device before providing access to the bank's servers. An encrypted private tunnel (over and above the SSL channel) is then established over which all the data can then be securely transmitted. The Rel-ID? Mutual Authentication and Encryption Protocol (RMAP) ensures that the customer only connects to the Bank and nobody else, much like an on-demand private network. And this solution complies with most of the compliance requirements issued by various regulatory agencies across the world".
Bank of India recently initiated the deployment of this technology in phases, and thousands of customers all across India have been successfully migrated to this new solution.
Once complete, chances are that such a large-scale implementation of this cutting-edge technology might be a pioneering and game-changing event in the industry.
"Staying ahead of the technology curve is critical today when it comes to providing security. As attacks become more sophisticated by the day, innovative solutions and the end users' eager acceptance will be the key to success - something that had been the norm in the developed economies can now be seen in the Indian scenario," concluded Sanjay Deshpande, Chief Innovation Officer, Uniken.
Uniken is a product and technology innovation company having significant expertise in the areas of embedded systems, internet security and biometrics.
Started in 2003 by senior professionals from Infosys, GE, TCS and Motorola, it has a team of more than 70 product designers and engineers, technologists and researchers working out of corporate and innovations offices in Florida and Pune respectively. (ANI)