Russian lender VTB24 has selected Gemalto’s eBanking mobile secure app to improve security of transactions.
The technology vendor said that its Ezio Mobile Protector smartphone-based app generates One Time Passwords (OTPs) to validate remote banking transactions via a convenient application running on the mobile device of customers.
Gemalto said that the solution’s local OTP generation and multiple security layers will offer protection against cyber attacks including SIM swap and SMS malware.
The bank will also be able to implement additional features within the solution such as QR codes and biometric authentication.
In addition, the solution will phase out costs related to SMS and push messages and help the bank increase the limits of transactions performed online or mobile banking for its customers.
The solution works in offline mode as well and without cellular coverage or internet connection.
To access the service, customers of the bank have to install an app on their existing Android, iOS, Windows Phone smartphone or tablet and register it through VTB24-Online banking system.
VTB24 head of remote banking services department Elena Degteva said: "We have a long-standing and trusted partnership with Gemalto, and their strong local presence has played a key role in ensuring deployment of this new service. Ezio Mobile Protector also offers us a clear roadmap to deliver further innovation for our customers."