Metrobank, a private bank in the Philippines, has selected IBM to integrate and implement an advanced security services for its Metrobankdirect, an internet banking facility.
The agreement, signed in November 2008, will see IBM internet security systems deploy the two-factor authentication (2FA) security system by which the user provides a second means of identification in order to obtain access to Metrobank’s online banking facility, according to IBM. VASCO’s authentication token system and Data Security Systems services and token management systems are integrated for the implementation of this project.
Before the security upgrade, Metrobankdirect used single factor-authentication whereby a user is required to enter a customer ID and password to prove the user’s real identity. The 2FA is expected to enhance the authentication process by requiring a second means of identification through a security token thereby protecting clients against evolving online banking threats, said IBM.
James Velasquez, country general manager of IBM Philippines, said: Account fraud and identity theft are frequently the result of exploitation of single-factor authentication. With the 2FA security process, we’re securing the bank’s assets, minimizing fraudulent transactions and reducing the exposure to online fraud caused by offline phishing attacks and other offline/online credential stealing threats.
