OneSpan Helps Protect Four Million Norwegians from Financial Fraud with Cloud Authentication and Mobile Security

Rhea-AI Summary

OneSpan (NASDAQ: OSPN) has been selected by BankID to secure Norway’s digital identity through cloud-based authentication and anti-fraud solutions. This partnership aims to enhance the user experience and bolster security for the widely utilized BankID mobile application. The integration of OneSpan’s Mobile Security Suite, Application Shielding, and Cloud Authentication will protect users and improve scalability. BankID is crucial for secure online transactions, and this modernization reflects Norway's commitment to digital innovation.

Positive

• Strategic partnership with BankID enhances OneSpan's market presence in Norway.
• Implementation of advanced security solutions improves user experience and app security.
• Partnership aligns with Norway's innovative digital identity initiatives, potentially expanding OneSpan's client base.

Negative

• None.

BankID has chosen OneSpan as a strategic partner to help secure Norway’s digital identity

CHICAGO & OSLO, Norway--(BUSINESS WIRE)-- OneSpan™ (NASDAQ: OSPN), the global leader in digital banking transaction security and e-signatures, today announced that BankID has implemented cloud authentication and anti-fraud solutions from OneSpan to improve the customer experience and help secure one of the most widely used applications in Norway.

BankID is a personal electronic ID in a mobile app backed by both Norway’s government and all Norwegian banks, used to secure citizen identities and complete transactions online. Norwegian adults use the BankID app to safely access banking apps and to view and sign transactions, including taxes and legally binding documents, for public digital services and enterprises in a wide range of sectors.

Recently, BankID modernized its mobile app by integrating with OneSpan’s Mobile Security Suite along with Application Shielding and Cloud Authentication. These solutions authenticate users, protect the app against an increasing number of mobile threats and fraudulent activity, and improve the experience for the country’s citizens. Through its cloud solutions, OneSpan provides BankID with a flexible environment while helping the bank improve security and increase scalability.

“Innovation, flexibility and user convenience are part of Norway’s DNA as one of the most digitized countries in the world,” said Jan Bjerved, Business Development Manager at BankID. “OneSpan’s strong expertise in the financial sector and its extensive mobile security capabilities have been important in this large modernization project. We’re looking forward to deploying our national identity scheme across other regions.”

“We have had a strong partnership with BankID in Norway and now more than ever support their vision and execution of a secure digital identity,” said OneSpan Interim President & CEO, Steven Worth. “OneSpan’s digital identity and anti-fraud solutions enable financial services providers to deliver secure and trusted experiences while minimizing friction, mitigating fraud, and reducing operational costs.”

About BankID

BankID is a personal and simple electronic ID for secure identification and signing online. BankID is used by all the banks in Norway and can be used by all organizations and enterprises that are looking for secure and simple identification online. BankID Norway was established in 2004. In July 2018, BankID, Vipps and BankAxept merged to offer better and broader services to our customers and partners. BankID is now owned by Vipps, a mobile payment solutions company. To learn more, visit http://www.bankid.no.

About OneSpan

OneSpan helps protect the world from digital fraud by establishing trust in people’s identities, the devices they use and the transactions they execute. OneSpan’s security solutions significantly reduce digital transaction fraud and enable regulatory compliance for more than half of the top 100 global banks and thousands of financial institutions around the world. Whether automating agreements with identity verification and e-signatures, reducing fraud using advanced analytics, or transparently securing financial transactions, OneSpan helps lower costs and accelerate customer acquisition while improving the user experience. Learn more at onespan.com.

Copyright© 2021 OneSpan North America Inc., all rights reserved. OneSpan™ is a registered or unregistered trademark of OneSpan North America Inc. or its affiliates in the U.S. and other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210908005501/en/

Frauke De Graeve

Public Relations Manager

OneSpan

+32 497 14 80 47

frauke.degraeve@onespan.com

Sarah Hanel

Senior Director of Global Corporate Communications

OneSpan

+1-312-871-1729

sarah.hanel@onespan.com

Source: OneSpan

FAQ

What is the recent partnership announced between OneSpan and BankID?

OneSpan has partnered with BankID to enhance digital identity security in Norway through cloud authentication and anti-fraud solutions.

How will OneSpan's solutions improve the BankID app?

OneSpan's solutions, including the Mobile Security Suite and Cloud Authentication, will enhance user authentication, app security, and scalability.

What is BankID and its significance in Norway?

BankID is a widely used electronic identification app in Norway, crucial for secure online transactions, backed by the government and banks.

What does the partnership mean for OneSpan's business outlook?

The partnership strengthens OneSpan's position in the digital security market and aligns it with innovative developments in Norway's identity scheme.