STOCK TITAN

Top Belgian Bank Mitigates Mobile Banking Fraud with OneSpan Mobile Security

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

OneSpan (NASDAQ: OSPN) announced that Belfius Bank has integrated its Mobile Security Suite (MSS) into its mobile app, enhancing protection against cybercrime for 1.5 million users. MSS features biometric authentication and risk analysis to secure banking transactions. With the rise in mobile malware attacks, OneSpan's technology aims to improve app security without compromising user experience. Belfius focuses on customer satisfaction and offers a comprehensive financial app. OneSpan’s solutions are designed to combat digital fraud and comply with regulatory requirements, bolstering its status as a leader in securing digital banking.

Positive
  • Integration of Mobile Security Suite (MSS) enhances security for 1.5 million Belfius users.
  • MSS provides biometric authentication and risk analysis, improving user experience.
  • OneSpan’s technology addresses the rise in mobile malware attacks, ensuring app integrity.
Negative
  • None.

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Belfius Bank has integrated OneSpan Mobile Security Suite (MSS) into its mobile app to help protect its customers from the growing impact of cybercrime. OneSpan’s technology provides biometric authentication, risk analysis and other app security best practices behind the scenes to improve the experience of the bank’s 1.5 million mobile users.

Customer satisfaction is key for Belfius, which is why the bank developed an award-winning mobile application that goes beyond traditional banking. With its “super app,” Belfius provides customers with access to the bank’s financial services, as well as to third-party services such as cardless fueling, on-street parking and bus tickets. OneSpan helps protect transactions made through the app while delivering a hassle-free authentication process.

Mobile malware attacks increased in the latter half of 2020, with Kaspersky uncovering 156,710 new mobile banking trojans.1 MSS detects and mitigates these threats and related fraud, and helps ensure the integrity and protection of apps and data with application shielding. MSS also provides a mobile app security framework that allows Belfius to easily deploy new authentication and advanced security modules as needed and with minimal development.

“OneSpan’s technology supports our vision of delivering a secure app,” said Belfius Project Manager, Signing and Authentication, Jonas De Dobbeleer. “We have long used OneSpan’s hardware authentication devices and are incorporating OneSpan’s technology into our app to provide our customers with strong security without impacting the user experience.”

“Fraudsters are increasingly targeting the digital channel given pandemic-related adoption and changing consumer preferences,” said OneSpan CEO, Scott Clements. “Our mobile security suite is key to a bank’s ability to detect digital fraud by continuously monitoring and improving online and mobile app security in a way that is invisible to the consumer. Technologies like app shielding, biometric authentication and encrypted transaction signing enable financial services organizations to identify and fight fraud like man-in-the-middle attacks while maintaining trust and driving adoption.”

About Belfius

As an integrated bank-insurer with a local decision center close to the customer Belfius wants to be meaningful and inspiring for the Belgian economy and society. Belfius is and wants to remain a pioneer in mobile and digital financial services. The relentless focus on customer satisfaction underlies our strong results.

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. We make digital banking accessible, secure, easy and valuable. OneSpan’s Trusted Identity platform and 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, detecting fraud or securing financial transactions, OneSpan helps reduce 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.


1 https://securelist.com/mobile-malware-evolution-2020/101029/

FAQ

What is the significance of OneSpan's Mobile Security Suite for Belfius Bank?

OneSpan's Mobile Security Suite enhances security for Belfius Bank's mobile app, protecting against cybercrime for its 1.5 million users.

How does OneSpan's technology improve user experience for Belfius customers?

OneSpan’s technology ensures strong security through biometric authentication and risk analysis without compromising the user experience.

What recent cybercrime trends are relevant to OneSpan and Belfius Bank?

The rise in mobile malware attacks has highlighted the need for enhanced security solutions like OneSpan’s Mobile Security Suite.

How does OneSpan's MSS help combat digital fraud?

MSS continuously monitors for threats and employs technologies like app shielding and encrypted transaction signing to detect and mitigate fraud.

OneSpan Inc.

NASDAQ:OSPN

OSPN Rankings

OSPN Latest News

OSPN Stock Data

673.24M
35.56M
6.4%
93.87%
4.25%
Software - Infrastructure
Services-computer Integrated Systems Design
Link
United States of America
BOSTON