Nikoil – Russia issued the following announcement on June 30.
URALSIB Bank has increased the security of Internet banking and mobile banking for legal entities, providing users of remote banking services with the possibility of mobile authentication and electronic signature PayControl.
The PayControl platform was developed by the Russian company SafeTech, a resident of the Skolkovo Foundation IT cluster.
The implementation of this solution in the Internet and mobile banking for legal entities provided URALSIB Bank customers with the opportunity to easily and safely make financial transactions on their smartphone:
without the use of additional devices (tokens or smart cards, password generators);
without manually entering payment details and confirmation codes;
without delays and cancellation of operations associated with the waiting or non-delivery of SMS messages and Push notifications;
one movement on the screen of the smartphone.
The main advantage of PayControl, in comparison with traditional methods of confirmation of payments (in particular, a one-time password in SMS or Push-notification), is that the transaction confirmation code is generated directly on the client’s mobile device. It is tied to the details of the transaction, and even its interception by fraudsters will not lead to the theft of funds from the account. Using PayControl allows you to effectively resist the most relevant attacks on customers: interception of one-time confirmation codes in SMS and Push, the use of malicious software on users’ computers and mobile devices.
Original source can be found here.