Belgium’s Belfius Bank has teamed up with OneSpan in an effort to deliver a better (and safer) customer experience for those using its mobile app. To that end, the bank has integrated OneSpan’s Mobile Security Suite (MSS) into the app to enable biometric authentication and to help gauge the level of risk associated with each transaction.
The Belfius app currently has around 1.5 million individual users. The Mobile Security Suite will allow those people to take advantage of the biometric sensors available on their smartphones, which is to say that users will be able log into their accounts and authorize transactions with a face or fingerprint recognition scan.
In addition to giving people access to the usual suite of banking services, the Belfius app gives users the ability to pay for third-party services like gas, bus tickets, and street parking. The bank decided to adopt OneSpan MSS in response to the growing number of mobile malware threats, citing a Kaspersky report that uncovered more than 150,000 new mobile banking trojans in the last six months of 2020 alone. MSS comes with risk analysis and Application Shielding to help detect suspicious interactions and prevent fraudulent activity.
“OneSpan’s technology supports our vision of delivering a secure app,” said Belfius Signing and Authentication Project Manager 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,” added 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.”
OneSpan has previously predicted that COVID-19 will generate more interest in face-based authentication technologies. Sony Bank and United Bulgarian Bank are some of the other financial institutions that have already deployed the company’s Mobile Security Suite.
May 28, 2021 – by Eric Weiss