July 19, 2021
Despite banks investing countless resources to counter cybercriminals, social engineering attacks and phishing schemes are still rampant. However, with OneSpan’s Cronto transaction signing solution, banks can not only mitigate fraud risks but also boost user experience. In a  new blog post , OneSpan highlighted the use cases of its Cronto technology, adding that it goes beyond transaction authorisation. The Cronto visual transaction signing solution has been predominantly used to enable banks to secure financial transactions with minimal friction. The entire process of scanning a code, verifying transaction details, and signing the transaction is completed within seconds. Using Cronto technology allows banks to serve their entire customer base – regardless of the customers’ preference for a mobile or hardware token. The solution provides a consistent user experience for every single customer, regardless of the channel they use, without adding additional authentication friction to the user experience. The company added that one of the key features of Cronto is that it is a passwordless solution that combines high security with a convenient user experience. It detailed, “Your users will no longer need to type a username, password, or challenge. You simply scan the Cronto image with your mobile or Cronto hardware authenticator.”
Users can authorise a transaction without having to manually add transaction details by scanning the Cronto image and verifying the transaction details. A visual cryptogram authentication code, similar in some ways to a QR code, is then generated on the user’s mobile device in real-time and passed back to the bank’s server to complete the transaction. Apart from the benefits of a passwordless logon and transaction signing flow, Cronto’s technology can also be deployed to allow you to withdraw cash without using a card. A user would simply open their app, select the account and the amount of withdrawal. On the ATM screen, a Cronto image will be generated, containing the details of the transaction. The user then scans this Cronto image, approves their request via the preferred authentication method such as mobile biometry or PIN entry, and after the mobile app sends the transaction confirmation code back to the bank, the ATM dispenses cash. Another challenge is receiving PIN codes for credit and debit cards through unsafe means such as SMS and email which can be easily intercepted. Solving this pain point, OneSpan’s encrypted Cronto image can be used to deliver PIN where only the intended user will be able to scan and read the new PIN. Banks can also choose to deliver the encrypted PIN via their online banking channel or email, thus eliminating the additional costs related to hardcopy PIN mailers. The blog concluded, “The above use cases demonstrate that Cronto is a fit for any financial institution looking for a secure, user convenient, PSD2 compliant, and cost-efficient authentication and transaction authorization solution.”

How OneSpan’s fraud prevention software can help FIs beyond transaction authorisation

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Digital identities and e-signatures provider OpenSpan announced that Swedbank has selected and has started the distribution of its Cronto solution in a bid to facilitate the protection of accounts and online transactions during social engineering attacks. OneSpan’s solution assists banks in preventing such attacks through the utilisation of a visual transaction signing solution that encrypts transaction details. “We continuously evaluate, refine and update our IT solutions in parallel with technology development, to provide our customers with banking solutions and services that deliver a smooth and secure customer experience,” said Swedbank Information Security Manager, Peter Lundin. “OneSpan is a great partner to deliver on our goals given the company’s proven track record within the financial industry and its future-forward Cronto technology.”
According to the supplier, Cronto is expected to improve the bank’s customer experience in terms of login and transactions., wherein customers will be allowed to scan and enter a six-digit code for signing transactions. The solution is also expected to assist the bank in achieving PSD2 authentication compliance. “Banks face a threat landscape that continues to evolve with social engineering enduring as a popular technique,” said OneSpan CEO, Scott Clements. “Financial institutions like Swedbank are working with OneSpan and choosing our innovative technologies to prevent attacks while addressing regulatory compliance requirements.”
Recently, OneSpan announced that its Cronto technology has been deployed by Poland-based Bank Millenium to improve the customer experience for its corporate banking users. By Megha Bhattacharya
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Swedbank selects OneSpan’s Cronto to protect against security attacks

| Source: OneSpan Inc.
CHICAGO and STOCKHOLM, Sweden, Nov.  26, 2019  (GLOBE NEWSWIRE) -- OneSpan™ (NASDAQ: OSPN), a global leader in software for trusted identities, e-signatures and secure transactions, today announced that Swedbank has begun distributing OneSpan’s Cronto® solution to one million of its customers to help protect account access and online transactions from social engineering attacks while improving the customer experience. Social engineering attacks continue to rise worldwide1, requiring banks to find ways to future-proof online and mobile banking against ever-evolving trojan or man-in-the-browser attacks. A growing number of European banks are stopping social engineering attacks using OneSpan’s Cronto solution. Delivered either via hardware or a mobile app, Cronto helps banks prevent social engineering attacks using a patented visual transaction signing solution that encrypts the transaction details and prevents transaction details from being changed by hackers. Cronto improves Swedbank’s login and transaction signing experience, allowing customers to simply scan and then enter a six-digit code to sign a transaction. In addition, the solution enables the bank to comply with the PSD2 authentication and dynamic linking requirements. “We continuously evaluate, refine and update our IT solutions in parallel with technology development, to provide our customers with banking solutions and services that deliver a smooth and secure customer experience,” said Swedbank Information Security Manager, Peter Lundin. “OneSpan is a great partner to deliver on our goals given the company’s proven track record within the financial industry and its future-forward Cronto technology.” 
“Banks face a threat landscape that continues to evolve with social engineering enduring as a popular technique,” said OneSpan CEO, Scott Clements. “Financial institutions like Swedbank are working with OneSpan and choosing our innovative technologies to prevent attacks while addressing regulatory compliance requirements.”
About Swedbank
Swedbank encourage a sound and sustainable financial situation for the many households and businesses. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 600 000 corporate customers and organizations with 172 branches in Sweden and 122 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 June 2019, the group had total assets of SEK 2 480 billion. About OneSpan
OneSpan enables financial institutions and other organizations to succeed by making bold advances in their digital transformation. We do this by establishing trust in people’s identities, the devices they use, and the transactions that shape their lives. We believe that this is the foundation of enhanced business enablement and growth. More than 10,000 customers, including over half of the top 100 global banks, rely on OneSpan solutions to protect their most important relationships and business processes. From digital onboarding to fraud mitigation to workflow management, OneSpan’s unified, open platform reduces costs, accelerates customer acquisition, and increases customer satisfaction. Learn more about OneSpan at  OneSpan.com  and on  Twitter ,  LinkedIn  and  Facebook . Copyright© 2019 OneSpan North America Inc., all rights reserved. OneSpan™ and Cronto® are registered or unregistered trademarks of OneSpan North America Inc. or its affiliates in the U.S. and other countries. Any other trademarks cited herein are the property of their respective owners. Media contacts:

Leading Bank in Sweden Helps Prevent Social Engineering Attacks with OneSpan

Corporate banking transactions are increasingly in the crosshairs of hackers. As these transactions are increasingly done across borders, financial institutions (FIs) must grapple with diverse regulatory requirements while removing friction from the equation. To that end, OneSpan said earlier in the month that Poland’s Bank Millennium has deployed OneSpan’s Cronto technology to secure transactions and enhance the corporate banking experience, tied in part to encryption. Transactions are secured by allowing details, such as amount and account number, to be checked before signing, the companies explained. The Cronto offering, which is revised Payment Services Directive ( PSD2 ) compliant, also helps prevent attacks that are known as “man-in-the-middle attacks” and promote secure connections between devices and the bank. In an interview with PYMNTS, Will LaSala, director of security services and security evangelist at OneSpan , said when it comes to corporate banking, international regulations stand among the biggest challenges for traditional FIs. “FIs banking in multiple countries around the world find that regulations, even ones with the same name and request, are often enforced very differently in each country,” LaSala told PYMNTS. He added that as FIs build systems and processes that address the regulatory requirements, they must continually deploy resources at every level of the firm. At the same time, fraud remains a pressing and persistent problem. By way of one example, U.S. banks are losing more than $31 billion every year to fraud, including account takeover and new account application fraud. Corporate transactions have proved attractive to hackers, said LaSala, especially as they require multiple people to complete (thus offering up a range of targets) and often involve large sums of money. “From a corporate transaction perspective, if a hacker can infiltrate just one person in the chain of people needed to complete a transaction, it could mean millions of dollars changing hands,” he said. Against that backdrop, he said, cybercriminals use social engineering and banking Trojans to alter financial transactions and steal funds. Expanding on the use of Trojans, he said banking Trojans disguise themselves as a legitimate app or software that users download and install. Once installed, the Trojans extract personal and account details and transmit them back to hackers for siphoning funds. In other examples, malware can be used to mirror official banking apps and lure users to enter sensitive data. Each new generation of malware and Trojans is exponentially more sophisticated in evading detection to ensure a longer life of stealing personal and account information. And, Trojans, especially, are proving more popular. LaSala pointed to data from Kaspersky Labs that show the number of mobile banking Trojans increased by 138 percent between 2017 and 2018. Technologies used to combat corporate transaction fraud, like transaction signing, dynamic linking and risk analytics help make security much stronger for corporate transactions, said LaSala. “We can also see these technologies being modified and made more customer friendly, so they can be put in place for consumer transactions,” he told PYMNTS. FIs, increasingly, are looking for technology partners that can help them meet regulations and fight fraud across a single platform and allow for a seamless customer experience, he said. He said partnerships enable FIs to bring together all of a bank’s individual tech tools for fraud detection, biometrics, identity servers, security appliances and more — and integrate and orchestrate all of them through a single platform regardless of vendor. Such efforts, said LaSala, “enable banks to be more nimble, effective and efficient in fighting fraud.”
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How To Defend Corporate Banking Against Trojans, Malware

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E-signatures provider OneSpan announced that its Cronto technology has been deployed by Poland-based Bank Millenium to improve the customer experience for its corporate banking users. The supplier states that Cronto, the patented visual transaction signing solution, will enable the Bank to provide functionalities including batch transaction signing. “We chose OneSpan’s solution together with our corporate customers,” said Director of the Electronic Banking Department at Bank Millennium, Halina Karpińska. “After reviewing what was available in the market against our requirements, we consulted with our customers so they could share their opinion. Based on their feedback, we selected OneSpan.”
According to OneSpan, the technology will allow users to check transaction details as well as prevent and solve trojan attacks in order to help the Bank in meeting its security and speed standards. “Banks are more often considering the importance of customer experience across all banking channels, including corporate banking,” said OneSpan Senior Vice President of Global Sales, Dan Dica. “Bank Millennium has chosen not only to address the needs of its customers but also to help future-proof the corporate banking process with OneSpan.”
Bank Millenium is a subsidiary of Banco Comercial Português and is a nationwide universal bank that offers its services to all market segments via a network of branches, individual advisors and electronic banking.

OneSpan to enhance customer experience for Bank Millenium

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Cybersecurity

Cronto is a provider of secure visual transaction authentication solutions for online banking. Cronto was founded in 2005 as a University of Cambridge spin-out and is a provider in the field of secure visual transaction authentication and signature solutions for online banking applications. The CrontoSign solution (also known as photoTAN) has been chosen to secure transactions of customers of leading German and Swiss banks such as Commerzbank AG and Raiffeisen Switzerland.

Name	Work History	Title	Status
Igor Drokov		Chief Executive Officer	Current
Elena Punskaya		Chief Technology Officer	Current

Name	Igor Drokov	Elena Punskaya
Work History
Title	Chief Executive Officer	Chief Technology Officer
Status	Current	Current

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