Just as criminals operating in Africa can learn from the experiences of their counterparts in other parts of the world, so too the African banking sector can learn from security innovations made outside the continent.
Most recently, Dutch firm Gemalto launched its Ezio credit card that combines ‘one-time password security capabilities with standard payment’.
A button on the face of the card is pressed to reveal a one-off password that is used for a particular transaction but which will not be used again in the future. The card can be used for face-to-face and online transactions, preventing criminals from copying passwords.
Ove Wedsjo, head of e-banking at Gemalto, commented: “With the rapid growth of attempted online fraud, financial institutions are looking for effective and affordable ways to provide increased and more user-friendly online security, especially for commercial and high net worth accounts.
“Our brand new Ezio product equips end-users with a security token embedded in a form they are very familiar with, guaranteeing high user acceptance. It allows for bankers to lower their fulfilment costs and at the same time significantly increase online security.” The level of technology inside each bank card certainly appears to be increasingly advanced.
Elsewhere, Indian firm Digitals India Security Products has developed a new central monitoring application with embedded SIM card technology to monitor GSM-based remote security devices by sending or receiving text messages. Company director Mansi Shankar said: “The response we got from the bank officials and security personnel was overwhelming. This system is already getting majority acceptance from leading nationalised banks.”