OneSpan to help Orange Money Romania combat online and mobile fraud

By Megha Bhattacharya

Secure remote banking transactions provider, OneSpan has announced that mobile-only bank Orange Money has integrated the former’s Intelligent Adaptive Authentication (IAA) with Risk Analytics to help fight online and mobile fraud.

“As a mobile-only bank, innovative service delivery and a frictionless experience are paramount for us,” said Orange Money Head of Payments and Transactions, Mircea Spinei. “OneSpan brings deep industry expertise and a unique and effective approach to the challenge of balancing experience, security and regulatory requirements.”

According to the company, Orange Money will be able to secure its mobile banking application and authenticate mobile transactions while detecting and preventing mobile malware. IAA offers tailored rule sets for threat detection along with AI-based machine learning, behavioural analysis and transaction risk analysis. It is built on OneSpan’s Trusted Identity platform.

Recently, ForgeRock, a multinational digital identity and access management software company announced that the firm has signed a strategic partnership with OneSpan to integrate OneSpan technologies into the ForgeRock Identity Platform.

OneSpan also announced this year that Erste Bank Hungary has integrated the supplier’s Mobile Security Suite into its banking app MobilBank. The integration is expected to enable the Bank to protect its online and mobile transactions and comply with PSD2 requirements for authentication and dynamic linking.

“The pandemic has fundamentally changed the way customers interact with their banks,” said OneSpan CEO, Scott Clements. “This new normal reinforces the need for banks to deliver services digitally in a secure and frictionless way. OneSpan’s technologies help banks and other financial institutions protect their customers from heightened threats while delivering an optimal customer experience at scale.”