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Swedbank selects OneSpan’s Cronto to protect against security attacks

Digital identities and e-signatures provider OneSpan 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.

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