OneSpan tech deployed to protect UBB mobile banking app, meet PSD2 requirements

May 1, 2019, 8:58 am EDT | Stephen Mayhew

United Bulgarian Bank (UBB) has deployed OneSpan Mobile Security Suite and Cronto technology to securely sign transactions and to protect the bank’s mobile banking application. According to the announcement, this integration will help UBB meet PSD2 requirements related to strong customer authentication that comes into effect in September.

The Mobile Security Suite is a one-stop mobile SDK for integrating application security, biometric authentication and Cronto technology. Cronto was implemented to meet the PSD2 dynamic linking requirements and help mitigate human risk in banking transactions. Cronto uses a graphical cryptogram made of colored dots to encrypt transaction details, which can then only be read by a trusted device.

In the six months since its launch, more than 60,000 of the bank’s customers have begun using the UBB Mobile app.

“A reliable partner that brings the knowledge and expertise in both security and regulations is fundamental,” commented UBB Head of Digital Channels Development and Support, Iliyana Voynova. “Thanks to OneSpan, our users can benefit from easy-to-use security, while the bank meets regulatory compliance requirements.”

According to recent survey by OneSpan, nine out of ten financial institutions are falling behind in their ability to authenticate customers and step up security, and 96 percent still rely on legacy processes including usernames and passwords for authentication.