SafeNet has launched a secure signing device designed to prevent e-banking fraud and to secure online transactions.
Named the optical eToken 3500, the company claimed that it authenticates each transaction, rather than simply the user at sign-in, to protect against ‘man-in-the-middle' attacks.
Using a sensor to enable optical signing technology, customers are not required to enter a transaction ID directly into the token as the device optically reads the transaction number from the computer screen and the user pushes a button to confirm it is correct. This eliminates the need for manual inputs, which simplifies the electronic signing process for the user while reducing errors.
According to the company, the eToken 3500 generates a one-time password (OTP) when a user presses a button on the token. This creates a unique electronic signature by reading the encrypted details of a financial transaction from a computer screen. The user holds the token up against the screen, the token reads the transaction details and then generates the electronic signature. The user then keys the signature into the browser and, in doing so, confirms the transaction is valid.
Andrew Young, vice-president of authentication at SafeNet, said: “To combat fraud and manage risk, customers need transaction protection and signing solutions that ensure the transaction itself is validated.
“SafeNet's portfolio of identity and transaction solutions, including the eToken 3500, is purpose-built to address the unique risk requirements of financial services, delivering the appropriate levels of protection during the transaction lifecycle without impeding the customer experience.”