Today’s businesses are modernizing user authentication with cloud-based solutions that deliver fast results. These quick-to-deploy authentication solutions help drive down sophisticated fraud, improve the user experience and meet regulatory requirements.
OneSpan Cloud Authentication is a proven, cloud-based multi-factor authentication solution for financial institutions. OneSpan Cloud Authentication enables banking customers to login and conduct transactions using secure, user-friendly authentication methods. OneSpan Cloud Authentication supports the use of multiple authentication methods. These include:
- PIN,
- push notifications,
- Color QR-like codes,
- user-friendly biometrics,
- one-time-passcode via a mobile application,
- SMS,
- voice call-back,
- and hardware tokens.
OneSpan Cloud Authentication supports a quick and easy migration from costly legacy, on-prem infrastructure to a modern, software-as-a-service authentication platform. The solution can also be easily integrated by a bank or integration partner into core banking platforms to reduce costs and improve flexibility.
Let’s look at how OneSpan Cloud Authentication works in practice.
A new customer has just opened a bank account online - and is required to register their mobile device and biometric information to enable secure, convenient authentication. This can take place during or after onboarding. The bank asks the customer to download a mobile application from a website or app store.
This application could be the bank’s existing integrated app or a separate mobile authenticator app. In this scenario, we are using a standalone Mobile Authenticator app, which can provide a fully branded experience.
Once the app has been installed, the customer starts the device registration process.
One way device registration can be achieved is by scanning a color QR-like code.
This method has two simple steps:
- Step 1: The customer opens the Mobile Authenticator app and scans the code to authenticate the bank. This generates a license activation code which is entered online.
- Step 2: The customer scans a second code to generate a device code. The customer then enters the code online to bind their device to their bank account. This completes the device registration process. Other registration methods can be configured by the bank.
Once device registration has taken place, the customer creates a PIN code. The customer can also choose to register a face or fingerprint biometric at this stage if the device supports it. The PIN code, fingerprint, or facial biometric can be used when the customer needs to authenticate themselves – for example, when logging into their account, transferring money, or paying a bill.
In this scenario, the bank requires the customer to re-authenticate themselves on login or when approving a transaction, such as a wire transfer or bill payment.
To make a bill payment, the customer enters the transaction details on the web and clicks confirm. This triggers a push notification to the mobile authenticator app on their phone. To approve the transaction, the customer opens the Mobile Authenticator app using the push notification and reviews the displayed transaction details. The customer approves the transaction and authenticates it using their PIN. This generates a one-time passcode which the customer enters to complete the transaction. This method satisfies Strong Customer Authentication as required under regulations such as PSD2.
The process is fast, secure and convenient for the customer.
OneSpan Cloud Authentication provides simple integration with a bank’s User Management Console, where administrators can securely assign, lock and unlock authenticators for their users.
OneSpan Cloud Authentication is powered by OneSpan’s fully integrated Trusted Identity Platform. OneSpan’s Trusted Identity Platform enables financial institutions to quickly and seamlessly integrate additional security features such as:
- risk analytics which enables step-up authentication,
- digital identity verification,
- mobile security,
- and future authentication technologies.
This makes OneSpan Cloud Authentication a great first step in your security modernization journey.
As every business seeks to offer their customers the very best in mobile and online services, OneSpan Cloud Authentication is a quick-to-deploy solution that helps financial institutions reduce fraud, meet regulatory requirements and reduce operating costs while providing the best customer experience.