London, UK, January 4th, 2006- To reduce fraud and increase
consumer confidence in online transactions, mobileATM™, the UK's first
mobile banking platform, today announced that it has integrated Thales
UK’s
end-to-end authentication platform, SafeSign, as the core server-side
security engine for its handset-based security application. mobileATM™ is
the only mobile handset-based system that provides consumers with bank
grade, secure access to, and control over, their financial accounts.
From early
2006, consumers using the mobileATM™ ‘secure code’ application
will be able to request a one-time identification code to access their
online bank or building society account, thereby providing a second level
of security
beyond their standard password.
According to recent figures, losses due to online banking fraud in the
UK were an estimated £14 million in the first half of 2005, while
fraud from telephone and online payment transactions jumped 29% when compared
to the same period in 2004 (APACS). The use of the mobile phone as a secure
delivery channel for second level authentication (also known as two-factor
authentication) is an important step forward as these solutions provide
an additional level of security to online financial transactions. They involve
the distribution of one-off security credentials to the consumer through
a secondary channel (in this case a mobile telephone) that, when re-entered
into the primary channel (the internet), authenticate a particular banking
or payment transaction.
The authentication process will be managed by Thales UK’s SafeSign
solution which has the capability to authenticate any transaction, regardless
of channel. As a middle office application, SafeSign has the proven capability
of managing the authentication process while seamlessly integrating into
the existing transaction authentication infrastructure.
“
Consumers are being made increasingly aware of the need for tighter security
and diligence when transacting online and are broadly comfortable with the
principle,” said Alastair Lukies, CEO at mobileATM™. “The
challenge for the financial and security industries is to ensure that we
are not creating more barriers to entry in the online environment, especially
as it’s just beginning to thrive!”
Paul Meadowcroft, head of transaction security activities at Thales UK,
said: “SafeSign has repeatedly proven that it is the most robust and
flexible end-to-end authentication platform available. From the award-winning
deployment at VOCA for BACSTEL-IP to its recent use by the Cairo and Alexandria
Stock Exchange, SafeSign has demonstrated its ability to authenticate any
transaction regardless of channel. Our work with mobileATM™ also demonstrates
another core capability of SafeSign to authenticate any end-user authentication
technology, in this case mobile phones but it could just as easily be anything
from the simple password to the most advanced smart cards and handheld tokens.”
The mobileATM™ ‘secure code’ solution will be available
in addition to other mobileATM™ services which enable real time access
to basic financial information (such as balance enquiries and mini statements
over the mobile phone). mobileATM™ also allows the user to 'top up'
their own or someone else’s prepay phone account directly from the
handset. The service can also be extended to securing online shopping as
well as access to bank accounts. mobileATM™ has developed a service
where online retailers will be able to deliver transaction confirmation
to a 'shopper’s' mobile phone and ask that the consumer confirms receipt
of the purchase details by simply pressing a button on the phone. This brings
second factor security to online shopping. It is also seen as a benefit
to the consumer by delivering them a digital receipt for their purchase,
just as you would receive a paper receipt for a purchase in the physical
world. It also protects the retailer as they are shipping the purchased
goods safe in the knowledge that the customer is who they say they are.
mobileATM™ has been developed jointly by LINK Interchange Network
Limited (operator of the UK’s ATM network) and Morse Plc and is due
to launch to consumers in the early part of 2006. Replicating the user friendly
interface of an ATM, mobileATM has been designed to ensure maximum consumer
uptake of basic mobile banking services.
About Thales
Thales is an international electronics and systems group, serving defence,
aerospace, services and security markets. The group employs 61,500 people worldwide
and generated revenues of €10.3 billion in 2004.
Operating in three main markets covering e-security, card
payment and network security, Thales e-security activities address
the business, government and finance industries need for cryptographic
security products and solutions. Over half of the world's banks,
together with the majority of the busiest exchanges, currently use Thales
technology.
For more than 20 years the company has been at the forefront of security
and payment technology, co-operating and contributing to set the industry
standards used for financial transactions and e-commerce globally. Thales
e-security business offers a wide range of security solutions to protect
Government
and Defence critical information infrastructures, thereby positioning
the company as a leading worldwide supplier of certified network security
products.
About SafeSign
SafeSign is the first middle office system to offer a strategic
approach to identity management and transaction authentication that in
turn removes complexity through the use of a single platform between the
front and back office. Transactions from multiple trust schemes can be
easily integrated and secured, regardless of format or whether from third
parties, enabling current investments to be exploited. All transactions,
whatever their source, can be authenticated on the single SafeSign platform
that is seamlessly integrated with front and back office systems.
About mobileATM™
mobileATM™ is a mobile banking service provider. The company is a
joint venture between LINK, the operator of the UK ATM network, and Morse
plc., one of Europe’s leading technology development and consulting
companies.
mobileATM™ provides consumers with a greater level of control over
their finances, allowing them to securely access their card-based accounts
via the mobile handset.
Using the trusted technology and operational capability of LINK interchange
network, connected with 37 of the UK leading retail banks and building
societies, mobileATM™ is truly carrier grade. This allows its portfolio of services,
from balance enquiries and mobile prepay ‘top ups’ to be delivered
to the broadest group of banking consumers.
The mobileATM™ platform has been developed exclusively by Morse as
part of it’s technology innovation program and is built on Sun Microsystems’ Java
platform which ensures maximum handset compatibility while allowing
the delivery of a secure application. Sun Microsystems are also working
with
morse to enable an international rollout of the mobileATM™ service.
Press Contact:
Sharon Brennan
Hotwire
+44 (0) 20 7608 4628
sharon.brennan@hotwirepr.com
Sarah Milligan
Thales e-Security
+44 (0)1844 204181
sarah.milligan@thales-esecurity.com
