Irish IT company Complete Telecom is to introduce authentication products for banking transactions from Swiss technology group Cidway to the Irish market.
The two companies have signed an agreement that will see Cidway’s mobile phone authentication product range made available here. Complete Telecom expects sales to exceed €500,000 in 2008.
Cidway develops technologies for mobile phones that provide authentication for ATM and online banking transactions. Using Cidway technology, users can access their bank account online using a one-time password (OTP) they can create using software on their mobile phone, or they can receive an OTP via SMS.
This type of two-factor authentication reduces the risk of fraud. Customers can be sure that even if their OTP becomes known, it will have changed before a fraudster can use it.
Acoustic encryption can even allow telephone banking systems to authenticate users with a short burst of highly encrypted data over the normal telephone call, thereby eliminating the need for long strings of PINs, passcodes and access numbers to be entered.
The Irish Payment Services Organisation estimates that card fraud alone, covering ATM, credit and debit card fraud, costs Irish banks, retailers and customers more than €12m a year.
“Research we’ve undertaken shows there is already a strong demand for Cidway’s range of products in Ireland from banks and other businesses that need to guarantee customer security. As customers become more aware of the risks they face, they also become more aware of the security solutions available. Cidway’s products are an excellent way to ensure the best balance between security and usability for all involved,” said Kevin Murphy, managing director, Complete Telecom.
“Irish people are always at the cutting-edge of modern technology, and we know that Irish companies will see the benefits of the higher level of security we can offer for authentication transactions,” said Kevin Roberts, general manager, authentication business unit, Cidway.
“Complete Telecom’s knowledge of telecoms and managed networks means they can integrate Cidway systems right at the heart of existing or new operations for our customers.”
Complete Telecom, a managed network and telecoms services company, recorded revenues of over €10m in the last financial year.
By Niall Byrne