• The app ensures the bank’s compliance with PSD2.
   
• The app protects financial transactions from trojan attacks and other malware.

OneSpan, a leading global cybersecurity technology company known for its electronic signature, trusted identities and secure transactions software, recently announced that Volkswagen AG’s subsidiary, Volkswagen Bank reportedly implemented the mobile application security of OneSpan to protect the financial transactions of the bank and ensure the compliance of PSD2 while also encouraging positive customer experience.

Apparently, OneSpan has used its Mobile Security Suite for the development and protection of PhotoTAN-App, a standalone application used for mobile authentication built exclusively for Volkswagen Bank.

The PhotoTAN-App directly interacts with the mobile banking app of the Volkswagen Bank and is used to procure signature for transactions initiated both online and through mobile devices. The app is integrated with Mobile Security Suite that enables application security, including application shielding, biometric authentication as well as Cronto technology.

OneSpan Cronto solution helps the bank follow PSD2 authentication as well as dynamic linking requirements. The visual transaction that needs a signing solution uses a graphical cryptogram that is made of colored dots to provide encryption for the details of the transactions, which could only be accessed by trusted devices. The solution establishes a secure connection between the bank and the device and counters banking trojans attacks.

Mario Bandau, Project Manager at Volkswagen Bank stated that higher demand from customers, new regulations and the shift to mobile has been changing the financial industry.

Andreas Feller, Project Manager, Volkswagen Bank further added that OneSpan has been knowledgeable in all areas and provided the company with important solutions and advice it needs to deliver a better experience requested by the customers while also ensuring PDS2 compliance.   

Dan Dica, Senior Vice President of Global Sales at OneSpan commented that the advent of PSD2 in September has induced several customers to seek innovative solutions and expertise from the company. Dica further added that Cronto is a unique technology that combines support and security for regulatory compliance for a smooth customer experience.

Source Credit- https://www.globenewswire.com/news-release/2019/09/03/1909742/0/en/Volkswagen-Bank-Secures-Mobile-Transactions-and-Meets-PSD2-Requirements-with-OneSpan-s-Mobile-Security-Suite.html