The security technology provider PhoneFactor Inc. announced Monday that its multifactor authentication service would be used by Proton Bank SA of Greece.
PhoneFactor's system places an automated phone call to online banking users as they log in or attempt certain transactions. The user must then type a PIN on the phone's keypad to verify their identity. Because this process takes place on the phone, instead of the user's computer, it is resistant to keylogging software and other malware that hackers use to steal online banking credentials, the Overland Park, Kan., vendor said.
Fotis Mitsakis, Proton Bank's chief technology officer, praised the vendor for its localization of the authentication service. "When a user receives an authentication call, the messages are all in Greek," Mitsakis said in a press release. "It's quick — the user's phone rings within a few seconds, and the caller ID displays a local number."
Steve Dispensa, PhoneFactor's co-founder and CTO, said in the release that "other banks worldwide are following suit as out-of-band authentication becomes widely recognized as a best practice in protecting online banking customers from increasingly virulent and sophisticated threats."
