Shaken by headline-making cyber attacks on financial institutions in Greece, three Greek cooperative banks wanted to increase members' logon security to encourage use of Internet services. ADACOM S.A. selected a VeriSign-hosted solution, VeriSign® Identity Protection Authentication Services, to implement in each of the banks, enabling them to quickly offer two-factor authentication without needing to expand existing infrastructures. The banks’ customers have felt more confident in the integrity and security of their Internet-based transactions, resulting in a tangible increase in the use of online services.
Having examined many companies, it was decided that VeriSign offered us a very reliable and secure solution, which is the most important aspect to our business, as well as a very reasonable price.
Fotis Kitsos,
IT manager,
Pancretan Cooperative Bank
Industry
- Banking
Challenges
- Overcome negative legacy of highly publicized phishing attacks on Greek banks that took place in 2005.
- Boost members' confidence in the security of using online banking services.
- Minimize need for in-house management of security solution, as well as requirement for additional IT infrastructure investments.
Solution
- VeriSign® Identity Protection Authentication Services
Results
- The banks have increased the security of customers’ online environments.
- The enhanced security did not incur additional infrastructure costs or in-house operational overhead.
- Increase in confidence has led to a measurable growth in members’ use of Internet services across all three banks.
- Membership of the VIP Authentication Network provides the banks’ clients with the ability to use a single token to access eBay, AOL, PAYPAL, and GEIKO accounts, as well as participating online banking services.
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