Digital security provider Gemalto is providing Vietnam’s largest bank with a two-factor authentication solution that utilizes MasterCard’s Chip Authentication Program and Visa’s Dynamic Passcode Authentication (DPA), both which are part of the EMV standard.
Working with EMV microprocessor cards, the system provides one-time-password and digital signature capabilities for Hanoi-based Foreign Trade of Vietnam, also known as Vietcombank. EMV credit card holders can use the same card to pay for purchases, gain access to their online banking services and be identified by the bank for branch-based transactions.
Users only need to insert their corporate cards into a custom designed handheld card reader to generate a one-time password for secure access to their online banking services. Or, they can perform secure fund transfers using digital signatures. All the functionality resides in the credit card and since cardholders usually carry it with them they can use any reader to access their services.
Vietcombank is the first financial institution in Asia to deploy this technology for securing online banking services.