Bank of India engages Uniken to secure internet, mobile banking channels

A recent report put the number of card and net banking frauds at 1,367 in FY17, about 2,127 in FY18, and 1,477 in FY19

In its pursuit to secure its digital initiatives, Bank of India has decided to extend Uniken’s REL-ID (Relative Identities) Secure Platform to secure its digital and mobile banking channels globally.

A recent report that was highlighted in the Rajya Sabha, estimated the number of frauds at 1,367 in FY17, and 2,127 in FY18. In 2019, there were 1,477 cases of ATM/debit card, credit card and internet banking frauds. Moreover, payment systems such as UPI/IMPS are likely to register average annualised growth of over 100 per cent, according to Reserve Bank of India’s 2021 vision document. In view of this, RBI has also issued some guidelines as security and risk mitigation measures for digital payments, and Uniken’s REL-ID ensures RBI and other statutory guidelines around protecting digital banking assets with security solutions.

Bimal Gandhi, chief executive officer, Uniken Inc said, “Mobile and digital enterprises are constantly exploring options to be ahead of competition by working closely with their customers, partners and employees. Enterprises are enabling seamless access to enterprise applications over the internet and are often inhibited by security considerations of their applications and data. REL-ID is the only solution that organically combines device fingerprinting, app fingerprinting, user identity management, malware detection, multi factor authentication, secure channel and cryptographic digital signing, in a single solution.”

Growth in digitisation has increased risk of online frauds. In view of the changing attack landscape and advancements in security technologies (security protocol/ crypto mechanisms/use of machine learning for scanning non signature based malware), today, enterprises (especially the BFSI sector) are struggling to satisfy what seems like competing priorities. Customers are now demanding better engagement, security and more functionality on the channel of their choice. Meanwhile, enterprises are facing an expanding threat landscape that targets their customers, employees, and critical infrastructure with rapidly evolving attacks. 

 

Commenting on the announcement,  Rajesh Kumar Ram, General Manager and Chief Information Officer, Bank of India said “Data security is extremely critical when it comes to financial institutions and banks. With Uniken’s world-class threat intelligence and protection solution, Bank of India has been successful in keeping a zero data-breach record and keeping up with their customers trust. Over the last 10 years with Uniken, we have built a robust security around our channels in India and with their reappointment we are sure to have a tightly secured global counterpart.”

Uniken’s world-class technology has helped them spearhead the cyber security space in the country and also win accolades for its customer first omni-channel security platform