Thursday, June 24, 2010

Corporation Bank implements new security system for online banking

Corporation Bank has made internet banking more secured by implementing eMudhra PKI (public key infrastructure) solutions of 3i Infotech Consumer Services Ltd (CSL). It is the first bank in India to provide world class authentication security solution to the corporate online banking customers of the bank.

The most important feature of online transactions is impersonation thus there is no face-to-face encounter of parties. At present, in most of the cases the authentication factor is only the user id, login password and authorization password. But digital certificates provide watertight security measure to promote electronic exchange of document/information with outmost authenticity. Digital certificates can be issued only through a valid certification authority like eMudhra from 3i Infotech Consumer Services Limited, a fully owned subsidiary of 3i Infotech Ltd.

B R Bhat, general manager of the bank said in a release, "With growth of Internet and online transactions, security is always a concern to netizens for doing financial transactions. The launching of this world-class online banking security solution to our corporate customers adds an additional security to all online banking transactions and one can be rest assured that their online transactions are more secure."

However there are number of authentication methods used by banks such as one time passwords, virtual key board, and dual passwords being implemented and in vogue, while PKI based authentication of transaction using one's digital signature certificate is the only one that provides legal sanctity to transaction besides providing additional security. These measures have been done on the recommendation of RBI in its Internet Banking guideline and IT Act, 2000.


Anonymous said...


Anonymous said...